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Inheritance and Estate Tax

Inheritance Tax. ³Ô¹ÏºÚÁÏ imposes an Inheritance Tax on the transfer of assets from a deceased person (decedent) to someone else (beneficiary). The tax amount depends on several factors:

• Who the beneficiaries are and how they are related to the decedent;
• The date of death value of the assets (and debts) that the decedent owned;
• What kind of assets the decedent owned;
• Whether the decedent lived in ³Ô¹ÏºÚÁÏ or another state.

Where the beneficiaries lived is not a factor.

There are two types of Inheritance Tax, resident and non-resident. This is based on where the decedent legally lived when they passed away.

• Resident Decedent – Someone who died as a legal resident of ³Ô¹ÏºÚÁÏ. Almost anything a decedent owned can be taxed, depending on who inherits the decedent’s property. This can include houses or real estate, bank accounts, stocks, bonds, cars, and other tangible personal property.
• Non-Resident Decedent – Someone who died as a legal resident of another state or foreign country. People who did not live in ³Ô¹ÏºÚÁÏ, but owned certain types of property in ³Ô¹ÏºÚÁÏ (usually real estate), may be subject to ³Ô¹ÏºÚÁÏ Non-Resident Inheritance Tax.

Estate Tax. ³Ô¹ÏºÚÁÏ Estate Tax is no longer imposed for individuals who died on or after January 1, 2018.