Getz Law Office can assist with planning for increased Maryland estate tax exemption

Getz Law Office can assist you with ensuring your estate plan is up to date

As of January 1, 2015 the Maryland estate tax exemption amount increased from $1 million to $1.5 million.  This means that the first $1.5 million of your estate can pass to your legatees or heirs tax free.  In addition, under the new law, the Maryland exemption amount is scheduled to continue to increase as follows until it is the same as the federal estate tax exemption amount:

     2015 - $1.5 million

     2016 - $2 million

     2017 - $3 million

     2018 - $4 million

     2019 – same as federal exemption amount

As of January 1, 2015, the federal estate tax exemption amount was increased to $5.43 million and increases annually for inflation.  In addition, with the federal portability laws that allow a married couple to share any unused federal estate tax exemption, there are other planning opportunities that can be used to minimize or avoid federal estate tax.

If you are interested in reviewing or updating your current estate plan please contact us.