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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Those taxes are going to make it harder for MoCo to compete with Nova. Plus MD’s estate tax is structured in a ridiculous way that they should have fixed (it counts a dollar in an IRA the same as a dollar of stock even though a dollar of 401K is already being taxed quite a bit).[/quote]

Maybe that is why a few people on my block transferred in Moco transfered title to home to kids. My "new" neighbor from back in 2019 who was like 35 and had two young kids magically got the home from parents when they downsized. I am sure at a cheap sale price and pre-run up. Now it is worth 2 million. I have seen that happen 3-5 times in my area. I wonder if over estate threshold which is 10 million for a couple. It is five million per person.

Very very very few people have over 10 million when they die and even way way less if they transfer title to primary home and beach house and do max tax free $38,000 a year gifts to kids. If you pay some estate tax you were most likely the super wealthy.

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It’s $5M but unless both spouses die at exactly the same time you end up inheriting money from one parent at a time and if one parent leaves money to the other, then effectively you have a $5M estate tax for a couple. No one in our family has ever lived in MD but one of my parents moved there for her last year of life to be in same assisted living facility as an old friend and we didn’t know about this estate tax until we were hit with it (our MD financial planner never mentioned it, which is another story).[/quote]

It actually transfers the 5 million one spouse to the other. You had a weird thing with just one parent moving into maryland? That was issue. My wife and I both MD residents it is 10 million. Even if one goes first. But why did they declare MD residency in first place?   [/quote]

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