Vermont Estate Taxes - A Recent Boon for the State

On Tuesday Terri Hallenbeck wrote for the Burlington FreePress that the state of Vermont recently received $13 million from a single estate. What this means is that sometime last year a Vermont resident died leaving an estate with an estimated value between $80 million and $100 million. The article points out that the unexpected revenue "is like an inheritance from a long lost relative and couldn't have come at a better time." This is because Vermont, like most other states, is hurting for money, and so the legislature is now fortunate enough to be able to incorporate this windfall into the 2010 budget.

I'm sure that there are quite a few other states out there that could use such a huge infusion of cash, but for now only Vermont will be able to benefit. And for the 33 states that currently don't collect a state estate tax, this could be the wake up call needed.

• Understanding Death, Estate and Inheritance Taxes
• Update on Vermont Estate Taxes
• State Estate Taxes - What About the 33 States That Don't Collect a Tax?
• How to Reduce or Even Eliminate Estate Taxes