Maryland Estate Tax Exemption to Increase Over the Next Few Years July 11, 2014 The 2014 Maryland General Assembly passed legislation increasing the Maryland estate tax exemption over the next few years to eventually equal the federal estate tax exemption. Governor O’Malley signed the bill in May. The new law would raise the Maryland estate exemption as follows: $1.5 million in 2015 $2 million in 2016 $3 million in 2017 $4 million in 2018 2019 and later – The Maryland exemption will conform with the federal exemption and is indexed for inflation. It is projected to be $5,900,000 in 2019. Even with the increased Maryland Exemption there are still many planning opportunities available. Important aspects of estate planning include planning for the portability of the unused exemption amount, saving income taxes and structuring how assets are distributed. For example, estate returns may need to be filed to take advantage of portability of the exemption to the surviving spouse even though assets may be under the exemption amount. Now is the time to revisit your estate planning to make sure your goals are being met. For more information on the Maryland estate tax exemption or estate planning in general, please contact Lori Kirk, CPA at email@example.com or 410.307.6416.