LEGISLATIVE ALERT – Maryland Increases Estate Tax Exemption

posted Dec 5, 2014, 10:56 AM by Emily Fusting   [ updated Dec 8, 2014, 11:22 AM ]

In March 2014, the Maryland Legislature passed a bill that gradually increases the Maryland estate tax exemption from $1 million in 2014 to match the Federal Estate Tax exemption (currently $5.34 million) in 2019.  For individuals dying in 2019 and later, the new law also permits a surviving spouse to “port” a predeceased spouse’s unused exemption – i.e., a predeceased spouse’s unused exemption can be added to the survivor’s own exemption. 

The Washington Post article linked below provides further details on the new law.
Washington Post - "Maryland General Assembly passes estate tax relief"

Married couples will soon be able to pass in excess of $10 Million of wealth without paying estate tax and without the need for complex planning.
  This significant increase in the exemption makes estate tax planning unnecessary for many families.  For those whose wealth still exceeds the exemption threshold, the new law could offer simplified planning options.

Your existing estate plan might be inefficient or overly complicated in light of this recent change, and we invite you to contact us to review your plan and discuss alternatives.