- The Site is maintained and operated by a third-party vendor, Citrix Systems, Inc. (the “Vendor”), a company that is not affiliated with Ingalls & Snyder, LLC (“Ingalls”). While Ingalls has selected the Vendor based on its belief that the Vendor has commercially reasonable safeguards designed to (i) ensure the security and confidentiality of any non-public information (“Information”) transmitted using the Site, (ii) protect against any anticipated threats or hazards to the security or integrity of Information transmitted using the Site and (iii) protect against unauthorized access to, or use of, Information transmitted using the Site, Ingalls does not exercise any control over the Vendor’s systems and cannot guarantee the privacy and security of any information you choose to transmit using the Site.
- Access to the Site is granted by Ingalls so that you may utilize the Service for your convenience at your sole discretion. Ingalls has no liability for any loss, claim, or other damage that results from unauthorized access to any Information transmitted using the Site. User is solely responsible for the security of Information stored locally on the User’s computer or device as well as any email account User may use to receive and send links to the Site to transmit or receive documents.
What you need to know about state estate taxes
1. Determining Residency (Attention Snowbirds: Where do you really live?)
States use various factors to determine your residency and each state’s requirements can be different
- Time spent: Most states consider spending at least half a year within the state a requirement
- Identification: A driver’s license issued by the state with your current address
- Voter registration: A voter registration card listing your address within the state
- Vehicle registration: What state is your vehicle registered
- Housing documents: A signed lease agreement, mortgage statement, or property deed with your address in the state
- Utility bills: Electric, gas, or water bills with your current address in the state
➢ Be sure to check with your specific state for any requirements or documentation needed
2. State Estate Taxes: Lower & No Portability
Most state exemptions are lower than federal, many have no inflation adjustment, and most have no portability
- Connecticut (matches Federal)↟
- Hawaii*
- Illinois
- Maine↟
- Maryland*
- Massachusetts
- Minnesota
- New York↟
- Oregon
- Rhode Island↟
- Vermont
- Washington
- Washington D.C.↟
*Offers portability
↟Inflation adjusted
3. Owning Property in a State with an Estate Tax
Where is your property located?
Be aware of the potential for non-resident state estate tax
Even if you’re a resident of a state with no estate tax, you might still owe non-resident state estate tax if you own real estate in a state that does. For example, let’s say you live in Florida, which has no state estate tax, but you own a vacation home in Washington state, where the estate tax exemption is just over $2 million. Your estate might owe Washington estate tax on the value of that property—even though you’re not a Washington resident. Many states with estate taxes will tax the portion of your estate that’s physically located there. If you own real estate in one of these states, estate planning is crucial to avoid unnecessary taxes.
4. Owning Property in Multiple States (The Probate Trap)
Where is your property located and how is it titled? How you own real estate matters for probate purposes. If you own real estate in multiple states and it’s not titled in the name of a trust, your heirs might have to go through ancillary probate—a secondary probate process in each state where you own property. That means:
- More legal fees
- More time in court
- More hassle for your family
Titling real estate in a revocable living trust can help avoid this, ensuring that your property transfers smoothly.
In Summary:
If you:
- Are a snowbird,
- Live in a state with an estate tax, or
- Own property in multiple states
➢ You need an estate plan that considers state estate tax laws, not just Federal. Your Ingalls & Snyder advisor and your accountant can work with you to analyze all your options and discuss available strategies
The material is not to be reproduced or distributed to others without Ingalls & Snyder, LLC’s (“Ingalls” or the “Firm”) express written consent. This material is being provided for informational purposes and any opinions expressed in this material are only opinions at the time of writing. Nothing provided by Ingalls should be considered tax or legal advice, and clients should seek advice from their tax and legal professionals. Bridgehampton is a team at Ingalls & Snyder, LLC, an investment advisor registered with the Securities & Exchange Commission and a FINRA member broker dealer. More information including the firm’s Form ADV Brochure and Form CRS can be found at https://www.ingalls.net/importantinformation.
Ingalls & Snyder is a registered investment advisor and broker-dealer based in New York City. We provide investment management and related services to private clients and institutional investors.
Check the background of this firm on FINRA's BrokerCheck