Skip Fox, chairman of McGuireWoods’ private wealth services practice, is quoted by the Financial Times regarding Congress’ failure to renew the federal estate tax in 2010, a political misstep that unintentionally exempted wealthy estate heirs from the 45 percent federal tax on estate transfers. In the June 26 article, titled “The Great American Estate Tax Slip-Up,” Fox comments on the financial requirements and drawbacks of state estate tax:
“Living in a state that has a state ‘death tax’ can cause up to an extra 8.8 percent of tax to be owed.” In recent years, he has advised more than 40 clients to relocate in order to avoid a state estate tax. Subscribers can read the full article at ft.com.