On June 21, 2019, in a unanimous decision, the U.S. Supreme Court held as unconstitutional a North Carolina statute that had been interpreted by North Carolina to mean that a trust owed income tax to North Carolina whenever a beneficiary of the trust lived in the state, even if, in the relevant year, the beneficiary … Continue Reading
IRS announces the 2019 inflation-adjusted figures for gift and estate tax exemption amounts. The federal gift, estate, and GST exemption amount ( the exemption amount) is the total amount that an individual may transfer during life, or at death, without incurring gift, estate, or generation-skipping transfer tax. The exemption amount is adjusted annually for inflation, … Continue Reading
On May 4, 2017, Maryland’s Governor signed into law H.B. No. 1104, effective July 1, 2017, reducing the evidentiary documentation required from domestic partners to evidence the qualification of their joint primary residence for the Maryland inheritance tax exemption. Maryland law provides that, in a domestic partnership, the inheritance tax will not apply to the … Continue Reading
Jonathan Forster, a shareholder at Greenberg Traurig, was quoted in Forbes.com article, “Three Surefire Moves To Beat State Death Taxes.” The article notes how to reduce the taxes your children might have to pay. Click here to read more. … Continue Reading
