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Tax staff brief committee on estate tax rules, 2‑year lookback for gifts and trust consequences
Summary
Department of Taxes officials explained estate tax is assessed based on domicile, Vermont reviews gifts within a two‑year lookback for estate tax purposes, and nonresidents may owe tax on Vermont property if their taxable estate exceeds $5,000,000.
Department of Taxes staff told the Ways & Means Committee that estate tax administration rests on domicile: a decedent has a single domicile and Vermont assesses estate tax on Vermont residents’ worldwide taxable estate. Will Baker said nonresidents owe Vermont estate tax only on Vermont situs assets and only when a taxable estate exceeds $5,000,000.
Baker said…
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