Where Not To Die

[SteveL]

Came across this today:

Where Not To Die In 2013 - Forbes

It is an interesting map. My current primary residence is in WA. I had heard something about estate taxes coming back but I hadn't read the details. I guess more states might go this way.

Perhaps this article was posted here last year. I searched but didn't find it.

For a lot of people some of these thresholds are high. On the other hand, some are very low. Oregon, for example taxes estates over $1,000,000. Iowa taxes all estates.

I have a Winter place in AZ, and I'm thinking that at some point, I will have to change residency from WA to AZ.

The way it works, the tax would be paid by our heirs since it due on the death of the 2nd person in the marriage. Maybe I shouldn't care, but it bothers me to give more money to the state.

 

[meierlde]

Came across this today:

Where Not To Die In 2013 - Forbes

It is an interesting map. My current primary residence is in WA. I had heard something about estate taxes coming back but I hadn't read the details. I guess more states might go this way.

Perhaps this article was posted here last year. I searched but didn't find it.

For a lot of people some of these thresholds are high. On the other hand, some are very low. Oregon, for example taxes estates over $1,000,000. Iowa taxes all estates.

I have a Winter place in AZ, and I'm thinking that at some point, I will have to change residency from WA to AZ.

The way it works, the tax would be paid by our heirs since it due on the death of the 2nd person in the marriage. Maybe I shouldn't care, but it bothers me to give more money to the state.

Actually it is more where not to have your primary residence when you die

 

[robnplunder]

Heck with it. I am spending it all before I die.

 

[jebmke]

Not planning to die in 2013.

 

[2B]

Not planning to die in 2013.

Of the people I've known that have died, I don't recall ever hearing one of them plan it.

 

[dtbach]

Of the people I've known that have died, I don't recall ever hearing one of them plan it.

Really?? If you have a Will, doesn't that mean you have planned some about your death?

I've planned for my death. Just don't know when. But I do know, none of us will get out of here alive.

 

[Ed_The_Gypsy]

Our home base is also WA, with a $2MM exemption.

If I work until 100, I won't have $1MM, so no worries about estate taxes. The kids know they cannot expect anything from us anyway. We may wind up living in their basements anyway. Our turn!

 

[HFWR]

I would note that "nowhere" was not an option...

 

[FANOFJESUS]

Surprised CA is not on the list. They seem to be great at getting money from folks.

 

[Koolau]

Surprised CA is not on the list. They seem to be great at getting money from folks.

I guess CA figures most folks won't have much left after all of their other State taxes have been applied for a few years. Good plan, CA. YMMV

 

[Gearhead Jim]

If you don't have a family-owned business or kids with expensive tastes, I'm thinking the big issue is how much your surviving spouse would lose to the tax. The article was pretty thin about that for the "high tax" states.

 

[MRG]

DF passed away a couple of weeks ago, in the great state of PA. His heirs all get to pay 4% on the inheritance. No deductible, doesn't matter where I live just he had the misfortune of dying in that state. The really messed up part is no one can acess their funds until this is paid. According to the attorney my sister is using, only takes a few months.
MRG

 

[F4mandolin]

I have a cousin who spent 30 years in social work and now works for a lawyer.....she says (insert an EF Hutton joke) that WA is the best state to die in as far as complications with the paperwork etc. Evidently easier for Wills, POA, and end of life instructions. We just updated our paperwork in Oct.

 

[frank]

I thought Iowa had a 1mm dollar exemption also. Is that right? anyone know?

 

[braumeister]

Apparently there is no tax due within the family (spouse, kids, parents, etc.). Looks like there is no exemption for inheritances going outside the family.

Iowa Department of Revenue - Iowa Taxes

 

[meierlde]

DF passed away a couple of weeks ago, in the great state of PA. His heirs all get to pay 4% on the inheritance. No deductible, doesn't matter where I live just he had the misfortune of dying in that state. The really messed up part is no one can acess their funds until this is paid. According to the attorney my sister is using, only takes a few months.
MRG

I would phrase it died will domiciled in that state. The critical issue is where you reside/are domicled when you die, not where you actually die.

 

[MRG]

I would phrase it died will domiciled in that state. The critical issue is where you reside/are domicled when you die, not where you actually die.

You are correct. Unfortunately that was his domicile. If he had been visiting, there is an exemption.
MRG