Taxes Archives - Craig Borne Law

New 2025 Gift and Estate Tax Limits: IRS Announces Historic Increases

Big news from the IRS for 2025: due to inflation adjustments, the annual gift tax exclusion and the estate and gift tax exemption are both set to rise. Below is a rundown of what these changes mean for individuals and families looking to optimize their gifting and estate planning strategies. Annual Gift Tax Exclusion What’s […]

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Understanding Inheritance Tax vs. Estate Tax in Maryland

In the realm of estate planning, it’s crucial to comprehend the distinctions between inheritance tax and estate tax, as they can significantly impact the distribution of assets in Maryland. Estate Tax: Maryland imposes an estate tax on the total value of a deceased person’s estate. This tax is paid by the estate itself before distribution