Big Changes Coming to D.C. Estate Tax Laws

Starting in 2016, D.C. residents will be exempt from having to pay estate taxes if their estate is $2 million or less. This is a big change from the current exemption cap of $1 million. However, keep in mind that the language of the new law is somewhat vague. For example, one section of the new law appears to condition the higher estate tax exemption on “available revenue” which means the higher estate tax exemption may not take effect immediately in 2016, but another section implies that the exemption will automatically go into effect in 2016. Check out the actual language of the estate tax bill here. In addition to doubling the exemption cap, there will be 11 tax brackets above the $2 million threshold with a top tax rate of 16 percent for estates valued at $10 million. The new law also plans to eventually increase the D.C. estate tax exemption to...

26 April

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Dying Without a Will in Maryland, Virginia or D.C. – Understanding the Differences in the DMV

Posted by KarenLewis

in Bobby's Blog

There is an area known as the “DMV”, which is a nifty acronym for the District of Columbia, Maryland, and Virginia. People who reside in the DMV routinely travel between these states on a regular basis (D.C. isn’t technically a state, but for the purposes of this blog, we’ll just call it a state). Just because these states are neighbors, does not mean that they share the same laws when it comes to passing assets on to your loved ones if you die without a will. If you suddenly pass away and do not have a valid will, you have died “intestate”. Each state has laws on the books that establish an orderly process for what to do with your estate in this situation. Here are the relevant provisions for residents of the DMV region: DISTRICT OF COLUMBIA D.C.'s intestacy law will pass your assets to your closest relatives. A court will...