CHANGES IN MARYLAND ESTATE TAX MEANS TIME TO REVISIT WILLS

Sep02

On May 15, 2014, Maryland Governor Martin O’Malley signed the bill containing revisions to the Maryland Estate tax.

 

The New Law gradually increase the Maryland Estate Tax exemption over the next 5 years until the Maryland Estate Tax exemption is once again equal to the Federal Estate Tax exemption:

 

The new amounts are as follows based upon what year the Marylander passes away.

 

            2014                $1,000,000

            2015                  1,500,000

            2016                  2,000,000

            2017                  3,000,000

            2018                  4,000,000

            2019                  same as federal currently $5.9 million