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My wife's mother passed away last year, and her trust includes a home near Solomons Island, Maryland, with five beneficiaries. The executor managing the estate, along with all beneficiaries, agrees to give the home to a single beneficiary. We want to ensure that this transfer happens smoothly... View More 
answered on Apr 12, 2025
Maryland’s 10% Inheritance tax only applies to non-spouses, non-lineal heirs and ancestors, and non-siblings. So, for instance, if the beneficiary receiving title to the house is a child of the deceased grantor of the trust, then there is no inheritance tax. In addition, assuming the grantor of... View More
My wife's mother passed away last year, and her trust includes a home near Solomons Island, Maryland, with five beneficiaries. The executor managing the estate, along with all beneficiaries, agrees to give the home to a single beneficiary. We want to ensure that this transfer happens smoothly... View More
answered on Apr 12, 2025
The post mentions both an executor, an estate and a trust. While it might be tempting to think of all of these things as the same (they all help pass property from the person who died to the beneficiaries), from a legal standpoint they are quite different. If the property is in a Trust, it will... View More
I need to find the correct citation for the Maryland Code that exempts property transfers from transfer and recordation tax when moving a property from a grantor to a revocable trust where the grantor and the trustee are the same person. This information is needed for inclusion in a warranty deed.... View More
answered on Apr 2, 2025
State transfer tax exemptions are contained in section 12-108 of the Tax Property article of the Maryland Annotated Code. State recordation tax exemptions are contained in section 13-207 of the same article. Local transfer tax codes will vary from county to county. Yes, some jurisdictions in MD... View More
I live in Maryland and want to own and operate a decommissioned ambulance as a personal vehicle, possibly converting it into a camper van. I'm concerned about the legality, insurance, and registration requirements for such a vehicle. Are there any laws in Maryland preventing this, and what... View More
answered on Mar 31, 2025
Yes, you can register and drive a de-commissioned ambulance as a used truck. You must remove all emergency lights and logos/wording/markings designating it as an emergency vehicle (the words “emergency,” “EMS,” crosses, etc.). You should check with the MVA whether anything else must be... View More
I am creating a Quitclaim deed for property in Worcester County, Maryland. The property has no mortgage, and I'm transferring the deed from my husband and me to our LLC, where we are equal members. I have prepared the deed with $0 consideration. The Worcester County Tax Specialist advised me... View More
answered on Mar 19, 2025
While deeds are not terribly complex, tax exempt deeds often have very exacting requirements. Our law firm regularly assists with exempt transfers to LLCs in MD so we're quite familiar with this.
Md. Ann Code, Tax Property Sect. 12-108 is the correct statute, but subsection (y) deals... View More
If my mom passes away, her house, located in Maryland, is in a trust for my brother and me. Am I able to move the property into my separate trust for my children and still receive a step-up in basis? I plan to give my brother half of the property's current value in cash. Would I need to first... View More
answered on Mar 7, 2025
Although an attorney cannot answer specific questions about a specific Trust without seeing the Trust terms, generally speaking there is a stepped-up basis for inherited property. There are different kinds of Trusts and the post doesn't say what kind is involved here but for a typical... View More
If my mom passes away, her house, located in Maryland, is in a trust for my brother and me. Am I able to move the property into my separate trust for my children and still receive a step-up in basis? I plan to give my brother half of the property's current value in cash. Would I need to first... View More
answered on Mar 10, 2025
Assuming your mother's trust is a revocable living trust, then upon her death the tax basis in the property is stepped-up to the fair market value of the property as of the date of her death. If you and your brother are sole beneficiaries of the trust, and the trust allows for the... View More
answered on Nov 11, 2024
The only likely scenario where you can continue paying the existing mortgage on your deceased father's home without replacing (refinancing) it, is if you are your father's heir and are receiving the house as part of his estate distribution. In that scenario, the law allows an heir in the... View More
The land is taxed way above actual value . It was on the market for years. Before the owners died , So it is basically unsaleable. I would like to forfeit the land in exchange for the debt located Mechanicsville Maryland.
