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Operating Your Small Business

12/16/2010
Seth Kramer
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How the Estate Tax Compromise Affects Maryland Small Businesses

        Few things are more damaging to Maryland small businesses than risk and uncertainty.  Businesses thrive when owners can devote time and resources toward running their companies, not hedging their bets.  In recent years, the uncertain status of the federal estate tax has forced many small business owners to review and revise their estate plans and forgo many transfers of business interest out of fear of unforeseen negative tax consequences.

        Fortunately, the House of Representatives this week passed a compromise bill which establishes a $5 million exemption for the estate tax with a tax rate of 35%.  Prior to the compromise the exemption was set to fall at only $1 million with a taxable rate of 55%.  Although the new standard is only in place for two years, it is unlikely that the new Republican controlled House will impose an additional tax burden when the time comes for renewal. 

Labels: estate tax risk allocation


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The Kramer Law Firm LLC represents small business clients throughout Washington, D.C. and Montgomery and Prince George's Counties in Maryland, including the communities of Bethesda, Bowie, Chevy Chase, Gaithersburg, Germantown, Laurel, Potomac, Rockville and Silver Spring and all of the surrounding areas.

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