Despite facing a $400 million budget hole, Delaware is the latest state to repeal its estate tax—as of Jan. 1, 2018. Democratic Governor John Carney Jr. signed a stand-alone estate tax repeal bill today, just two days after signing the 2018 state budget, which includes tax hikes on real estate transfers, tobacco and alcohol. “The very wealthy don’t have to move down to Florida,” says Jocelyn Borowsky, an estate lawyer with Duane Morris in Wilmington, Del. The thinking is that if wealthy folks stay in Delaware–instead of changing residency to avoid the state estate tax–they’ll help the state’s coffers by paying personal income taxes.
Source: Latest State To Repeal Estate Tax: Delaware | The WealthAdvisor
