Insights

State-Level Estate and Inheritance Taxes: What You Need to Know

Many clients are familiar with the federal estate tax exemption which is high enough that most estates are not federally taxable. However, several states impose their own estate or inheritance taxes often with much lower thresholds and different calculation rules. Sixteen states plus the District of Columbia impose an estate and/or inheritance tax. Listed below in a table are the estate and inheritance tax exemption amounts and tax rates. Note the following:

• Maryland is the only state that imposes both an estate tax and an inheritance tax.
• Oregon has the lowest exemption amount at just $1,000,000.
• Connecticut’s exemption matches the federal exemption amount ($15M for 2026 and adjusted for inflation annually thereafter).
• California does not impose estate or inheritance taxes.
• Surviving spouses are not subject to state inheritance tax.

WESCAP Q2 2026 Quarterly Commentary: Global Markets Surge on Geopolitical De-escalation and Robust Corporate Earnings

WESCAP portfolio results were strong the last quarter as the Iran conflict de-escalated, resulting in a more optimistic outlook and strong global stock market returns.  The S&P 500 had a positive 15.2% Q2 return, after a loss of 4.3% in the first quarter. This was surpassed in the second quarter by small-cap U.S. stocks (Russell 2000) with a 21.5% return and emerging markets stocks (MSCI) with a 24.1% return. Also strong were REITs (real estate) at 10.7% and developed foreign markets stocks (EAFE) at 10.8% for the quarter.

Section 530A “Trump” Accounts: What Families Should Know

Section 530A “Trump” Accounts have quickly become one of the more discussed new savings vehicles for children. While the name itself may generate political reactions, we will focus on only its merits and limitations.

Our goal is to objectively explain what these accounts are, how they work, what tax and investment features they offer, what limitations and unanswered questions still exist, and whether they may make financial sense for certain families, especially when compared to other options like the popular Section 529 Plan, which is primarily designed for education savings but may offer broader planning flexibility in certain situations. As with many new laws, the details continue to evolve as additional IRS guidance is released.

The Modern Frontier: Planning for Your Digital Estate

Over the past few decades, technology has reshaped nearly every aspect of our lives, including our estates. Today, your digital footprint is vast, valuable, and often overlooked in traditional estate planning.

From financial accounts to social media profiles, digital assets require the same level of attention as physical property. Yet many people are unclear on what qualifies as a “digital asset,” let alone how to plan for it effectively.

WESCAP Q1 2026 Commentary: Geopolitical Conflict and the Energy Supply Shock

Up through the start of the Iran conflict in late February, inflation had been falling and investment markets rising. However, the conflict and the closure of the Strait of Hormuz changed economic and investment conditions. As close to 20% of world oil shipments go through this strait, as does much fertilizer and liquefied natural gas (LNG), global prices have risen on many products, and global growth is expected to slow.