Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Maryland Legislators Have Agreed To Cut Estate Tax
Author: Scarinci Hollenbeck, LLC
Date: January 27, 2014
Key Contacts
Back
After passing on, people want to be sure that their assets are properly disbursed to family members. However, these assets often face estate tax law, which can cut into the value.
This tax varies from state to state, and has an impact on where wealthy retirees choose to live after leaving the work force for good. According to the Maryland Reporter, legislators have agreed to reduce the state’s high estate tax by returning it to federal standards, which may help keep retirees in Maryland.
“We’re going to phase out the estate tax, and raise it to the federal level,” Senate President Mike Miller told the Maryland Economic Development Association. “I hope we’re going to move forward on the inheritance and estate tax.”
The move to reduce the estate tax would cut Maryland taxes by $14 million this fiscal year, and as much as $87 million in four years. Currently, the estate and inheritance tax accounts for less than 2 percent of all state revenues, as very few estates pay any taxes.
Maryland isn’t the only state to consider cutting its estate tax, as New York Gov. Andrew Cuomo recently proposed $2 billion in tax cuts. According to The New York Times, this includes raising the estate tax exemption from $1 million to $5.25 million. The main goal behind this move is to reduce the number of New Yorkers who leave the Empire State when retiring. Cuomo’s proposal included an array of other cuts, which has garnered support.
“We need to change the environment and the perception of New York as a high-tax state,” Randy Wolken, the president of the Manufacturers Alliance of New York State, told the news source.
- Practices: Tax and Trusts & Estates, Estate & Trust Litigation, Real Property Tax Strategies
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
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
What Business Owners Get Wrong Before Meeting a Litigation Attorney
What should you expect when meeting a litigation attorney about a business dispute? You should expect to describe the dispute in your own words, hand over the most important documents, flag any deadlines or immediate threats, and leave with a clearer picture of the problem, what information is still needed, and the likely next steps. […]
Author: Michael Mietlicki
Arbitration vs. Litigation vs. Mediation: What New Jersey Businesses Should Know Before Signing a Contract
Arbitration resolves disputes privately before an arbitrator whose decision is usually final, while litigation resolves them in court with full rights of appeal. Whether a business ends up in arbitration or litigation is often decided when it signs the contract, long before any dispute arises. Key Takeaways When facing a contract dispute, carefully consider your […]
Author: Graham Staton
Can You Own Part of a New Jersey Business Without a Written Agreement?
Can you own part of a business in New Jersey without a written agreement? Yes, it is possible. Under New Jersey’s Uniform Partnership Act, a partnership can arise when two or more people carry on a business as co-owners for profit, whether or not they ever intended to form one. Ownership doesn’t necessarily depend on […]
Author: Michael Mietlicki
Crisis-Proofing Your New Jersey Business: Building a Crisis Response Plan Before You Need One
For New Jersey businesses, crisis preparedness should be viewed as a legal and operational function, not simply an emergency-management exercise. A well-designed crisis response plan can help preserve evidence, protect confidential communications, meet reporting obligations, limit unnecessary exposure, and prevent an already difficult situation from becoming a larger legal problem. Key Takeaways A serious crisis […]
Author: Sean M. Pena
Monmouth County's Next Development Wave: What Developers and Investors Need to Know
Monmouth County is entering a significant new phase of development. For those looking to acquire property or undertake a new project, understanding the market opportunity is only the beginning. The more important question is whether a particular property can actually be developed as contemplated and what approvals, agreements, and other conditions will be required to […]
Author: Donald M. Pepe
Are Your Conversations with AI Shielded from Discovery? Courts Are Split
Whether a client’s prompts to a generative AI tool and the documents it produces are protected from disclosure depends on the case type, who claims protection, and whether counsel was involved. In United States v. Heppner, a New York federal judge ruled that a criminal defendant’s communications with an AI platform were protected by neither […]
Author: Chris Seelinger
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.