FAQ Friday: Portability

On Friday, February 21st, Karla Horn, our estate administrator, discusses portability in regard to taxes on estates.

The State of Maryland and Federal government have amounts that must be reached before tax is assessed. The federal amount is 13 million and state is 5 million.

There are talks about the state amount being reduced to 2 million. This is a low bar if you have a paid-off home, have life insurance and retirement accounts.

Portability is when a spouse passes, and we request their exemption be instead given to the surviving spouse. This can be done up to 4 years after a spouse passes.

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