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Sinclair Prosser Gasior

Estate Planning Attorneys - Annapolis, Maryland

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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

The Ins and Outs of Gifting

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  Everyday I meet with families and we discuss the estate planning technique of gifting, which can be a valuable strategy to reduce estate taxes.  Gifting can be done on a limited basis or it can be done on a continuous basis as part of an overall plan to reduce estate taxes.  Either way it can be relatively easy. Most people have heard that you can give away $14,000 per year per person (this … [Read more...] about The Ins and Outs of Gifting

What Taxes Do I Need to Worry About When I Die?”

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  As an estate planning attorney, one of the biggest concerns of many of my clients is taxes. There is a lot of misconception about taxes, especially estate taxes, so let’s try to clear some of that up. There are a few taxes that you need to be concerned about when setting up your estate plan. There is a federal estate tax, state estate tax, state inheritance tax, and income tax considerations … [Read more...] about What Taxes Do I Need to Worry About When I Die?”