Clients should take advantage of the state estate tax loophole before it closes

01/16/2014 | Nerd's Eye View blog

Finance blogger Michael Kitces writes about the shifting situation of state estate and gift taxes in this column. He reviews the decoupling of state estate taxes from the federal estate tax system and discusses how the current environment of estate and gift tax law allows taxpayers to avoid paying federal and state estate taxes by giving away an amount below the exemptions. Kitces writes about the legislative actions states can take to close the loophole, suggesting that clients take advantage of the opportunity before the laws are changed.

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