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Reply to "Moving Out of Maryland"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The state inheritance tax can be an issue for wealthy people. I would move at some point if I lived in Maryland if you stand to leave a larger estate over $5 M. [/quote] $5M per estate or $5M per person![/quote] It is $5m per person and is transferable from one spouse to another so for a married couple it is $10m (the unused portion of the first spouse to die passes to the surviving spouse). For most people this will mean no estate tax. We are over the $10m level but part of that is a house in another state and that is in a separate trust so won't count against our MD limit. There are other ways to pass assets more directly so worth consulting an estate lawyer if you are over $10m. We plan to keep our primary residence in MD despite the estate taxes, but that could change as we get older and our kids settle elsewhere. [/quote]
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