Blog - "Altman Speaks"

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. […]

The Qualified Personal Residence Trust: Protect Your Home – Take Advantage of the Housing Market

Some professionals are more likely to be sued than others – increased liability is simply inherent in fields like medicine, law, real estate and business. For individuals working in these and similar occupations, asset protection is an important consideration in estate planning and such planning can be accomplished in a variety of ways, using a […]

Estate Administration is Not a Game! Mistakes are Costly!

We often highlight mistakes that we have witnessed throughout our professional careers and use them as a teaching tool to prevent such mishaps in the future. This blog offers one such anecdotal story. It is not uncommon to find many law firms or solo practitioners that list estate planning and/or estate and trust administration as […]

Simple, Yet Common Estate Planning Error Lands a Virginia Case on the U.S. Supreme Court Docket

In 1996, Warren Hillman designated his then-wife, Ms. Maretta, as the beneficiary of his federal group plan life insurance. When the couple divorced two years later, neither the divorce decree nor the associated property settlement agreement required Warren to maintain Ms. Maretta as his life insurance beneficiary. Despite having no legal obligation to keep his […]

The Romantic Side of Estate Planning

In the spirit of Valentine's Day, a link to my article: "The Romantic Side of Estate Planning: Leaving a Legacy of Love" - Gary Altman, Esq.

Another Large Corporate Firm Pulls the Plug on Trusts and Estates: More Reason to Work with a Boutique Estate Planning Law Firm!

A recent New York Times article hit the nail on the head: “Corporate law firms once viewed trusts and estates as a small yet important practice that discreetly advised wealthy families. But drafting wills and trusts, and the legal matters that flow from that, is less lucrative than the primary revenue drivers at big law […]

Purchases Made with Joint Funds: What's "Ours" is "Yours"?

Like many couples, Mr. and Mrs. Connell established a joint checking account with a right of survivorship. With the exception of a $205 contribution from his wife, Mr. Connell used funds from that account to acquire a $58,350 Rolex watch. He also used money from that account to fund an upgrade from a ring worth […]

Charitable Planning Through IRA Accounts: The Right and Wrong Way to Do It

An IRA account may be subject to two different kinds of tax when its owner dies: Estate tax and income tax. First, the fair market value of the IRA account may be subject to Federal estate tax when the owner of the IRA dies. In some states, like Maryland, the IRA account may also be […]

What's in the Name? Property Titling for Same-Sex Couples Varies Among the States

The deed to your real property is often the key to your house. Not literally, but legally. A Deed transfers real property from the current owner (sometimes referred to as the “grantor” or “first party”) to the buyer (sometimes referred to as the “grantee” or “second party”). If there are 2 or more buyers, the […]

Tee Time: Shooting Under Par In the Face of Fiscal Cliff Reform

Since news broke of the legislation to avoid the fiscal cliff, our firm, just like many commentators and news outlets, has written about the impact of the new legislation. Many have maintained that the true impact of the new deal would not be realized until individuals became personally affected. Almost immediately, stories have surfaced of […]

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