Blog - "Altman Speaks"

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 […]

Proposed Bill: "Sensible Estate Tax Act of 2011"

Last week, Congressman Jim McDermott (D-WA), a senior member of the House Ways and Means Committee, introduced HR 3467 the “Sensible Estate Tax Act of 2011”. According to a release by Congressman McDermott, the bill is the first estate tax reform bill introduced by a member of the tax-writing committee that does not simply extend […]

Will the "Super Committee" Propose Estate Tax and Gift Tax Changes?

In August of this year, the Joint Select Committee on Debt Reduction, simply referred to as the "Super Committee" was formed under the Budget Control Act of 2011 - legislation aimed at reducing the deficit by $1.5 trillion over the period of fiscal years 2012 to 2021. The deadline for the Super Committee’s proposal is […]

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Recent Posts

Tax Changes Coming in 2013: Are You Prepared?

The Price of Passing on Wealth: Understanding Estate and Inheritance Taxes

Just How Blind Are Blind Trusts?

The Future of DOMA and Same-Sex Estate Planning

Adding Social Media Provisions to a Will? Estate Planning Evolves to Protect Your Online Persona

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

The IRS Invents a Chinese Billionaire? Black Market Art Valuation and the Estate Tax

Beneficiary Designations Go Beyond “Who Gets the House?”

Another IRA Beneficiary Snafu

Ability to Elect Portability, Broadened by IRS

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