New Laws Go Into Effect in DC, Maryland and Virginia in January 2021 - NBC 4

NBC 4 cited a Buchanan advisory authored by Carol Kelley, counsel, Elizabeth Carrott Minnigh, shareholder and Joshua Headley, associate in the firm's Tax Section, in its online article titled, "New Laws Go Into Effect in DC, Maryland and Virginia in January 2021."

Estate Tax Exemption Decrease: More people will have to pay higher estate taxes when the exempt amount is lowered from about $5.7 million to $4 million. The new figures apply to the estate of anyone who dies on or after Jan. 1, 2021. The law firm Buchanan Ingersoll & Rooney says D.C. changed the law to make up for a budget shortfall caused by the pandemic.