Rhode island inheritance tax waiver form 2025

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The Rhode Island estate tax exemption, like the federal exemption, is a tax exemption that reduces the amount of estate taxes that must be paid. At the state level, the exemption is $1,774,583; in other words, you will pay no Rhode Island estate tax on estate transfers up to that value.
For decedents dying on or after January 1, 2024, the threshold will be $1,774,583. This is also an increase from the threshold for 2023 which equaled $1,733,264. For the estate of a person who passes away in 2024, a net value of $1,774,583 or less will generally not be subject to Rhode Island Estate Tax.
Rhode Island Senate Bill 2064 TAXATION -- ESTATE AND TRANSFER TAXES -- LIABILITY AND COMPUTATION - Increases the net taxable estate exemption to four million dollars ($4,000,000) for deaths that occur on or after January 1, 2025.
Use trusts: Gift assets into a trust, your spouse (and in practice, you) can access the assets during your lifetime, and any other appreciation will pass to your kids and future descendants free of estate tax with an Intentionally Defective Grantor Trust (IDGT)
There is no inheritance tax in Rhode Island. It is possible, though, that the laws of another state could apply to you if the person passing money on to you died there. In Pennsylvania, for example, the inheritance tax applies to out of state heirs for in-state decedents. Rhode Island also has no gift tax.
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Marital transfers are a way to avoid estate taxes when one spouse dies. If your spouse is a U.S. citizen, you can give them a tax-free lifetime gift of any amount. If your spouse is not a U.S. citizen, a gift tax kicks in for marital gifts totaling more than $164,000 (as of 2022).

rhode island inheritance tax waiver