Maryland to Cut Estate Tax

Maryland has passed legislation that will reduce estate tax on the state's wealthy families. Currently, for deaths in 2014, Maryland estate tax may be due if the deceased person left a taxable estate of more than $1 million. Under the new law, the exempt amount will increase to $1.5 million for 2015 deaths, and keep increasing until 2019, when it will match the exemption from the federal estate tax. That amount, which is indexed for inflation annually, is projected to be almost $6 million by then.