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Tag Archives: Tax

Revocable Living Trusts: Are They Worth the Hype?

By Berman, Sobin, Gross, Feldman & Darby LLP |

In many states, the use of a Revocable Living Trust has become increasingly popular as a viable estate planning option. But in Maryland, the ease of the probate process, among many other reasons, makes this option usually not worth the hype, money or time. A Revocable Living Trust is a written document that contains… Read More »

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The End of the 12 Year Maryland Estate Tax Experiment

By Berman, Sobin, Gross, Feldman & Darby LLP |

The Maryland legislative session of 2014 began with a bang. Specifically, the House introduced HB 739 that presumably could cause major changes to the way you and I plan for the inevitable. Yesterday, the Maryland Senate approved Maryland State HouseHB 739 that will recouple the Maryland estate tax exclusion with that of the federal… Read More »

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5 Things to Understand About Maryland’s Inheritance Tax

By Berman, Sobin, Gross, Feldman & Darby LLP |

1. It’s All About Who Inherits Maryland has both an estate tax and inheritance tax. The estate tax is assessable if more than one million dollars passes at death. The total dollar value of the property determines whether there is an estate tax. The inheritance tax is not dependent upon the value of the… Read More »

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How Does the New Fiscal Cliff Legislation Affect my Estate Tax Planning?

By Berman, Sobin, Gross, Feldman & Darby LLP |

On January 2, 2013 the American Taxpayer Relief Act of 2012 was enacted, avoiding the so-called “fiscal cliff.” In addition to income tax changes, the law contained provisions on estate taxes which certainly did avoid something very cliff-like. Had the law not been enacted, the federal estate tax exemption would have reverted to $1… Read More »

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Beneficiaries Instead of Probate: Use Caution

By Berman, Sobin, Gross, Feldman & Darby LLP |

The term “probate” refers to the court process whereby a decedent’s assets are gathered together and, after the payment of the decedent’s debts, distributed to the decedent’s heirs. One way to avoid probate is through the use of beneficiary designations. The only assets that pass through probate are assets the decedent owned in his… Read More »

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Domestic Partnerships: How to Avoid Costly Inheritance Taxes on the Family Home

By Berman, Sobin, Gross, Feldman & Darby LLP |

In this modern era, families come in all shapes in sizes. It has become fairly common for same sex couples to buy a home and raise children. Then there are opposite sex couples who share their lives, including buying a house together, but forego the formalities of marriage. In 2009 the Maryland legislature enacted… Read More »

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The End Of The 12 Year Maryland Estate Tax Experiment

By Berman, Sobin, Gross, Feldman & Darby LLP |

The Maryland legislative session of 2014 began with a bang. Specifically, the House introduced HB 739 that presumably could cause major changes to the way you and I plan for the inevitable. Yesterday, the Maryland Senate approved HB 739 that will recouple the Maryland estate tax exclusion with that of the federal government. For… Read More »

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Maryland Same Sex Estate Planning In 2013 And Beyond

By Berman, Sobin, Gross, Feldman & Darby LLP |

Estate planning in Maryland for same sex couples is dramatically different as a result of two groundbreaking legal developments in 2013. On January 1 same sex marriage became legal in Maryland and on June 26 the Supreme Court struck down portions of the Defense of Marriage Act (DOMA). As a result, same sex married… Read More »

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How Does The New Fiscal Cliff Legislation Affect My Estate Tax Planning?

By Berman, Sobin, Gross, Feldman & Darby LLP |

On January 2, 2013 the American Taxpayer Relief Act of 2012 was enacted, avoiding the so-called “fiscal cliff.” In addition to income tax changes, the law contained provisions on estate taxes which certainly did avoid something very cliff-like. Had the law not been enacted, the federal estate tax exemption would have reverted to $1… Read More »

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5 Things To Understand About Maryland’s Inheritance Tax

By Berman, Sobin, Gross, Feldman & Darby LLP |

It’s All About Who Inherits Maryland has both an estate tax and inheritance tax. The estate tax is assessable if more than one million dollars passes at death. The total dollar value of the property determines whether there is an estate tax. The inheritance tax is not dependent upon the value of the estate,… Read More »

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