Maryland Governor Signs Estate Tax Changes into Law

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Maryland estate tax law is changing and it is likely to have an impact on your estate plan. On May 15, 2014, Governor O'Malley signed a bill increasing the amount of wealth that can pass to heirs free of Maryland estate tax, the amount known as the applicable exclusion. Prior to the passage of this new law (and for the balance of 2014), the applicable exclusion is $1,000,000, meaning that $1,000,000 can pass to heirs free of Maryland estate tax. After the end of 2014, the applicable exclusion increases gradually...

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Topics:  Estate Planning, Estate Tax, Tax Reform

Published In: Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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