BSMG Blog: Protecting the Future of Families and Businesses

As the White House begins to change over its residences, let's take a look at the requirements one must take to change their state of residency and the state tax implications involved.  You may have wealthy, older age clients from high tax states considering a move to a lower-taxed state to save money. This typically involves state income taxes on retirement benefits and state estate taxes on net worth/gross estates. 

Estate and gift taxes have provided a source of revenue for the United States government for over 150 years and have had many variations. Now that we'll have a Republican president and a Republican majority in the Senate and House of Representatives, what's in store for the future of these taxes? To fully understand how Estate and Gift Taxes could be affected by the political and economic environment, let's take a look at a brief history of how these taxes have evolved.