"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
"What Tax Do I Need To Worry About When I Die?" by Attorney Jon J. Gasior (Audio) “In this world nothing can be said to be certain, except death and taxes.” — Benjamin Franklin, in a letter to Jean-Baptiste Leroy, 1789 Although Benjamin Franklin famously wrote these words in 1789, it was not until 1916 that the idea of the modern estate tax was passed. The … [Read more...] about WHAT TAXES DO I NEED TO WORRY ABOUT WHEN I DIE?
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 and Inheritance Tax" by Attorney Nicole Livingston … [Read more...] about Maryland Has Both an Estate and an Inheritance Tax (Audio)
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?”
"What Taxes Do I Need To Worry About When I Die" by Attorney Jon J. Gasior … [Read more...] about What Taxes Do I Need To worry About When I Die?
There are a number of states in the union that have state-level estate taxes. We practice law in the state of Maryland, and there is a state-level estate tax in our state. At the present time, the Maryland state estate tax exclusion is $1.5 million in 2015 and is set to increase over the next several years. As a result, you could be exempt from the federal estate tax, but exposed to the Maryland … [Read more...] about Free Report: How Much Can You Transfer Free of Maryland Estate Taxes
The estate planning seminars establishes the necessary components of an effective estate plan. The seminar is presented in a case study format profiling the life of Bill and Mary Jones. Several scenarios are used to relay the impact of estate planning issues relating to probate, disability due to incompetence, protection of government benefits for special needs loved ones, second marriages, … [Read more...] about Free Estate Planning Seminars Next Week! Register now!
Many of my clients intend to move from Maryland when they retire, either because they own property elsewhere and want to spend their retirement years there, or they want to be closer to children and grandchildren who live out of state. Whether you’re moving out of the state or recently moved to Maryland, it is important to have your estate planning documents reviewed after you’ve settled in a new … [Read more...] about What Do I Do With My Estate Plan When Moving In or Out of the State
"What Do I Do With My Estate Plan When Moving In or Out of the State?" by Attorney Brooke J. Shemer … [Read more...] about What Do I Do With My Estate Plan When Moving In or Out of the State