Maryland Complex Will - Maximum Unified Credit to Spouse
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FAQ
The credit used to determine the Maryland estate tax cannot exceed 16% of the amount by which the decedent's taxable estate exceeds the Maryland estate tax exemption amount for the year of the decedent's death. You may file for a refund of Maryland estate taxes by filing an amended estate tax return, using Form MET-1.
The unified credit in 2023 will be $12,920,000, up from $12,060,000 in 2022. Since the credit can be shared between spouses, when used correctly, a married couple can transfer up to a combined $25,840,000 without incurring gift or estate tax. This represents an increase of $1,720,000 from 2022 to 2023.
The Maryland Estate Tax-Unified Credit Act altered the unified credit used for determining the amount that can be excluded for Maryland estate tax purposes. The unified credit is equal to The amount that can be excluded for decedents dying on or after January 1, 2019 is $5.0 million.
For estates of decedents who pass away in 2024, the basic exclusion amount for determining the unified credit against estate tax under §2010 will be $13,610,000. This represents an increase of $690,000.
Spousal Planning As stated, each person has a unified credit. This means that each spouse in a marriage has a unified credit and that by using both of those credits a married couple may exempt from transfer taxes a marital estate worth up to $10.86 million.
The ?unlimited marital deduction? refers to the fact that gifts to a spouse, made during your lifetime or after death, are always exempt from the gift and estate tax. Moreover, there is no limit to the marital deduction.
In addition, how much inheritance tax your inheritors will pay is based on your inheritors' relationship to you. In Maryland, spouses, children, grandchildren, siblings, and other close family members don't pay any inheritance tax at all.
The unified tax credit defines a dollar amount that an individual can gift during their lifetime and pass on to heirs before gift or estate taxes apply. The tax credit unifies the gift and estate taxes into one tax that decreases the tax bill of the individual or estate, dollar for dollar.