[0:23] Is Maryland probate different than other states?
The answer is yes. Maryland probate is unique for one principal reason: taxes.
[0:36] What Makes Maryland Different: Inheritance and Estate Taxes
There are 12 states that have an estate tax and five states that have an inheritance tax. There's one state that has both an inheritance and an estate tax...you guessed it: Maryland. Every state has to deal with the federal estate tax, but not every state has to deal with an estate tax AND inheritance tax. Only in Maryland do we have to deal with both.
[1:13] Maryland State Estate Tax
The estate tax gets collected by the Comptroller of the Treasury and it's based off of the gross estate. In Maryland, gross estate is what they're going to use as the measure of the estate tax. It's a graduated tax.
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[2:19] Maryland Inheritance Tax
In addition to the estate tax, Maryland residents also have to worry about inheritance tax. It's a tax on the people receiving property. This tax applies when leaving property to a non-lineal descendent. It's basically a tax for the privilege of retitling property in the name of someone who's not a lineal descendant. The inheritance tax is actually collected by the register of wills.
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By: Chesapeake Wills & Trusts - MD Estate Planning
Title: Maryland Probate Laws: What Makes Maryland Estate Planning Unique?
Sourced From: www.youtube.com/watch?v=jkKdiNaYC-s
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