Elizabeth Carott Minnigh, Carol A. Kelley, and Joshua D. Headley, of Buchanan Ingersoll & Rooney PC, have made available for download their article, “District of Columbia Passes New Law, Exposes More Families to Death Tax,” published in Buchanan Ingersoll & Rooney PC. The abstract is as follows:
New legislation enacting the “Estate Tax Adjustment Amendment Act of 2020” was signed by the mayor of the District of Columbia in August 2020. This act reduces the amount of a decedent’s assets exempt from D.C. estate tax to $4 million per individual starting in 2021. After it becomes official law, the reduced exemption will apply to persons dying on January 1, 2021 and thereafter.1 D.C.’s estate tax exemption is currently $5,762,400 for 2020 decedents and was $5,681,760 for 2019 decedents. Therefore, the new law reduces the current exemption amount by over $1.75 million. In addition, starting in 2022, the new exemption amount is scheduled to increase annually based on a cost of living adjustment.
Click here to view Elizabeth Carott Minnigh, Carol A. Kelley, and Joshua D. Headley’s summary of “District of Columbia Passes New Law, Exposes More Families to Death Tax”.
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.