Maryland is one of the Worst States to Die In.
You do not have to be rich to be exposed to death taxes in Maryland. The Federal Estate Tax exemption is $5.34 million. Therefore, you may not have any estate tax worries? Not necessarily! In Maryland, the state imposes estate and inheritance taxes. You may be exempt from Federal taxes but still liable to a significant state death tax.
Maryland’s exemption is $1 million, anything above this figure is subject to a tax rate of 16%.
Also, Maryland imposes an inheritance tax, which is assessed on the value of specific inherited assets. This tax rate is 10%. Only MD and NJ have both State and Inheritance taxes. 31 states have no state or Inheritance tax.
The Maryland tax may be a reason to move, but if you don’t, and you are dedicated to leaving more to your heirs, and less to the tax collectors, give our office a call at 301 663 9230, or email me at firstname.lastname@example.org .