Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our attorneys. The information in the blogs and articles is not a substitute for legal advice and should not be relied on as such. Should you have any questions or want legal advice, please contact the attorney who wrote the blog or article.
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:
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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.
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Certain Maryland Assembly leaders strongly support recoupling Maryland’s estate tax with the federal government. Currently, Maryland estates worth more than $1 million are taxed by the State, while the federal government exempts the first $5.34 million of estates.
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You have just spent months working with your lawyer to draft an estate plan that suits your needs. You created one trust for your beloved second wife and another trust for your equally beloved children from your first marriage. In order to take advantage of the unlimited marital deduction currently available under the federal estate tax laws, you have made your kids the beneficiaries of your current wife’s marital trust upon her death. She will hopefully live a long time and be able to enjoy the benefits of your successful career and when she dies there will still be assets to provide for your children.
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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.
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