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HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
KEY DIFFERENCESBETWEENESTATES INMARYLAND ANDESTATES INPENNSYLVANIA
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HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
IF YOU'RE MOVING TOMARYLAND OR PENNSYLVANIA,IT'S IMPORTANT TO BE AWAREOF THE DIFFERENCES WHENDRAFTING A WILL OR WORKINGON YOUR ESTATE PLANNINGDOCUMENTS.
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HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
Here are a few majordifferences betweenPennsylvania and Marylandfrom an EstateAdministration.
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HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
In Pennsylvania, you willsave your heirs somepaperwork when drafting awill by using a self-provingwill.
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1. EXECUTION OF A WILL
HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
A self-proving will requiresextra signatures and anotary.
CARROLLCOUNTYMARYLANDLAWFIRM.COM
HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
In Maryland, it does not haveany provision regarding self-proving wills, so if youexecuted a will and Marylandmoved to Pennsylvania youmay want to do a newdocument.
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HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
By 2019, Marylandwill tax some decedentswho have assets less thanthe Federal Estate Taxexemption.
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2. ESTATE TAX
HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
In 2015, filing a MarylandEstate Tax Return is neededif you pass away with morethan $1.5 million in assets.
CARROLLCOUNTYMARYLANDLAWFIRM.COM
HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
That number goes up eachyear until it matches theFederal Exemption in 2019.
CARROLLCOUNTYMARYLANDLAWFIRM.COM
HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
Pennsylvania has no EstateTax for decedents that fallunder the Federal Estate TaxExclusion.
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HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
With a few exceptions,Pennsylvania imposes aninheritance tax on inheritedassets. Spouses do not oweinheritance tax and lifeinsurance is exempt.
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3. PENNSYLVANIAINHERITANCE TAX
HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
The taxes apply on all assets:both probate assets in anestate and non-probateassets inherited bybeneficiary designation ortitle.
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HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
Depending on therelationship between thedecedent and the beneficiary,this rate can4.5%, 12%, or 15%.
CARROLLCOUNTYMARYLANDLAWFIRM.COM
HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
This means that plenty ofdecedents need PennsylvaniaInheritance Tax Returns filedupon their death.
CARROLLCOUNTYMARYLANDLAWFIRM.COM
HOFFMAN, COMFORT,OFFUTT, SCOTT& HALSTAD, LLP
If you move between anytwo states, it's importantto consult with an attorneylicensed in the state whereyou're moving. Contact us!Hoffman, Comfort,Offutt, Scott & Halstad, LLP.
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