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Sinclair Prosser Gasior

Estate Planning Attorneys - Annapolis, Maryland

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Home / Archives for Estate Tax

The Advantages of Portability

January 25, 2022 by Alexander M. Pagnotta, Estate Planning Attorney

"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

Filed Under: Estate Tax, General, Taxes

Your Estate Plan and Tax Filings

October 29, 2021 by Colleen Sinclair Prosser, Estate Planning Attorney

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

Filed Under: Estate Tax, General, Gift Tax, Income Tax, Property Taxes, Taxes Tagged With: Estate Taxes, Inheritance Tax

The Advantages of Portability

July 3, 2019 by Alexander M. Pagnotta, Estate Planning Attorney

little-things

"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

Filed Under: Estate Administration, Estate Tax, Tax Relief, Taxes Tagged With: Estate Taxes

Estate Tax Update

March 23, 2018 by Jon J. Gasior, Estate Planning Attorney

  "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

Filed Under: Estate Tax

Differences Between Maryland Inheritance Tax and Estate Taxes

February 23, 2017 by Jon J. Gasior, Estate Planning Attorney

inheritance tax maryland

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

Filed Under: Estate Tax

Differences Between Maryland Inheritance Tax and Estate Tax (Audio)

February 22, 2017 by Jon J. Gasior, Estate Planning Attorney

  "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)

Filed Under: Estate Tax Tagged With: Inheritance Tax

Maryland Has Both an Estate Tax and an Inheritance Tax

November 25, 2015 by Sinclair Prosser Gasior

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

Filed Under: Estate Tax, General Tagged With: estate tax exemption, Estate Taxes, Inheritance Tax, Maryland House Bill 739, Register of Wills, Unified Credit

Maryland Has Both an Estate and an Inheritance Tax (Audio)

November 24, 2015 by Sinclair Prosser Gasior

  "Maryland Estate and Inheritance Tax" by Attorney Nicole Livingston … [Read more...] about Maryland Has Both an Estate and an Inheritance Tax (Audio)

Filed Under: Estate Tax Tagged With: Estate Taxes, Inheritance Tax, Maryland Estate Tax, Maryland Inheritance Tax, Register of Wills, Unified Credit

Maryland Estate Tax Exemption To Increase in 2016

October 29, 2015 by Sinclair Prosser Gasior

     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

Filed Under: Estate Tax Tagged With: federal exemption, Inheritance Tax, Maryland Estate Tax, Maryland Inheritance Tax, Register of Wills, Revocable Living Trust, Will

Maryland Estate and Inheritance Taxes (Audio)

October 28, 2015 by Sinclair Prosser Gasior

  "Maryland Estate and Inheritance Taxes" by Attorney Nicole Livingston … [Read more...] about Maryland Estate and Inheritance Taxes (Audio)

Filed Under: Estate Tax Tagged With: Inheritance Tax

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Testimonials

5 Stars
Client Review
September 3, 2020
    

We initiated estate planning following a presentation by Sinclair Prosser Attorney Jon Gasior. We were so impressed, we contracted with them to complete our estate planning. Subsequently, we assembled information on our assets and Sinclair Prosser Gasior did the rest. Correspondence was communicated to our financial institutions and the estate was established. We were very pleased with the courteous manner of the Sinclair Prosser Gasior staff. However, it was their professionalism that made us satisfied we chose this firm to handle our estate. We have nothing but praise for Sinclair Prosser Gasior .

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– Walter K.

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