In the Maine Legislature in the first regular session for 2019, the House of Representatives proposed legislation that would reduce the Maine Estate Tax Exclusion Amount from its current $5.6 million (indexed for inflation) back down to only $2 million per person for those individuals dying after January 1, 2020. It would also remove the annual adjustment for inflation of that exclusion amount.
Apparently, the matter was sent to the Committee on Taxation which held a work session on March 13, 2019 and “tabled” the bill at that time.
If this legislation succeeds, it will greatly change estate planning in Maine by exposing many individuals to estate tax who were previously excluded with the $5.6 million exclusion.
Please contact the Trust and Estates lawyers at Libby O’Brien Kingsley & Champion with any questions, comments or concerns.