Blog - "Altman Speaks"

Florida Community Property Trust Act: Effective July 1, 2021

The Heckerling institute for Estate Planning has been holding its annual conference this week and a topic discussed frequently amongst colleagues was the Florida Community Property Trust Act enacted by Florida’s State Legislature last summer. We thought it would be a good opportunity to review the pros and cons. Florida, a separate property state, has […]

Biden Administration Revenue Proposals for 2023

If at first, you don’t succeed, try, try again! President Biden’s administration released its 5.79 Trillion dollar budget for the fiscal year starting October 1, 2022. We will be closely watching certain provisions of the proposal; however, this is very similar to last year’s failed tax increases. Considering the House and the Senate are almost […]

The Dangers of Do-It-Yourself Wills and Trusts: Why Online and Pre-Packaged Estate Planning Documents Are a Big No-No

There will be many projects this spring where you (or even a not-so-crafty attorney like myself) may be compelled to try and DIY (Do-It-Yourself)... Staining the deck? No problem. Replacing the garbage disposal? Piece of cake! And how hard could it really be to install a Koi pond anyway? I've never tried it, but surely there's a YouTube video for […]

Cryptocurrency: Big Gains, Big Taxes (Part 1)

We've all heard stories about Bitcoin millionaires - people who took a chance early on, invested a few hundred dollars, and now they're worth millions. The stories are real and have inspired generations of people worldwide to get in on the cryptocurrency action. Bitcoin, specifically, has become the best-performing asset of the last decade, with […]

New FDIC Rule Simplifies Banking for Trusts

On Friday, January 21, 2022, the Federal Deposit Insurance Corporation (“FDIC”) approved a new rule that will simplify the agency’s deposit insurance coverage regulations. Life just got easier for clients with deposits in Revocable and Irrevocable Trusts. The FDIC is merging the two deposit insurance categories for revocable and irrevocable trusts and applying a simpler […]

Planning In Times of Uncertainty

Uncertainty remains the case for 2022 regarding estate planning. Until the end of 2021, all the media could talk about was what changes Congress would enact. The latest reiteration of proposed changes to tax law has little to do with estate planning. However, this does not mean that Congress won't try again until the midterms […]

Maryland Could Become the First State to Provide a No-Fee Option for Filing Annual Reports

Last month, in continued efforts to make Maryland friendly to business, Maryland Governor Larry Hogan announced legislation to eliminate the filing fee for businesses that submit their annual reporting online. This would put Maryland in the unique position of being the first state in the country to provide a no-fee option for yearly filing of […]

Revisiting Your Marriage Means Revisiting Your Estate Plan

The recent Michigan Court of Appeals case, In Re Joseph & Sally Grablick Trust, aptly reminds us of the importance of revisiting and updating estate planning documents during the divorce process. In this case, the decedent, Joseph Grablick, died with an estate plan still in effect from his previous marriage. The decedent’s will and trust […]

Estate Planning Isn’t Just for Boomers: A Guide for Millennials and Gen Z

Adults in the U.S. now span five generations, ranging from Gen Z (1995-2012) to the Silent Generation (1945 or earlier) – with Millennials, Gen X, and Boomers in-between. Each generation has a unique value system, especially with money. It’s not surprising that the concept of estate planning is not top of mind for younger generations; […]

Estate Planning is Still Possible (and Critical) Despite the Tax Uncertainty

Without the support of Senator Joe Manchin, President Biden’s landmark legislation, the Build Back Better Act, did not pass in 2021. However, this is not to say that Congress won’t try to push it through in 2022 by separating the legislation into two bills or further trimming down programs. This takes us into the new […]

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