The Trump tax cuts made federal estate taxes a thing of the past for most Americans and by doing so wreaked havoc in several states that tied their state estate taxes to federal law. Altogether, 17 states and Washington, D.C., levy an estate tax or inheritance tax (Maryland is the sole state with both levies) in 2018. The legislature has amended Hawaii’s estate tax law, so the threshold amount matches federal law as it existed on December 21, 2017 (before the Trump tax cuts). ConnecticutIn the fall of 2017, just before the Trump tax cuts, Connecticut changed its estate tax law to phase in its estate and gift tax exemption to the match the federal exemption by 2020. See also:How Three Families Are Using The New $11 Million Estate And Gift Tax BreakTrusts In The Age Of Trump

Source: Forbes August 31, 2018 17:17 UTC