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The Vermont Estate Tax System. Vermont recently enacted new legislation that imposes a state estate tax regardless of whether there is a federal estate tax imposed. Under this new system, estates in excess of $2.75 million dollars are subject to tax (it is unclear whether lifetime gifts are included in this threshold).
Even close relatives may have to pay some inheritance tax. Update: Indiana has retroactively repealed its inheritance tax, effective January 1, 2013. The change in the law was contained in the state's two-year budget, signed by the governor on May 9, 2013. Inheritance tax is still due from those who inherited before 2013, under the rules discussed below.