With many states hurting for income the threshold for paying estate taxes will rise in an attempt to stem the tide of retirees leaving for greener pastures. The following is a list of states that will increase their estate tax exemption in 2015:
MARYLAND: Increase from $1 million to $1.5 million.
MINNESOTA: Increase from $1.2 million to $1.4 million.
NEW YORK: Increase from $2.062 million to $3.125 million.
TENNESSEE: Increase from $2 million to $5 million.
Additional changes planned for 2016 and beyond:
MARYLAND: Annual increases through 2019 when the exemption will match the federal exemption.
MINNESOTA: Annual $200,000 increases until 2018 when the exemption reaches $2 million.
NEW YORK: Annual increases through 2019 when the exemption will match the federal exemption.
TENNESSEE: No estate tax beginning in 2016.
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