Legislative Updates for Estate Tax, Small Estates
In 2016, the Vermont Legislature largely fixed the state’s overly complex calculation for determining estate taxes in Vermont. At that time, a proposal to raise the estate tax exemption amount above $2.75 million per person failed. This spring the legislature revisited the exemption level and made an important contribution that should go a long way toward encouraging more of the state’s wealthy residents to remain Vermonters rather than moving to a state with little or no estate tax. In addition, the legislature passed two other bills impacting the probate laws, one updating procedures governing small estates and the other addressing international wills.
This NEET Notes focuses on these recent legislative changes to the Vermont laws.
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