Word: chane
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Dates: during 2003-2003
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Eighteen states--including Oregon, New Jersey, New York and Pennsylvania--and the District of Columbia have separated, or "decoupled," their estate tax from the federal system. "Now those states will be imposing a tax equal to what the state death-tax credit used to be," says Lawrence Chane, an estate-planning attorney with Blank Rome in Philadelphia. "But because there won't be a credit against the federal tax, the overall tax burden for families in those states is going to increase substantially...
...Jersey. If your estate was more than $1 million, you would face even higher federal and state taxes. This year's top federal estate-tax rate is 49%, though the wealthiest estates could wind up paying as much as 57% in federal and state estate taxes in decoupled states. Chane says the burden is "particularly acute" for married couples because their estate plans usually include what is known as a bypass or credit-shelter trust, which is designed so that no tax is paid when the first spouse dies. Yet this standard strategy can't shield an estate from...