Federal v. State Taxation
The recent One Big Beautiful Bill Act extended the current low-income tax rates and established the Federal Estate Tax laws which were about to sunset. Under the updated law, individuals with a net worth below $15 million and married couples below $30 million are now exempt from federal estate taxes. This is great news for your high-net-worth (HNW) clients.
Tax Planning may still be needed
Even with these federal changes, state-level estate planning remains important. Sixteen states and DC still impose some form of tax at death—whether an estate tax, inheritance tax, or gift tax.
Additionally, clients may still face income taxes on certain assets, such as qualified retirement accounts or non-qualified deferred annuities. Advisors should review each client’s state of residence and asset mix to ensure their estate and tax planning remain aligned with their goals.
Because you Asked – State Estate Taxes
Business Owner Life Stories
Our October presentation, “Case Studies in Life & Business” shared 10 real-world examples highlighting how life insurance can play a pivotal role in succession, continuity, and family protection planning. Successful business owners often evolve into high-net-worth families. Understanding both the business plan and the estate plan is essential when advising these clients.
Case Studies in Life & Business (REPLAY)
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