key differences between estates in maryland and estates in pennsylvania

HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP

KEY DIFFERENCESBETWEENESTATES INMARYLAND ANDESTATES INPENNSYLVANIA

CARROLLCOUNTYMARYLANDLAWFIRM.COM


IF YOU'RE MOVING TOMARYLAND OR PENNSYLVANIA,IT'S IMPORTANT TO BE AWAREOF THE DIFFERENCES WHENDRAFTING A WILL OR WORKINGON YOUR ESTATE PLANNINGDOCUMENTS.



Here are a few majordifferences betweenPennsylvania and Marylandfrom an EstateAdministration.



In Pennsylvania, you willsave your heirs somepaperwork when drafting awill by using a self-provingwill.


1. EXECUTION OF A WILL


A self-proving will requiresextra signatures and anotary.



In Maryland, it does not haveany provision regarding self-proving wills, so if youexecuted a will and Marylandmoved to Pennsylvania youmay want to do a newdocument.



By 2019, Marylandwill tax some decedentswho have assets less thanthe Federal Estate Taxexemption.


2. ESTATE TAX


In 2015, filing a MarylandEstate Tax Return is neededif you pass away with morethan $1.5 million in assets.



That number goes up eachyear until it matches theFederal Exemption in 2019.



Pennsylvania has no EstateTax for decedents that fallunder the Federal Estate TaxExclusion.



With a few exceptions,Pennsylvania imposes aninheritance tax on inheritedassets. Spouses do not oweinheritance tax and lifeinsurance is exempt.


3. PENNSYLVANIAINHERITANCE TAX


The taxes apply on all assets:both probate assets in anestate and non-probateassets inherited bybeneficiary designation ortitle.



Depending on therelationship between thedecedent and the beneficiary,this rate can4.5%, 12%, or 15%.



This means that plenty ofdecedents need PennsylvaniaInheritance Tax Returns filedupon their death.



If you move between anytwo states, it's importantto consult with an attorneylicensed in the state whereyou're moving. Contact us!Hoffman, Comfort,Offutt, Scott & Halstad, LLP.


http://carrollcountymarylandlawfirm.com/

key differences between estates in maryland and estates in pennsylvania

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