Blog - "Altman Speaks"

Keeping the Family Farm: Lawmakers Agree that Lowering the Maryland Estate Tax Burden Could Help Farms Stay in Business

Maryland lawmakers have proposed legislation that would expand the Maryland estate tax exemption from $1 million to $5 million for estates in which the decedent owned a family farm. (See Gazette article, “Senators Come Together Around Handful of Bipartisan Bills.”) The proposed legislation has bi-partisan support as well as support from Governor Martin O’Malley. If […]

Important 2012 Tax Changes: A Review

Below is a summary of tax changes effective as of January 1, 2012. Please contact us to set up an appointment to discuss questions specific to your estate. Estate Tax The federal estate tax applicable exclusion amount increased from $5,000,000 to$5,120,000 per person for 2012. The top estate tax rate for estates valued over this amount is 35%. […]

Wills, Trusts & Life Insurance After Divorce: A Breakdown of Current MD/DC/VA Laws

There's No Place Like Home for Your Bank Accounts

A primary factor that motivates our clients to work on their estate plan is so that their heirs can avoid probate. We can almost always advise our clients, as well as draft the right documents, so that their assets will transfer free of probate after they pass. However, that careful planning can be disrupted if […]

Sharing Isn't Always Caring!

Twice in the last week and a half, I have been presented with similar issues regarding single owner profit sharing plans at the death of the sole owner and employee, or the dissolution of the company. Two of my clients were basically self-employed in their solely-owned businesses and had created profit sharing plans to provide […]

Is Your Maryland Power of Attorney Compliant with the Most Recent Laws?

As I have written before, Maryland now has a statutory power of attorney form, effective October, 2010. While powers of attorney written before the new Maryland law are not necessarily invalid, I do keep hearing that certain financial institutions and real estate settlement attorneys will not now accept old powers of attorney (written and signed before the new law took effect). […]

New Foreign Asset Reporting Requirement

This week, the IRS published temporary regulations in the Federal Register, implementing the provisions of the 2010 HIRE Act (aka FATCA) that require the annual reporting of foreign financial assets by U.S. citizens and residents. The reporting requirement is effective for taxable years ending after date of publication (i.e., for 2011 calendar year returns) and may be satisfied […]

Things Change: Review Your Estate Planning Documents Regularly!

We have stressed recently the importance of monitoring your documents due to the recent estate tax and power of attorney changes. While the current state of laws is ever-changing, I have learned that my client’s lives undergo changes far more often. Changes based on health, finance, or social relationships occur every day. For this reason, […]

Year-End Tax Saving Strategies

A recent series by Smart Money highlights several ways to cut your tax bill, including selling investment losers and giving to charity. Links to the two-part series are below. As always, contact us with tax related questions specific to your assets and estate plan before making any decisions. Part 1: Year-End Tax Moves - Game […]

The Importance of IRA Distribution Planning

Many times parents with young children do not want to spend the time or resources to comprehensively plan their estates if one or both parents were to die. They think that the chance is so remote that there are more important things to do, especially with their time and hard earned dollars. While the optimist […]

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Recent Posts

From Disability to Guardianships...Estate Planning Goes Well Beyond Tax Savings

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Beneficiary Designations Go Beyond “Who Gets the House?”

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Estate and Gift Tax Savings Through Net Gifts: Real or an Illusion?

What's In Your Wallet? Altman & Associates Wallet Cards Are Another Way We Protect Our Clients

A Lesson From Penn State Coach Joe Paterno's Death

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