Tuesday, August 20, 2013

North Carolina Estate Tax Repealed

On July 23, 2013, the state of North Carolina repealed its estate tax, with an effective date of January 1, 2013.

Therefore, the only estate tax (death tax/inheritance tax) for North Carolinians remains the federal estate tax, which only applies for those estates above $5,250,000 for 2013 (with this amount being increased for inflation going forward).  For a married couple, each spouse generally can use this amount, with the proper planning.