The IRS increased the gift exclusion and estate and gift tax exemptions for 2024. Beginning January 1, 2024, an individual may gift up to $18,000 per year, per donee without needing to report that gift to the IRS. This exclusion is a $1,000 increase from 2023. The unified estate and
Maryland is one of the few states that imposes an Inheritance Tax. The tax is 10% of the amount inherited from a decedent domiciled in Maryland (or the value of Maryland real property inherited from a decedent domiciled elsewhere). Close relatives and charities are exempt. While spouses are exempt from
As we discussed in a previous blog post, the SECURE Act of 2019 drastically changed the landscape for how most individuals and trusts inherit retirement accounts. However, while laws provide a general framework, federal regulations often give us the details we need to give clients practical advice to put their
The IRS has announced the new gift exclusion and estate and gift tax exemptions for 2023. Starting January 1, an individual may give up to $17,000 per year, per donee (up from $16,000) without having an obligation to report that gift to the IRS. The unified estate and gift tax
Many estate plans establish trusts for children, grandchildren, or other beneficiaries. These are known as testamentary trusts, or trusts established at your death (as opposed to an inter vivos trust, or a trust established during your lifetime). However, assets that pass outside of the Will – like retirement accounts or
As mentioned in our previous post, the Maryland legislature enacted a law that allows for electronic execution of Wills. While this law is technically in effect, we have not yet found a cost-effective way to implement this for our clients. While we continue to offer virtual meetings to our clients,
While electronic execution of Wills has technically been available in Maryland since October 1, 2021, the prior law was written in a way to be impractical. This session, the Maryland General Assembly unanimously passed HB576/SB36 which greatly expands the ability for Marylanders to sign their estate planning documents remotely. Our
2022 Estate and Trust Income Brackets.
The Federal estate and gift tax exemption is $12.06 million per individual for 2022, an increase from $11.7 million in 2021. The Federal gift tax annual exclusion has also increased to $16,000 per donee. The exclusion was $15,000 for 2018 – 2021. For more information, click here. Maryland does not
Marylanders are subject to both Federal and Maryland Estate Tax – taxes on most property in which a deceased individual has an interest at the time of death. In many cases, the tax code offers relief that results in no tax due. Unlimited deductions are available for amounts left to
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