It is a good idea to have a clear overall strategy when making estate planning decisions. This strategy should play a role when making decisions regarding forming a trust in Maryland or elsewhere. This strategy should consider the questions of who, what and why.
Nobody likes to pay more taxes than they need to. This is why lawmakers were pressured to pass legislation to keep estate taxes low in Maryland and other states. However, there are some who would like to see the estate tax completely removed from the laws regulating estate administration. Now, there is newly proposed legislation that would repeal the estate tax.
Everybody in society needs to pay their fair share; however, nobody wants to pay more taxes than they need to. Bill and Hillary Clinton seem to have taken this approach in their political positions and their personal estate administration plans. As many in Maryland may remember, the Clintons have been strong supporters of legislation to raise the estate tax. On the other hand, the Clintons’ estate planning strategies show they are doing whatever they can to avoid having to pay estate taxes themselves through the use of trust planning.
When planning an estate, it is important to be up-to-date with the latest changes in applicable laws. One aspect of estate administration law, which does periodically change, is that of estate tax exemptions. This can be even trickier when a person’s state has its own estate tax laws on top of the federal taxes already in place. Maryland, which does have its own estate tax, has recently made changes to its rules regarding exemptions.
Since their creation, computers have completely changed almost every aspect of contemporary life. Computers have made things more efficient and easier to accomplish in Maryland or in any other state. However, computers have also added complications in some areas of life. This can be seen in planning for estate administration and how people deal with digital assets.