Maine Estate Tax Law Change
Effective January 1, 2016 the Maine estate tax exemption now matches the federal estate tax exemption amount. It’s important to note, however, that Maine estate tax law does not mirror federal law in all manner. In particular, Maine does not adhere to the federal concept of portability, which refers to a person’s ability to use their deceased spouse’s unused estate tax exemption.
Individuals may want to revisit their estate tax plans and simplify documents containing certain techniques that were warranted solely for tax purposes. Of utmost import, each individual’s unique personal and family interests must be considered. An estate planning conversation with your advisors will take into account both tax and non-tax concerns.
For questions about these topics or other matters, please contact Jean McDevitt, tax principal and private client services lead, at 1.800.244.7444.