Blogs by Paul F. Riekhof

Posted on Thu, 2017-10-05 16:53 by Paul F. Riekhof in Trusts Estates

A recent survey shows that the majority of Americans do not have an estate plan – in the form of either a will or a living trust – in place. Among Americans 72 years old and above, 81 percent do have an estate plan, but 78 percent of millennials (ages 18-36), 64 percent of Generation X individuals (ages 37 to 52) and 40 percent of people between 53 and 71 years old do not have a will.


Don’t look now but Maryland, a state that has a reputation for being a little too fond of imposing taxes, is on the verge of enacting a substantial tax reduction.  No, this is not an early April Fool’s joke.  As improbable as it may sound, the home of the dreaded bag tax, hard surface run-off tax and a plethora of other ways to separate its residents from their money is on the verge of enacting a law that will result in a significant reduction in the amount of estate taxes paid to the state, which is estimated to total more than $100 million per year when the law is fully phased in on January 1, 2019[1].


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