This article will explore who pays the MET, when the MET is assessed, and how much can be due.
Only amounts over $5 million (up from $4 million in 2018) passing through probate in Maryland are subject to the state’s estate tax. This means any estate value at less than $5 million is not subject to the tax and the amounts above that threshold are assessed at a graduating rate. While the first $40,000 is essentially untaxed due to tax credits from the state, the below chart shows the remaining brackets and their rates.
NOTE: These tables are best viewed on tablet or larger screen.
|Taxable Estate||$40,000-90,000||$90,000-140,000||$140,000-240,00||$240,000-440,00||$440,000-640,000||>$640,000-840,00||$840,000-1.04 million|
|Taxable Estate||$1.04-1.54 million||$1.54-2.04 million||$2.04-2.54 million||$2.54-3.04 million||$3.04-3.54 million||$3.54-4.04 million||$4.04-5.04 million|
|Taxable Estate||$5.04-6.04 million||$6.04-7.04 million||$7.04-8.04 million||$8.04-9.04 million||$9.04-10.04 million||$10.04 million and up|
Besides spouses, children (includes biological, adopted, and stepchildren), grandchildren, grandparents, and siblings – spouses of children or grandchildren, the surviving spouse of a deceased child (so long as they have not remarried), a business if all owners (stockholders, partners, or members) are exempt, a Maryland 501(c)(3) nonprofit organization, and many out-of-state nonprofits are exempt from the MET.
Mr. Abraham is an experienced attorney and founding member of the Law Office of Richard K. Abraham. The Sparks, MD office of the firm concentrates its practice in Estate Planning, Elder Law, Probate, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.
He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. He works with clients in Central Maryland, especially in Towson, Hunt Valley, Lutherville/Timonium, Parkville, White Marsh, Bel Air & Northern Baltimore City.
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