Vermont is a great place to live in many ways, but there are those that want to head to warmer climates during their retirement years. This is understandable, but you should definitely consider the tax situation in your preferred retirement location. State-Level Estate Taxes The federal estate tax can shave down the value of your estate by 40 percent of its taxable value, but your estate is probably not exposed to it. There is a credit or exclusion that allows you to transfer a certain amount … [Read more...] about Weigh the Impact of Taxes During Retirement
inheritance tax
Estate Tax & Inheritance Tax: Is There a Difference?
People often come away a bit confused when they hear bits and pieces about the taxes that can be applied on inheritances. The term âestate taxâ is commonly utilized, and you may have also heard of an âinheritance tax.â Some people think that estate tax is a term that is used to describe the income taxes that you have to pay if you receive an inheritance. In fact, inheritances are not subject to regular income taxes. An estate tax is entirely different. Federal Estate Tax We do have a … [Read more...] about Estate Tax & Inheritance Tax: Is There a Difference?
