is there an estate tax in vermont
TRANSCRIPT
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IS THERE AN ESTATE TAX IN
VERMONT?
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DEATH AND TAXES
We have all heard that death and taxes are
the only two certainties.
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However, you may assume they do
not go hand-in-hand.
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Why would your death be a taxable
event when you have paid taxes all
of your life? Your estate is the
remainder that you have left after
paying these taxes.
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FACT OF LIFE
Whether it is fair or not, there are death taxes
that can enter the picture after you pass away.
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This is a fact of life, and these taxes
can significantly impact your legacy.
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VERMONT STATE ESTATE
TAX
Most states in the union do not impose state-
level estate taxes.
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The District of Columbia has its own
estate tax, and 14 states have
state-level death taxes.
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We practice law in Vermont, and
there is a Vermont state estate tax.
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The entirety of your estate would not be
subject to the Vermont estate tax.
CREDIT OR EXCLUSION
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There is a credit or exclusion that
can be used to transfer a certain
amount before the tax would kick in.
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At the present time, the exclusion in
Vermont is $2.75 million. The
maximum rate is 16 percent.
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NO PORTABILITY
Speaking of spouses, the Vermont estate
tax exclusion is not portable.
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This means that a surviving spouse
cannot use the exclusion that was
allotted to his or her deceased
spouse.
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The survivor would have just one
exclusion to utilize.
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FEDERAL ESTATE TAX
In addition to the Vermont state estate tax,
there is also a federal estate tax that is
applicable in each state.
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The exclusion on the federal level is
$5.45 million.
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The unlimited marital deduction
applies on the federal level, and the
federal exclusion is portable
between spouses.
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PROTECT YOUR LEGACY
If your estate is in taxable territory, you have
options.
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The best way to proceed will
depend upon the circumstances,
and there are multiple different
options available to you.
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SCHEDULE A FREE ESTATE
PLANNING CONSULTATION
We offer free consultations to people in and
around Burlington, VT.
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Feel free to contact us if you would
like to set up an appointment.
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Contact or visit us online today
for a free initial consultation
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Unsworth Law, PLC
802-879-7133
www.unsworthlaw.net