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Update on estate tax exclusions in Maine

Update on estate tax exclusions in Maine

Last week, LD 1524, “An Act to Amend the Maine Exclusion Amount in the Estate Tax,” failed to pass. This bill would have lowered the estate tax exclusion amount in Maine to $2,000,000, with some exceptions for commercial farming, aquaculture, fishing, and wood harvesting.

While LD 1524 is dead, LD 1704, which would reduce the exclusion to $1 million, has been carried over to next year’s session and is something we’ll be keeping a close eye on.

If you have questions about the estate tax exclusions, our estate planning attorneys can help.