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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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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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The end of the year is fast approaching. While these last few months bring holidays and celebrations, they also provide a perfect opportunity to review your finances and annual checklists and make sure that your estate plan is ready for the new year. Don’t let the ball drop on 2023 without ensuring that you’ve made […]
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For business owners, a comprehensive estate plan must include a roadmap for succession planning. While estate planning and business succession planning may seem like two separate processes, they often overlap. For example, a business owner’s estate plan should address whether the business will pass to family members and continue to operate, or whether the business […]
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Charitable planning is an important element for many estate plans – whether your primary purpose is minimizing the estate tax burden for your loved ones or whether charitable giving is a lifetime habit that you wish to continue, retirement assets can be a wise choice of assets for those who are looking to leave a […]
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The term “windfall” was first coined in the 15th century to equate unexpectedly good fortune with fruit falling from the sky. Just as an apple can drop to the ground without the need for a ladder, certain people wake up one day with access to a life-altering fortune without even lifting a finger. If you […]
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Life insurance is often one of the first investments people consider when they begin estate planning. The right policy can help cover certain expenses for your beneficiaries after you pass. However, choosing the right life insurance policy for you and your family can be a difficult and confusing process. Policies vary widely in their terms. […]
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Parents and guardians of children with special needs are keenly aware that they must take extra precautions to ensure that their child will continue to live happy, healthy, and fulfilling lives after the parent or guardian passes away. To imagine a child with special needs carrying on without their current support system can be difficult […]
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Grantor Retained Annuity Trusts, or GRATs as they are commonly known, are a powerful tax-saving tool used by estate planners to shift assets with significant potential appreciation to beneficiaries without utilizing their lifetime gift tax exemption. When creating a GRAT, your assets are placed within an irrevocable trust which expires after a set period while […]
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