By - Stouffer Legal
Estate taxes are levied when a person dies with an estate valued higher than the current exemptions allowed at the time of death. The federal exemption was already scheduled to increase in 2018 to $5.6 million for individuals and $11.2 million for couples.
The new tax bill nearly doubles this exemption to $11.18 million for individuals and $22.36 million for couples. This rate is set to be in affect from 2018 to 2025. The tax rate for estates exceeding this exemption amount will be subject to a 40 percent estate tax rate.
According to Tax Foundation estimates, raising the estate-tax exemption will save tax payers about $10 billion dollars.
For questions on estate planning, please call (443) 470-3599 today and schedule a consultation with one of our experienced Maryland Estate Planning Attorneys to learn more about Estate or Elder Law and how we can help you.
