"The Advantages of Portability" by Attorney Victor Lembo When a decedent dies, a federal estate tax return (IRS Form 706) is not required to be filed unless the decedent’s gross estate exceeds their remaining federal estate tax exclusion. In 2019, for someone who has not used any exclusion during their lifetime, this would be $11.4 million. Maryland also has an estate tax, as it decoupled from … [Read more...]
Tax Law Changes for 2018
There are many changes for 2018. Congress passed a last-minute tax law, which the President signed the last business day before the Holidays. Congress Passes New Tax Law Last week the Senate passed the new tax law, (which had been called the “Tax Cuts and Jobs Act” and due to Senate parliamentarian objections is now ‘An Act to provide for reconciliation pursuant to titles II and V of the … [Read more...]
End of the Year Reminders
As we approach the end of the year, we become busy with holiday celebrations, visits with family and friends, and vacation. Our to-do lists grow longer and many items and resolutions are pushed to the next year. However, it is important to keep in mind various deadlines, whose dates are not as flexible as some of our other goals. Minimum required distributions If you are age 70 ½ and … [Read more...]
Portability in Estate Planning
Portability was introduced under the American Taxpayer Relief Act of 2012 and is effective for married persons dying on or after January 1, 2011. It has the potential to save you greatly in estate taxes, but you must act quickly if you intend to make a portability election. Here is some background: Currently, the federal estate and gift tax exclusions are unified at 5.34 Million Dollars, … [Read more...]
Who is Responsible To Pay the Estate Debt of a Deceased Loved One? (Audio)
["Who is Responsible to Pay the Debt of a Deceased Loved One?" by Attorney Brooke J. Shemer … [Read more...]
Why Traditional Estate Planning May Not Be the Answer
Most estate planning lawyers, accountants, and financial advisors in the field of traditional estate planning are taught only two things: protect the clients’ material wealth from the evils of probate and taxes. Now let me ask you, just as a reality check, how do most people actually plan their estates? In our experience, they either do nothing or they create a simple Will, to look after a … [Read more...]
The Dangers of Do-It-Yourself Estate Planning
Why do people try “do it yourself” estate planning, knowing in the back of their mind that it may not work? Well people see the upfront cost of doing their planning that way as very attractive to them. However, they often do not think about the total cost to their families if their “DIY” planning does not work. Often times when I meet clients for the first time they show me their current wills … [Read more...]
The Danger of Do It Yourself Estate Planning (Audio)
"The Danger of Do-It-Yourself Estate Planning" by Attorney Jon J. Gasior … [Read more...]
Maryland Estate Tax Exemption Raised
On May 15, 2014, Governor O’Malley signed a bill that will raise the Maryland estate tax exemption. The General Assembly passed the legislation this session and there was much anticipation as to whether the governor would sign the bill. Currently, the state estate exemption is One Million Dollars in Maryland. This means that if you pass away with less than One Million Dollars of assets, you … [Read more...]
“Ten Essential Estate Planning Facts” – Audio
"Ten Essential Estate Planning Facts" by Attorney Nicole Livingston … [Read more...]
