"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
Maryland Estate Tax Exemption Raised
On May 15, 2014, Governor O’Malley signed a bill that will raise the Maryland estate tax exemption. The General Assembly passed the legislation this session and there was much anticipation as to whether the governor would sign the bill. Currently, the state estate exemption is One Million Dollars in Maryland. This means that if you pass away with less than One Million Dollars of assets, you … [Read more...] about Maryland Estate Tax Exemption Raised
We Dodged the Fiscal Cliff – How the New Tax Bill Affects You
Posted by Attorney Colleen Sinclair Prosser on behalf of the American Academy of Estate Planning Attorneys In case you haven’t heard, the New Year brought a new law recently signed by the President. To avoid the country from falling off the “fiscal cliff,” the “American Taxpayer Relief Act” was approved on New Year’s Day. The approval and signing of this new law may affect the future of your … [Read more...] about We Dodged the Fiscal Cliff – How the New Tax Bill Affects You
Your Estate Matters – Audio
"Business Succession Planning" by Attorney Colleen Sinclair Prosser … [Read more...] about Your Estate Matters – Audio
Consumers Want to Know More About TRA 2010: The New Tax Law
By: Stephen C. Hartnett, J.D., LL.M., Associate Director of Education, American Academy of Estate Planning Attorneys After much wrangling and politics, on December 17th, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, otherwise known as “TRA 2010.” The law did many things: Temporarily extended the Bush-era income tax … [Read more...] about Consumers Want to Know More About TRA 2010: The New Tax Law
