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If a resident transfers all property to a revocable living trust that is not subject to probate, is the property exempt from inheritance tax?

April 26, 2017exempt inheritance tax Living trust probate Property resident Revocable Subject transfers

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If a resident transfers all property to a revocable living trust that is not subject to probate, is the property exempt from inheritance tax?

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No. If the resident has the right to revoke the trust prior to death, all property in the trust must be included in the estate and is subject to the inheritance tax. However, for deaths that occurred after June 30, 2004, no inheritance tax is due even if in a trust.