On January 1, 2013 the federal estate tax is set to reset to the level it was in 2000. The main focus of estate planners is we will be going from a $5,120,000 lifetime exemption to a $1,000,000 lifetime exemption and will see an increase in the tax rates from 35% to up to 55%. But, there are many other considerations that will need to be addressed as well.

For instance, in the pre-2001 and post 2012 law, the federal estate tax has a provision for a credit for state estate taxes paid. In the current law, a deduction is allowed for state estate taxes paid. In Oklahoma, as well as a few other states, the state estate tax was based upon the maximum credit allowed under the federal law. These were commonly called “sop” state taxes because the state would sop up what would have otherwise have been paid to the feds and it did not increase the tax burden on the estate. However, when the federal law changed, most of the states changed their laws, as well. In Oklahoma, the legislature changed the law from being a sop scheme to an estate tax of independent significance (meaning you could be taxed at the state level without incurring a tax at the federal level), and then ultimately repealed the state estate tax altogether.

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All of this does get overly complicated, so the hope for you, as an estate planning consumer, is that you should have a qualified estate and tax planning attorney review your plan to ensure that you have the most tax advantageous set-up as is possible. This will apply even if you have only executed your plan within the past few years because there have been significant changes to the tax laws.