Forbes' Ashlea Ebeling reports on the number of states that have inheritance taxes and the changes that some of these states will make to their estate tax, otherwise known as the death tax, in 2016.
The tax with many names is a tax on the transfer of a dead person's assets. While Tennessee has repealed it's inheritance tax, eight states will be introducing beneficial death tax changes next year.
That leaves 18 states plus the District of Columbia imposing either estate or inheritance taxes or both. It’s never a static picture: Eight states are ushering in death tax changes for 2016, and they’re all changes that lessen the tax bite.
Thanks to scheduled increases and inflation adjustments, there will be higher exemption amounts for 2016 in Delaware, Hawaii, Maryland, Minnesota, New York, Rhode Island, and Washington. (The higher the exemption amount, the fewer estates subject to tax.)
For more information on the changes in death taxes, head over to Forbes: