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Estate Planning: Partial Evaporation of State Estate Taxes.(Brief Article)

Article from: The Practical Accountant | April 1, 2005 | Copyright

The "Economic Growth and Taxpayer Relief Reconciliation Act of 2001" phased out the federal estate tax credit for state estate taxes. The phaseout was over a three-year period, and became fully effective for estates of decedents dying after 2004 when a deduction replaced the credit.

Many states' estate taxes are pick-up taxes that impose a state estate tax equal to the current maximum federal estate …

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