Trust and Estate Counsel

Tennessee Estate Planning Law

Insight and commentary on estate planning issues impacting affluent residents of Tennessee

State Death Taxes

Tennessee eliminated its “death tax” in 2016.  This is great news for Tennessee residents.  However, if you own property such as a vacation home in another state, you may owe “death taxes” in that estate when you die.  The following 18 states still impose a death tax:ConnecticutDelawareDistrict of ColumbiaHawaiiIllinoisIowaKentuckyMaineMarylandMassachusettsMinnesotaNebraskaNew JerseyNew YorkOregonPennsylvaniaRhode IslandVermontWashingtonIf you own property in one of these states, proper planning may reduce or eliminate the potential death tax.  You can also avoid the need to probate your Will in that state by transferring your property to a revocable trust or a business entity such as an LLC.