Estate Tax
Estate tax is a federal and state tax imposed on the transfer of property and Assets from a deceased person's Estate to their Heirs or Beneficiaries if the value of the estate is very high.
In 2023, federal estate tax is only required for assets that total $11.58M, and each state has their own value threshold.
Estate tax is usually calculated based on the total value of the assets and property of the estate, and is generally paid before any distributions are made to heirs or beneficiaries.
The following states and the District of Columbia have an estate tax: Connecticut, Delaware, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Ohio, Oregon, Rhode Island, Tennessee, Vermont, and Washington.