Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comKey Contacts
Back
When a person passes away, the assets left for his or her family is generally subject to the estate tax. However, there are certain breaks that can help these people reduce this tax bill.
According to Forbes, the Internal Revenue Service recently announced it is extending the time to take advantage of a key estate tax break made available for married couples. The extensions give widows and widowers more time to carry over the estate tax exemption of their spouse who died and add it to their own. Married couples are able to transfer $5.34 million each without taxes.
In order for this break to be taken advantage of, tax law outlines that the executor of the estate needs to file a tax return within nine months of the death, even if there is no tax due on the estate.
Estate taxes have been making waves recently, as a few states are looking to provide some sort of relief. According to The Washington Post, leaders of the Maryland General Assembly recently outlined plans to reduce the estate tax, as well as offer tax credits to help benefit businesses around colleges and universities.
One of the biggest motivators for states to provide relief is to keep retirees from moving somewhere that has less harsh tax laws. This is especially important with many state economies still struggling to fully recover from the recession.
“As we come out of the worst economic recession since the Great Depression, we need to rebuild our private sector confidence to invest and expand in Maryland’s economy,” House Speaker Michael Busch said at a news conference.
- Practices: Tax, Trusts & Estates
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
Author: Jesse M. Dimitro
Understanding the Importance of a Non-Contingent Offer
Making a non-contingent offer can dramatically increase your chances of securing a real estate transaction, particularly in competitive markets like New York City. However, buyers should understand that waiving contingencies, including those related to financing, or appraisals, also comes with significant risks. Determining your best strategy requires careful analysis of the property, the market, and […]
Author: Jesse M. Dimitro
Fred D. Zemel Appointed Chair of Strategic Planning at Scarinci & Hollenbeck, LLC
Business Transactional Attorney Zemel to Spearhead Strategic Initiatives for Continued Growth and Innovation Little Falls, NJ – February 21, 2025 – Scarinci & Hollenbeck, LLC is pleased to announce that Partner Fred D. Zemel has been named Chair of the firm’s Strategic Planning Committee. In this role, Mr. Zemel will lead the committee in identifying, […]
Author: Scarinci Hollenbeck, LLC
Novation Agreement Process: Step-by-Step Guide for Businesses
Big changes sometimes occur during the life cycle of a contract. Cancelling a contract outright can be bad for your reputation and your bottom line. Businesses need to know how to best address a change in circumstances, while also protecting their legal rights. One option is to transfer the “benefits and the burdens” of a […]
Author: Dan Brecher
What Is a Trade Secret? Key Elements and Legal Protections Explained
What is a trade secret and why you you protect them? Technology has made trade secret theft even easier and more prevalent. In fact, businesses lose billions of dollars every year due to trade secret theft committed by employees, competitors, and even foreign governments. But what is a trade secret? And how do you protect […]
Author: Ronald S. Bienstock
What Is Title Insurance? Safeguarding Against Title Defects
If you are considering the purchase of a property, you may wonder — what is title insurance, do I need it, and why do I need it? Even seasoned property owners may question if the added expense and extra paperwork is really necessary, especially considering that people and entities insured by title insurance make fewer […]
Author: Patrick T. Conlon
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
IRS Extends Estate Tax Break
Author: Scarinci Hollenbeck, LLC
When a person passes away, the assets left for his or her family is generally subject to the estate tax. However, there are certain breaks that can help these people reduce this tax bill.
According to Forbes, the Internal Revenue Service recently announced it is extending the time to take advantage of a key estate tax break made available for married couples. The extensions give widows and widowers more time to carry over the estate tax exemption of their spouse who died and add it to their own. Married couples are able to transfer $5.34 million each without taxes.
In order for this break to be taken advantage of, tax law outlines that the executor of the estate needs to file a tax return within nine months of the death, even if there is no tax due on the estate.
Estate taxes have been making waves recently, as a few states are looking to provide some sort of relief. According to The Washington Post, leaders of the Maryland General Assembly recently outlined plans to reduce the estate tax, as well as offer tax credits to help benefit businesses around colleges and universities.
One of the biggest motivators for states to provide relief is to keep retirees from moving somewhere that has less harsh tax laws. This is especially important with many state economies still struggling to fully recover from the recession.
“As we come out of the worst economic recession since the Great Depression, we need to rebuild our private sector confidence to invest and expand in Maryland’s economy,” House Speaker Michael Busch said at a news conference.