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The 2017 Tax Cuts and Jobs Act (TCJA) effectively doubled the federal lifetime gift and estate tax exemptions from $5 million to $10 million, with adjustments for inflation from year to year. And while the federal exemption will increase in 2025 due to inflation, the provisions of the TCJA, which expanded the exemption amounts, are […]
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Recently, the US Supreme Court issued a ruling that will significantly impact business owners and the practice of funding entity purchase buy-sell arrangements with life insurance. Following the decision of Connelly vs. United States, the value of a business owner’s life insurance death benefits must now be included in the overall valuation of a business in certain circumstances […]
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When trusts are designed to last for decades or generations, many of our clients eventually feel some growing pains, telling us that the trust agreement “doesn’t fit” or feels “out of date” given their current circumstances. This disconnect can be driven by several factors – the physical movement of trustees and beneficiaries across state lines, […]
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As January 1, 2026, creeps closer and the “sunset” of the increased federal lifetime estate and gift tax exemption is less than two years away, many clients are seeking ways to use the increased federal exemptions for estate and gift tax purposes (the “Lifetime Exemption”). While the Lifetime Exemption is currently $13.61 million per person, […]
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As part of the government’s efforts to crack down on financial crimes such as money laundering, tax evasion, and the financing of terrorism, almost all Limited Liability Companies (“LLCs”), corporations, limited partnerships, and other closely held entities will be required to file a beneficial information report (“BOI”). [...]
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Pursuant to Maryland Senate Bill 792 which takes effect October 1st , Maryland will be one of a few states that recognizes domestic partnerships as a distinct status for couples who wish to share their lives with each other without the ties of a civil union or marriage. Until now, the relationship status has been […]
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Last year, we created an end-of-year list of some financial considerations and annual maintenance items that clients should consider. As fall approaches, we want to revisit some of those items while also outlining some additional considerations which may require more time and effort to address. 1. Prepare and/or Revise Your Personal Inventories We often advise […]
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With the conclusion of the 2022 Maryland legislative session, there are several estates and trusts law changes – from the rules involving remote and electronic execution of estate planning documents, to changes regarding RULONA, and the signing of Maryland’s new Supported Decision-Making Statute. Below are 7 key takeaways related to estate planning from this year’s […]
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We will admit that it feels odd to speak about “The SECURE Act 2.0” when it feels like we are still getting our arms around some of the planning and administrative implications of the original SECURE Act (see the proposed regulations released in April 2022 and “4 IRA Rules you should know from the SECURE […]
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The SECURE ACT of 2020 set forth new rules for inherited retirement accounts (“IRAs”), but there was confusion as to when a beneficiary must take withdrawals from the IRAs. The Treasury issued Proposed Regulations on February 23, 2022, and although these regulations are not final, they provide clarity. Below is a summary of the minimum […]
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