Question
Does Voyant calculate state estate tax for clients who live in a state that imposes one?
Answer
Yes.
Voyant models state estate tax for clients who reside in states where an estate tax applies. When applicable, the state estate tax is calculated alongside any federal estate tax and is reflected in the client's legacy analysis.
You can review these calculations by opening the Legacy view and selecting the Taxes section. Here you'll see a breakdown of the taxes affecting the client's estate, including both federal and state estate tax where applicable.
Keep in mind that not every state imposes an estate tax, and the exemption amounts and tax rates vary by state. Voyant automatically applies the appropriate rules based on the client's state of residence and the assumptions in the plan.
Note: This refers to state estate tax, which is paid by the estate before assets are distributed to beneficiaries. It does not refer to state inheritance tax, which is levied on the beneficiaries in certain states.