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The Advantages of Portability

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"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

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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

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"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

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  "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

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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

Maryland Has Both an Estate Tax and an Inheritance Tax

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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

Maryland Estate Tax Exemption To Increase in 2016

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     Pursuant to House Bill 739, Maryland Estate Tax - Unified Credit signed into law on Mary 15, 2014 by Maryland Governor Martin O'Malley, 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 Maryland estate tax, you need to determine the fair market value of … [Read more...] about Maryland Estate Tax Exemption To Increase in 2016