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 Paley Rothman Blog
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.
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.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
On August 29, the IRS issued its much-anticipated guidance explaining the effect of the Supreme Court’s June 2013 decision in U.S. v Windsor on the application of the sections of the Internal Revenue Code that refer to a taxpayer’s marital status.Read More
The federal estate tax system is in a state of chaos. Despite some discussion among lawmakers in the past year, there has been no progress or change to report. The outlook for a good resolution is somewhere between bleak (some believe the best possible result will be having the 2009 estate tax law reinstated for two years only) to murky (a compromise may be in the works which will provide a permanent solution) More details on these and other possible outcomes below.Read More