Blog - "Altman Speaks"

Maryland Provides New Rights and Benefits to Unmarried Domestic Partners

Married couples often plan estate planning together since they share their assets and have the same children as their heirs. Spouses are often designated as each other’s beneficiaries and powers of attorney. But what about committed couples who share a home and possessions but choose not to marry? A domestic partnership, also known as a […]

How to Amend Your Trust - The Dangers of DIY

When you create a revocable trust, you reserve the right to amend your trust during your lifetime, giving you the flexibility to change your estate plan as your circumstances evolve. But special care must be taken when changing your revocable trust. If you make handwritten changes to your revocable trust or attempt to amend your […]

What Is an S Corporation Election

An S Corporation (S Corp) is an option for a small business to be classed as a corporation while avoiding double taxation imposed on C corporations. Any income and losses are passed through to shareholders to report on their tax returns. It can be a tool to gain corporate status in a more manageable way […]

Moore vs. United States

On the docket at the Supreme Court is a case about the taxation of unrealized gains and the potential implications for estate planning and wealth management. Oral arguments were heard on December 5th, 2023. Today, the U.S. Tax Code adheres to the principle that income is taxed upon the sale or disposition of an asset. […]

IRS Issues Rebuttal of Trust Structure Promoted as Method to Avoid Income Taxes

The promise of avoiding taxes on income is enticing, and promoters of non-grantor, irrevocable, complex, discretionary, spendthrift (NGICDS) trusts promise essentially that. However, as the saying goes, if something sounds too good to be true, it probably is. In August 2023, the IRS issued a rebuttal to NGICDS trusts, stating that the marketing claims are […]

Happy Holidays: Considerations for Year-End 2023

The Holidays are upon us, and people are hustling to purchase last-minute Christmas gifts, wrapping presents, baking cookies, and trimming the tree. The year-end is fast approaching, and it is a time for both reflection on the past and looking ahead. Hence, this is the Season when many people make plans. This means clients should be […]

New Legislation in Maryland Power of Attorney Law and Supported Decision-Making

A power of attorney, which enables another party to decide on your behalf in the event of incompetence or incapacity, is a common element of estate planning. If an adult becomes incapacitated, and there is no power of attorney in place, an interested party can petition to have a guardian appointed to make important decisions […]

Can Artificial Intelligence Programs Write Estate Planning Documents? NO!

This Thanksgiving our “funny” card addressed the ongoing discussion on artificial intelligence and whether new (AI) technology can replace an estate planning attorney. With the increased coverage of artificial intelligence (AI) and all the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan. […]

How the Corporate Transparency Act May Impact Your Estate Plan

Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government including details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, financing of terrorism, tax fraud, and other illegal acts. If […]

What not to do!

A client recently visited upset about what happened when her ex-husband died. She felt his final wishes caused serious problems in the family, including making her relationship with one of her children very difficult. What did he do? First, he made all his assets paid on death or transferred on death to his children, equally. […]

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