Tax Changes

What are the tax changes for January 1, 2014?

Q: What are the tax changes for January 1, 2014?

During the 2014 Session, the Legislature changed the Maryland estate tax exemption, increasing it through a series of annual stair steps until it will match the federal exemption in 2019. Currently set at $1 million, the exemption will increas to $1.5 million as of January 1, 2015, $2 million on January 1, 2016, $3 million on January 1, 2017, $4 million on January 1, 2018, and equal to current federal exemption as January 1, 2019.

 Therefore, Maryland estate plans are in a state of flux, requiring estate planning documents which remain flexible for both planning for the level of the client's changing wealth, as well as for the changing State exemptions.

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Attorney Lindsey Warren Duvall assists clients throughout Anne Arundel County and Prince Georges County, including but not limited to Annapolis, Davidsonville, Gambrills, Crofton, Severna Park, Crownsville, South River, Millersville, Waugh Chapel, Odenton, Piney Orchard, Severn, Upper Marlboro, Bowie, Glenndale, Galesville, Gibson Island, Arundel Mills, Columbia, Edgewater, Deale, Harwood, Lothian, Churchton, Shady Side, Cape St. Claire, Broadneck, Arnold, Jessup, Laurel, Linthicum, Mitchellville, Pasadena, and Lake Shore, MD.

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