INHERITANCE TAX RELIEF FOR DOMESTIC PARTNERS

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

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LEGISLATIVE UPDATE: Electronic Execution of Wills

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

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LEGISLATIVE UPDATE – Spousal Election Law

A recent change in Maryland’s “spousal election law” (effective October 1, 2020) could significantly impact estate plans for married individuals, particularly those with “blended families.”  A brief synopsis of this change is available HERE. Certain strategies available under prior law to ensure the effectiveness of a married individual’s estate plan

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NEW LAW DRASTICALLY CHANGES RETIREMENT ACCOUNT PLANNING – clients should review their retirement account beneficiaries in light of the SECURE Act.

In December 2019, Congress passed the Setting Every Community up for Retirement Enhancement (SECURE) Act as part of a year end appropriations bill necessary to fund the Federal government.  From an estate planning perspective, the most significant component of the SECURE Act is the drastic change to the required distributions

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2019 LEGISLATIVE UPDATE – new laws of interest

Several new laws pertinent to estates and trusts were passed during the 2019 Maryland General Assembly legislative session.  The following are summaries of the most significant. Surviving Spouse’s Elective Share:  Maryland law has long included statutory provisions designed to protect a surviving spouse from disinheritance.  But a combination of modern

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