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State Inheritance And Gift Taxes

Depending on the state where you permanently live and reside or where your real property is located, you may be subject to an inheritance tax, an estate tax or both. Again, it is in your best interest to determine if you are in that category since the tax rate can be substantial.

It is also very important that if you have dwellings in several states that a “domicile” be established. If a “domicile” is not clearly established or is questionable, an estate can be subject to double taxation or taxation by two or more states depending upon the particular circumstances.