For better or worse, Marylanders may be more affected by the fiscal cliff tax deal than residents in other parts of the country.
Maryland is one of the wealthiest states, and its residents have the nation's highest median income. That means they likely will feel the impact of a higher income tax rate on the rich as well as a phase-out of deductions on the not-quite-so-rich.
On the other hand, many well-to-do households here will benefit from an inflation-adjusted $5 million exemption from federal estate taxes. Congress also provided permanent relief to the alternative minimum tax that often hits residents in high-tax states like Maryland.
Maryland financial advisers...