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Maryland Estate Taxes: Are You Ready? Maryland “decoupled” from the Federal Estate Tax in 2004 by establishing a $1 million Maryland Estate Tax Exemption. This created problems for married couples. Previously sound Federal Estate Tax planning could trigger Maryland Estate Tax at the death of the first spouse to die. (This year, the potential Maryland Estate Tax could be about $100,000.) Clients were forced to underutilize the Federal Estate Exemption to avoid Maryland Estate Tax “MET.” Maryland now allows us to fully utilize the Federal Estate Tax Exemption without triggering Maryland Estate Tax at the death of the first spouse to die. (MET would be deferred until the second death.) You must check your documents, even if they have been signed, amended, or reviewed within the last year, to ensure you can take advantage of this development.
This information was prepared by Lena Barnett &
Associates, LLC and is intended only to provide general information. It is
neither offered nor intended for use as legal advice, © 2007 Lena Barnett & Associates, L.L.C. All Rights Reserved |
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