McNamee Hosea News & Press — Estate Planning and Administration

On May 15, 2014, Governor Martin O'Malley signed into law a bill that will re-couple the Maryland and federal estate tax law in five years. In 2004, the State of Maryland "decoupled" or disconnected its estate tax system from the federal estate system and enacted a cap of $1,000,000 on its estate tax exemption, regardless of the level of the federal estate tax exemption. Full Article

In 2004, the State of Maryland "decoupled" or disconnected its estate tax system from the federal estate system and enacted a cap of $1,000,000 on its estate tax exemption, regardless of the level of the federal estate tax exemption. Full Article

President Obama unveiled his budget proposal for fiscal year 2013 on February 13, 2012. The proposal includes the following provisions which would affect estate planning: Full Article

Last year, the U.S. District Court for the Eastern District of Virginia, applying Maryland Law, held in Chawla v. Transamerica Occidental Life Insurance Company [i] that a trust lacked an insurable interest in the life of the insured, the grantor and lifetime beneficiary of the trust. The court's holding allowed the insurance company to deny payment of the trust's claim to the life insurance proceeds. Full Article