In our previous blog post, we discussed the laws that surround estate planning in the state of Maryland. There are specific rules that apply for inheritance and estates in every state, but the legality surrounding those things in Maryland can be tricky. Here are some other things you need to know about estate planning in Maryland:
- In the will, certain inheritors will have to pay an inheritance tax of 10%. People who do not have to pay this tax are (but not limited to):
- Husbands or wives of the deceased
- Children of the deceased, which includes stepchildren, legally adopted children, grandchildren, and biological children.
- Parents of the deceased
- Brothers and sisters of the deceased
- Additionally, there are laws surrounding who can serve as the executor of an estate in Maryland. They are:
- You must be at least 18 years old
- You must be of “sound mind,” which if there is a discrepancy will be determined by the courts
- You must not have a criminal record of a “serious crime,” which means you cannot serve as executor if you have been convicted of forgery, perjury, theft, extortion, embezzlement, or fraud.
If you are looking for an experienced estate planning attorney in Baltimore, MD, turn to our exceptional legal team at Mobley and Brown, LLP. Give us a call to learn more about how we can help you secure your future at (410) 385-0398 or toll-free at (833) 355-9897.