Blog - "Altman Speaks"

Can a Beneficiary Also Be a Trustee of a Trust

Who should be a Trustee? I am often asked who the Trustee of our trust should be. One of the most important decisions a client will make during the estate planning process is whom to name to serve as trustee of the trust. This person (or entity) will control how trust assets are used […]

First Massachusetts Now ???

The press was abuzz about the wealth or millionaire’s tax this past weekend. Since the federal government won’t tax millionaires, State legislators have taken up the issue. Seven states are working together to introduce bills or announce plans to increase taxes on the wealthy. While all the plans seem different, states need money and say […]

Legislative Alert - Transferring Certain Firearms into Your Gun Trust

If you own firearms, precisely one with an attached stabilizing brace or pistol brace, consider transferring the firearm to a Gun Trust as soon as possible. The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) recently published a new rule that regulates the possession of firearms with such a brace. The rule will reclassify such […]

Hiring a Professional to Be Your Trustee

I am often asked during the estate planning process by clients, whom do we name as trustee? Choosing a trustee to manage your estate is one of the most important estate planning choices you must make. An executor’s responsibilities deal with the execution of your will. A trustee has responsibilities for the execution of the […]

Withholding on Distributions to Foreign Beneficiaries of U.S. Estate Six-Step Process

Determining the U.S. tax to be withheld on distributions made to foreign beneficiaries of U.S. estates requires consideration of several factors. These six steps can help fiduciaries in navigating this process. One: Determine the Tax Status of the Beneficiary This step entails confirming that the Beneficiary is in fact a nonresident alien (NRA) and not […]

I am asked this question often as an Estate Planning Attorney

What is Revocable Trust? Is it the Same as a Living Trust? A revocable trust, a living trust, and or a family trust are all terms used in estate planning that mean the same thing. You are often called the grantor who transfers your assets into the name of the trust, naming yourself as trustee. […]

December is the perfect time to discuss your philanthropic goals in your estate plan.

It’s the time of year, the Holidays when 30% of all charitable giving takes place. A steady increase in gifts has occurred, 18% since 2018, even with the increase in the standard deduction under the Tax Cuts and Jobs Act. Recently Wealth Management Magazine examined the gifting activities of 1,000 private foundations with assets between $1 […]

Donors To Donor Advised Funds Beware

A recent case in the US District Court for the Northern District of Texas upheld the IRS’s denial of a charitable deduction stemming from the donation of interest 1 in a Limited Partnership. The partnership donated to a Donor Advised Fund violated the contemporaneous written acknowledgment (“CWA”) requirement for donations to Donor Advised Funds. 2 […]

“Taxachusetts” Strikes Again!

Massachusetts voters recently passed the so-called “Fair Share Amendment” or “Millionaires Tax” to amend the state constitution. This new rule imposes a 4% additional tax on incomes over $1 million (as indexed for inflation). This brings the total state tax to 9%. It is important to note that windfall gains and irregular income, such as […]

International Tax Series Part 4: Reporting Obligations of Superannuation Accounts

Having an Australian superannuation account can create additional U.S. tax and reporting obligations for an Australian who is a “United States Person” (generally, a U.S. citizen, tax resident, or green card holder). In this Part 4, we consider some IRS forms that may need to be included with the U.S. Tax Return of a “United […]

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Recent Posts

Can a Beneficiary Also Be a Trustee of a Trust

Who Makes the Best Pizza?

Gary Altman named Washingtonian's Top Wealth Adviser Hall of Fame for Estate Planning

First Massachusetts Now ???

Legislative Alert - Transferring Certain Firearms into Your Gun Trust

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Hiring a Professional to Be Your Trustee

Gary Altman presenting on “Allocating Capital Gains to Distributable Net Income (DNI) and Allocating DNI to Charities in Estates and Trusts: Achieving Optimal Tax Treatment.”

Coryn Rosenstock Presenting with the Bar Association of Montgomery County, Estate & Trust Law Section

Gary Altman Named Finalist in Best of Bethesda 2023 - Estate Attorney

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