Posted inArchived Articles, Focus on Tax Insurance & Financial Planning

Higher Estate and Gift Tax Exemption Limits Are Not License to Dismiss Estate Planning

Upon death, a Maryland resident’s estate is subject to both a federal and state estate tax (or “death tax”). In 2015, the federal estate tax exemption — the amount an individual can leave to heirs without having to pay the tax — is $5.43 million and is expected to rise to $5.45 million in 2016.