Tennessee inheritance tax law changes

Effective May 21, 2012, the Tennessee inheritance tax maximum allowable exemption is increased over the next three years, and the tax is eliminated for decedents whose deaths occur in 2016 or after. The maximum allowable exemption is increased as follows: for 2013, $1.25 million; for 2014, $2 million; and for 2015, $5 million. The maximum exemption is $1 million through 2012. (H.B. 3760, Laws 2012, effective as noted above)

To comply with the requirements of IRS Circular 230, we must inform you that the information discussed above is not intended or written to be used, and cannot be used by the recipient or any other taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or any other applicable tax law, or to promote, market or recommend to another party any transaction, entity, investment plan, arrangement or other matter.