Monday, March 24, 2014
Maryland has become the latest state to raise its state estate tax exemption to match the federal estate tax exemption.
The Maryland measure will gradually increase the exemption from $1 million this year to the projected federal exemption amount of $5.9 million in 2019. This measure is significant because Maryland is a staunchly Democratic state, indicating that easing up on the estate tax is not just a Republican issue.
Maryland’s 10% inheritance tax will remain.
See Ashlea Ebeling, Maryland to Cut Estate Tax as Blue States Fall in Line, Forbes, March 20, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.