Forbes’ list of places where you do not want to die in 2014.
A recent study by Forbes magazine lists the states where you do not want to die in 2014 due to state taxes on inherited wealth, and Illinois falls onto that list.
With revenues down and all the problems associated with pension obligations, in 2011, Illinois state legislators installed a maximum 16-percent state tax on inheritances of more than $4 million. Simply said, you do not want to die in Illinois if you have any level of wealth.
Many people don’t think about these issues when they move their parents to their state to keep them close by to watch over them. When a parent passes away, then they are dealing with local estate taxes on the inheritance.
Most retirees favor one state as it does not impose any income or state death taxes – Florida. Check out the map below, and read more about the most favored and unfavored states and what you can do.
Photo courtesy Forbes.com