Inheritance taxes have been a topic of great debate through the years. The idea that people had already paid taxes on the things they owned and the money they earned makes the inheritance tax appear to be a double tax on the same income. Many states have changed inheritance tax laws because of that popular public viewpoint. Some states still require that the recipient of an inheritance pay taxes, no matter the relationship to the deceased.
The state of Maryland charges no tax on inheritances for close family members, spouses, and domestic partners. There are some exceptions to the rules. Contact the nearest Register of Wills in order to insure the process goes smoothly. The state uses income taxes, sales taxes of 6 percent, and other taxes in order to offset the fiscal balance. Maryland has a AAA credit rating (the highest possible) and is working toward solutions in order to keep important programs intact.
New Jersey inheritance tax laws are similar to Maryland. There is no inheritance tax for immediate family members, spouses, or domestic partners. The tax for other recipients is based on a sliding scale dependent on the value of the estate. Anything over $25,000 is taxable from between 11 percent and 16 percent. The state has a 7 percent sales tax as well as highway tolls and other taxes. New Jersey was one of the victims of hurricane Sandy that devastated many parts of the East Coast. The state is attempting to rebuild at this time. It has a bustling economy and a steady job market despite the setback.
Oklahoma is on top of the list of states that are inheritance friendly. There is no inheritance tax in the state at all. This state loves its citizens and works hard to insure the inhabitants remain in the state for the long term. Oklahoma has a booming economy and is growing daily. Tax hikes in some parts of Oklahoma, such as Oklahoma City, were voted for by the citizens. Everyone works together for the good of all.
Texas follows close behind Oklahoma and does not require anyone to pay an inheritance tax. The inheritance tax was abolished in 2005. Texas charges a sales tax of 6.25 percent to offset the costs for programs and pay debts. Texas is one of the best states in which to reside for economic stability, as it ranks high in every area including the job market. Agriculture is one of the most prominent businesses in that state.
Florida attracts more retirees than any other state. Aside from the beautiful weather and crystal clear water, one of the attractions may be that there is no inheritance tax in the state. Florida charges a 6 percent sales tax which offsets the cost of running the government and to continue programs that are important to citizens. Florida’s economy is stable and businesses are flourishing in the area.
Inheritance taxes are beginning to disappear throughout the United States. States that are inheritance friendly are likely to attract people who consider all aspects of the future. All five of the above-named states can offer an exciting lifestyle that does not require citizens to fear what most deem a “death tax.” These states take pride in their citizens and the citizens embrace that idea. When determining where to live, decide what advantages are most worth it, which disadvantages are unacceptable, and make a sound decision based on the facts.
This article was written by Sheldon Armstrong, a regular contributor here at INFOtainment News. He writes this on behalf of Approved Cash Advance, your number one choice when looking for Inheritance Cash Advance services. Check out their website today to see what they can do for you!