Today, May 15, 2014, HB0739 (Maryland Estate Tax – Unified Credit) and HB0083 (Maryland Trust Act) were approved by the Maryland Governor. The former, which increases the Maryland Estate Tax incrementally over the next several years (see Will the Estate Tax Exemption in MD Increase?), was enacted as Chapter 612.Read More
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The Maryland Senate passed a bill that increases the estate tax exemption gradually over the next 5 years, at which time the exemption will be tied to the federal exemption amount. The federal exemption is indexed for inflation, and is expected to approach $5.9 million by 2019. The House voted to pass the same legislation earlier this month. Governor Martin O’Malley is expected to sign the bill into law.Read More
On second reading, the Maryland Senate preliminarily approved legislation increasing the Maryland estate tax exemption for individuals dying after 2014. Senate Bill 602 was amended to increase the Maryland estate tax exemption gradually over the next five years to the federal estate tax exemption as follows:Read More
Not quite, to be sure, but the Maryland House of Delegates passed House Bill 739 (“Maryland Estate Tax – Unified Credit”) increasing the Maryland estate tax exemption (the amount an individual can pass free of Maryland estate tax) gradually over the next five years to the federal estate tax exemption. This bill now moves to the Maryland Senate.Read More
The IRS updated the inflation-adjusted tax figures for 2014, increasing several federal gift tax annual exclusion amounts and the lifetime gift, estate and generation skipping tax exemption totals. Here are the specifics for each.Read More