Quote:
Originally Posted by tis
Fl. has no estate tax and NH has no estate tax.
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Actually, I just did a little research and found that New Hampshire is the only state in the northeast without an estate tax. In Massachusetts for example estate taxes are substantial.
Even if you don't have a dollar to your name when you die but you have $1,500,000 in life insurance your heirs will pay a substantial estate tax in liberal, tax heavy states like Massachusetts. While the federal estate tax exemption is $5,000,000 per person, indexed to inflation, in Massachusetts the personal estate tax exemption is just $1,000,000 for state tax purposes and it isn't indexed to inflation.
The unfair tax burdens in states like Massachusetts, NY, etc. will continue to result in folks with money changing their state of residency to states like Florida when they retire.