answered on Aug 28, 2024
As the trustee of this estate, your primary responsibility is to act in the best interests of the beneficiaries. While forfeiting land for debt might seem like a direct solution, it's generally not a feasible option. Forfeiture typically occurs due to illegal activity, not as a means of debt... View More
The land is taxed way above actual value . It was on the market for years. Before the owners died , So it is basically unsaleable. I would like to forfeit the land in exchange for the debt located Mechanicsville Maryland.
answered on Aug 28, 2024
While there is no legal process to "forfeit land" practically speaking if the owner defaults on the annual property taxes it would go into tax sale, and if someone else purchased the property at tax sale it would have the same practical effect as forfeiting. However, a Personal... View More
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answered on Jun 13, 2024
If you never signed any documents accepting the property, you may not legally own it. However, if your sister transferred the property to you through a deed recorded in public records, you would need to take steps to transfer it back.
To give the property back to your sister, you will need... View More
answered on Jun 13, 2024
And does "gave me" include recording a deed? The answer to that question will determine what any lawyer can tell you.
If no deed, simply refuse to accept it.
If a deed, consider selling it. Otherwise, you will need the grantor to join in another instrument renouncing or... View More
I received a notice of deficiency regarding the temporary disability I did not report on my taxes. When researching the topic I found that if I pay the premium, then it is not taxable. I'm trying to find out if this is true so I can respond to notice.
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answered on Apr 22, 2024
Based on the information you provided, it seems that you received temporary disability benefits through a plan where you paid the premiums. In this case, the benefits you received are generally not taxable. Here's a more detailed explanation:
1. If you pay the entire cost of a... View More
My grandparents are deceased and their property passed equally to their four siblings. I am one of their daughters. The siblings rented the property before but are now nearing 90 years old and can't do it anymore. They understand that in reality the property needs to be sold but they are... View More
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answered on Apr 11, 2024
In this complex situation, there are a few potential options to consider:
1. Partition action: As a co-owner of the property, you have the right to file a partition action in court. This legal action forces the sale of the property and division of the proceeds among the co-owners. However,... View More
They exposed my SS# and other private info. What recourse do I have?
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answered on Mar 14, 2024
Discovering that your employer accidentally sent your Form 1095-C, containing sensitive information like your Social Security Number, to another employee is understandably alarming and frustrating. Such incidents can lead to concerns about privacy and the potential for identity theft. In terms of... View More
They exposed my SS# and other private info. What recourse do I have?
answered on Mar 15, 2024
Perhaps there is a federal or state governmental agency that has regulatory authority to impose a fine or other sanction for failing to safeguard employees’ personally identifiable information. You would need to consult an employment lawyer in your area as to the existence of such a legal... View More
Etrade used the cost basis of xyz stock I bought at $76 even though I held the stock and subsequently added to my shares buying blocks of the xyz shares at much higher prices.
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answered on Feb 22, 2024
If the cost basis of your shares has been reported inaccurately, there are steps you can take to argue and adjust this. The cost basis of a stock is crucial for calculating capital gains or losses for tax purposes, and it should accurately reflect the purchase price of your shares, including any... View More
is 473,300. How much would the estate tax be? I live in Md
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answered on Feb 22, 2024
When dealing with the sale of a property from an estate, such as your mother's house with a reverse mortgage, the primary concern for taxes would typically involve capital gains tax, estate tax, or inheritance tax, depending on various factors including the total value of the estate and the... View More
is 473,300. How much would the estate tax be? I live in Md
answered on Feb 17, 2024
If this is the primary asset and all estate assets are being distributed to a spouse or lineal heirs (children, grandchildren, siblings, parents) there are no inheritance taxes, and no estate tax for estates having a value below $5,000,000. For calculating estate value for estate tax purposes,... View More
is 473,300. How much would the estate tax be? I live in Md
answered on Feb 13, 2024
Maryland has several different "death taxes" and it really isn't possible to define the taxes without knowing the full context. If an attorney is assisting with the estate they should be able to discuss these in depth based on the specifics of your situation. However, generally... View More
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