Blog - "Altman Speaks"

The President's 2013 Budget Proposal: Bad News for Wealth Transfer Planning

The key points of the President's 2013 Budget Proposal are as follows: 1. The estate tax rate would increase to 45% (from today's 40% rate). 2. The gift tax exemption would be reduced to $1,000,000 (from today's 5,250,000). 3. The estate tax and GST exemptions would […]

Our Thoughts Are With Boston

Our thoughts are with the victims, witnesses and responders of yesterday's tragic events during the Boston Marathon. A Huffington Post article discussing various ways to help those impacted can be found here. - The Altman & Associates Team

Warning! Your 2012 Income Tax Responsibilities Are Not Over Yet!

What if I told you that the individual who prepared your tax return was anything but an accountant? What if your 2012 income tax return was filed without your knowledge? Or, better yet, what if you received an email notification from what appeared to be an IRS auditor that you were due an extensive refund […]

Announced Today: President's New Budget Seeks to Resurrect the Estate Tax

Earlier today, President Obama announced a newly proposed budget that seeks to raise the estate tax that had been previously lowered in the Jan. 1 “fiscal cliff” deal between the administration and congressional Republicans. The new proposal would reinstitute 2009 estate tax levels in the year 2018, lowering the per-person exemption to $3.5 million from […]

Supreme Court Decision (WOS v. EMA) Marks Big Victory for Medicaid Recipients Nationwide

For many, the decision reached by the Supreme Court on March 20, 2013 was a welcomed conclusion to a legal battle that spanned almost a decade. What started as a medical malpractice case ultimately spawned into what has now become a landmark case in the ongoing Medicaid debate. In 2000, an infant known as E.M.A. […]

Location, Location: Lowering the Tax Bill on Certain New York Trusts

While we are not licensed to practice law in New York, income taxation of trusts and estates is becoming more and more important for all of our clients. We have had a number of clients who become fiduciaries for estates and trusts in New York or other states, so it is important for us to […]

Leaving on a Jet Plane: Estate Planning Brings Peace of Mind to Travelers

This morning I got on a plane bound for a conference in Austin, Texas. As I sat at the gate waiting for the chaos that is boarding a plane to ensue, I could not help but wonder how many of my fellow passengers had completed estate planning documents. Moreover, for those who did have estate […]

Gun Trusts: An Important Consideration for Gun Owners

A trust can be designed to hold any, or all, of a person’s assets. If guns are among those assets, they too may find their way into a trust. But guns are unique among possessions, and they may require special treatment. First, planning must account for the slew of state and federal laws regulating guns, […]

Our offices are closed today due to the inclement weather!

Please advise, we will be closed today, March 6th, due to the current weather conditions. If you need to schedule or reschedule an appointment, please e-mail Michele Conward at michele@altmanbackup.peakperformance.dev. Thank you and please be safe!

Retirement Plans Are Not Rainy Day Funds: Early Distributions = Stiff Penalties!

Qualified retirement plans are intended for retirement savings, not rainy day funds. Hence, if a qualified plan participant (or IRA owner) takes distributions from the plan (or IRA) prior to reaching age 59 ½, pursuant to Section 72(t) of the Internal Revenue Code, the taxable part of those distributions is subject to a 10% penalty. […]

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Recent Posts

New Maryland Estate Tax Bill: Signed, Sealed, Delivered

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IRS Announces Changes to Annual IRA Rollover Limit Following Tax Court Decision  

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