McGuire Woods has posted an article summarizing estate tax exemptions in the DC region, focusing on DC, Maryland and Virginia. It begins as follows:
For several years, the Capital Region jurisdictions (District of Columbia, Maryland and Virginia) were moving toward consistency. The D.C. estate tax exemption was scheduled to match the federal estate tax exemption on January 1, 2018, with Maryland to follow on January 1, 2019. Combined with Virginia’s lack of an estate tax, the intended result was that, starting in 2019, across the Capital Region, only one number would be relevant — the federal exemption. However, the jurisdictions’ varied responses to the unexpected doubling of the federal estate tax exemption quashed the hopes of increased simplicity across the region.
The article concludes as follows:
For a comprehensive nationwide guide to state estate tax exemptions, rates and other issues, see updated tables for each state, provided by McGuireWoods partner Skip Fox.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.