Today the Tennessee inheritance tax exemption (for 2014) is raised to $2,000,000.00. Next year it will increase to $5,000,000.00 and then it will be abolished in 2016. The Federal inheritance tax exemption (for 2014) was raised to $5,340,000.00 today. As a result, these taxes rarely come into play when dealing with estate planning in Tennessee unless you have a very large estate. Happy New Year!
Jason A. Lee is a Member of Burrow Lee, PLLC. Contact Jason at 615-540-1004 or jlee@burrowlee.com for an initial consultation on wills estate planning and probate issues.