Porting a Deceased Spouse’s Estate Tax Exemption

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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MARYLAND ESTATE TAX – How lifetime gifts can eliminate the tax

Recent tax law changes have significantly increased both the Federal Estate Tax and Maryland Estate Tax exemptions.  As of January 1, 2019, the Federal exemption per individual is $11.4 Million and scheduled to increase annually with inflation.  The Maryland exemption is frozen at $5 Million per individual.  Married couples can

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2018 FIDUCIARY INCOME TAX – Updated Rates and Brackets

  The following is some commonly relevant federal and Maryland income tax information for estates and trusts.  Feel free to bookmark this page for future reference. Ordinary Income Tax Rates for Estates and Trusts 2018 Federal Income Tax Rates for Estates and Trusts Taxable Net Income Federal Tax Not over $2,550

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ESTATE TAX PLANNING – Who Needs It?

Very few Marylanders need to worry about Estate Tax when creating or revising their estate plans.  Effective January 1, 2019, only married couples with assets in excess of $10 Million and individuals with assets greater than $5 Million are subject to the tax. The Federal Estate Tax exemption for 2019

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