For wealthy clients looking to gift assets, they have always had limitations imposed by the estate and gift tax laws, both federal and state. At the end of 2017, the Tax Cuts and Jobs Act went into effect and made sweeping changes to the federal estate and gift tax laws.
Maryland Estate Tax
In Maryland, the estate tax exemption is currently $4 million and was set to match the federal amount in 2019. Maryland legislators reacted to the new federal laws by enacting new legislation on April 5, 2018. The exemption amount in 2019 and beyond will be $5 million. There are portability opportunities with Maryland estate tax laws as well.
You should review your estate plan in light of these new changes in law. Contact Stouffer Legal at 443-470-3599 in the Greater Baltimore area.