Governor Wes Moore’s Fiscal Year 2026 budget proposal has significant changes to Maryland Taxes. Here are the changes and the potential implications. Elimination of Inheritance Tax Maryland imposes a 10% inheritance tax upon death when assets are transferred to certain beneficiaries like nieces, nephews, friends, and other more distant relatives. Governor Moore’s proposal would be to eliminate … [Read more...] about Governor Wes Moore’s Fiscal Year 2026 Budget Proposal: Significant Changes to Maryland Taxes
IRS Increases Estate and Gift Tax Exemptions for 2025
"IRS Increases Estate and Gift Tax Exemptions for 2025" by Attorney Laura Curry (Audio) Starting January 1, 2025, the Internal Revenue Service (IRS) raised the federal estate tax exemption from $13.61 million to $13.99 million and increased the annual gift tax exemption from $18,000 to $19,000. What is the federal estate tax exemption, and how does it affect your estate plan? The … [Read more...] about IRS Increases Estate and Gift Tax Exemptions for 2025
Understanding Maryland Estate and Inheritance Tax
"Understanding Maryland Estate and Inheritance Tax" by Attorney Alex Pagnotta (Audio) Understanding Maryland estate and inheritance tax implications is crucial for residents that are planning their estate. Maryland has an estate tax separate from the federal estate tax. To calculate whether or not your estate will owe an estate tax in Maryland, you need to determine the fair market value of … [Read more...] about Understanding Maryland Estate and Inheritance Tax
The Advantages of Portability
"The Advantages of Portability " by Attorney Alex Pagnotta (Audio) When a decedent dies, a federal estate tax return (IRS Form 706) is not required to be filed unless the decedent’s gross estate exceeds their remaining federal estate tax exclusion. In 2022, for someone who has not used any exclusion during their lifetime, this would be $12.06 million. Maryland also has an estate tax, as it … [Read more...] about The Advantages of Portability
Your Estate Plan and Tax Filings
There are many taxes that we pay over our lifetime. Here is a list of taxes we see while planning and settling estates. While you are living and if your income is high enough, you will need to pay income taxes to both the Federal Government and the State of Maryland. The forms generally used to file your income tax returns are the IRS form 1040 and the MD form 502. In most cases when … [Read more...] about Your Estate Plan and Tax Filings
The Advantages of Portability
"The Advantages of Portability" by Attorney Victor Lembo When a decedent dies, a federal estate tax return (IRS Form 706) is not required to be filed unless the decedent’s gross estate exceeds their remaining federal estate tax exclusion. In 2019, for someone who has not used any exclusion during their lifetime, this would be $11.4 million. Maryland also has an estate tax, as it decoupled from … [Read more...] about The Advantages of Portability
Estate Tax Update
"Estate Tax Update" by Attorney Jon J. Gasior (Audio) Late in 2017, Congress passed the Tax Cuts and Jobs Act. This new tax law changed a number of income tax laws, but it also changed an important estate tax law. Prior to the Tax Cuts and Jobs Act, an individual could exempt up 5.49 Million dollars before their estate was subject to an estate tax. The new tax law increased the exemption up … [Read more...] about Estate Tax Update
Differences Between Maryland Inheritance Tax and Estate Taxes
It is very important to know inheritance tax Maryland rules, whether you are making an estate plan or whether you stand to inherit after someone has passed away. It is also important to know estate tax rules. In Maryland, there are laws requiring estate tax and inheritance tax to be paid under certain circumstances. Maryland is one of very few states which impose an inheritance tax. Because of the … [Read more...] about Differences Between Maryland Inheritance Tax and Estate Taxes
Differences Between Maryland Inheritance Tax and Estate Tax (Audio)
"Differences Between Maryland Inheritance Tax and Estate Tax" by Attorney Jon J. Gasior … [Read more...] about Differences Between Maryland Inheritance Tax and Estate Tax (Audio)
Maryland Has Both an Estate Tax and an Inheritance Tax
Maryland has its own estate tax separate from the federal estate tax. On May 15, 2014, Maryland Governor Martin O’Malley signed House Bill 739, Maryland Estate Tax – Unified Credit – into law. With this law, the Maryland estate tax exemption will gradually increase on an annual basis until it matches the federal estate tax exemption in 2019. To calculate whether or not your estate will owe a … [Read more...] about Maryland Has Both an Estate Tax and an Inheritance Tax
