SimplyTrust Knowledge Base

A: Colorado didn't always skip estate taxes. In 1927, the state created an inheritance tax, paid by people receiving property. In 1980, lawmakers swapped that for an estate tax, paid by the estate itself before assets passed to heirs.

A: A revocable trust—also called a living trust—is a flexible estate planning tool that allows you to manage your assets during your lifetime and determine how to distribute them later. You can update, amend, or cancel the trust at any time while you're alive and mentally competent.

A: Have you ever wondered how long your last will and testament remains valid in North Carolina? Many people assume it’s a simple lifetime document, but the truth is a bit more nuanced. In North Carolina, a will can remain valid until it is revoked, but certain circumstances can affect its enforceability.

A: While Arkansas once had an inheritance tax, the state phased it out years ago. The state officially repealed it in 1995, joining a national trend toward eliminating this type of tax. Since then, beneficiaries in Arkansas have been free from the burden of paying state tax on what they inherit.

A: Arkansas once had an estate tax. But like many other states, it chose to eliminate it. The repeal happened gradually after changes at the federal level. Here's how: