Maryland Wills & Trusts: November 2004 Summary

Updated Product Features

New Decoupling Options to Address the Gap between the Maryland Estate Tax Exemption and the Federal Estate Tax Applicable Exclusion Amount.

You may now choose provisions for a Will or Revocable Inter Vivos Trust which will either 1) minimize the state tax, 2) maximize the federal credit, or 3) make a gift of the gap amount. The gift may be made as an outright gift to the spouse, an outright gift with a specified cap, or as a separate marital gap trust.  The trust may be either a QTIP or general power of appointment trust. New Questions 277-280.

New Option to Exclude Power to Make Gifts from Durable Power of Attorney

As the amount available to pass estate tax-free increases, some clients may not feel the need to give the power to make gifts to the attorney-in-fact for tax planning purposes, and may be uncomfortable doing so. A new choice "No power to make gifts" may now be selected. Question 1028.

New Option to Revoke Prior Durable Powers of Attorney

You may now add a provision to the Durable Power of Attorney revoking all prior Durable Powers of Attorney (except health care powers of attorney). Alternatively you may now choose to exclude from the revocation 1) those dealing with real estate, 2) those from financial institutions, 3) those dealing with safe deposit boxes, or 4) those granted to a specific person. New Questions 1046-1050.