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Can anyone give me any advice on rules and regulations on Inheritance taxes for the state of Maryland? |
Can anyone give me any advice on rules and regulations on Inheritance taxes for the state of Maryland? The inheritance tax is imposed on the clear value of property that passes from a decedent to some beneficiaries. The tax is levied on property that passes under a will, the intestate laws of succession, and property that passes under a trust, deed, joint ownership, or otherwise. The tax is collected by the Register of Wills located in the county where the decedent either lived or owned property. Inheritance tax rates Tax rates for decedents who died before July 1, 1999: * 1 percent tax on the clear value of property passing to a child or other lineal descendant, spouse, parent or grandparent. * 10 percent on property passing to siblings or other individuals. Tax rates for decedents who died on or after July 1, 1999: * 0.9 percent tax on the clear value of property passing to a child or other lineal descendant, spouse, parent or grandparent. * 8 percent on property passing to siblings. * 10 percent on property passing to other individuals. Tax rates for decedents who died on or after July 1, 2000: * Property passing to a child or other lineal descendant, spouse of a child or other lineal descendant, spouse, parent, grandparent, stepchild or stepparent, siblings or a corporation having only certain of these persons as stockholders is exempt from taxation. * 10 percent on property passing to other individuals. For more information about the inheritance tax, contact the Register of Wills in the appropriate county. |
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