Governors Cuomo (NY) and Christie (NJ) are among those trying to stem the tide of wealthy citizens to more tax-friendly states like Florida.
Estate planning affects a lot of successful family businesses. But depending upon the business, it may be difficult – if not impossible – to continue the business in the face of federal and/or state “death” taxes. A significant number of states are now trying to attract people by lowering or even eliminating their estate taxes. That leaves other states scrambling to catch up.