Blog - "Altman Speaks"

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 […]

Maryland Estate Tax Deferred for Transfers of Qualified Agricultural Property

Recently released on September 9, 2011, Maryland taxpayers are now eligible to receive a 4 year deferral on estate taxes owed on qualified agricultural property as defined by Title 7, Section 307(e) of the Tax-General Article. This deferral is only available for decedents dying after December 31, 2010 and before January 1, 2012. Outlined in Senate […]

An Introduction to 529 College Savings Plans

With the ongoing rise in the costs associated with a college education (i.e. tuition, room, board, books, etc.), the emphasis on saving for a child’s education from their early youth has grown. The “529 Plan” is a growing solution to this issue. Also known as a “Qualified Tuition Plan”, the 529 Plan is designed to […]

The Importance of Precision

Many engage the services of an estate planner to reduce tax liability or seek protection from creditors. In continuance of my discussion found in the previous blog, "One Word Could Make All the Difference", the ambiguity of a word or phrase can remove the very protections one pursues through estate planning. Take for instance a […]

One Word Could Make All the Difference!

The versatility of the English language can be detrimental to the intent of one’s estate planning documents. As we know, the goal of estate planning is to memorialize ones last wishes in a clear and concise manner, in order to preserve or protect assets for the future. Sloppy or inaccurate drafting can lead to later […]

Estate Planning Awareness Week - October 17th-23rd

This week, we are pleased to join our colleagues at NAEPC (National Association of Estate Planners and Councils) in promoting National Estate Planning Awareness Week, October 17th-23rd. In 2008, the National Association of Estate Planners and Councils (NAEPC) worked with Congressional leaders to pass H. Res. 1499, designating the third week of October as National Estate […]

Good, Bad or Indifferent, Restrictions of Trust Distributions Remain Valid!

In an article entitled “The Power of Proper Estate Planning: You Are In Control”, we maintained that how an individual wishes to dispose of their assets is the most important factor when administering an estate or trust. Recent case law continues to support this principle. Courts are unanimous in deciding that, “the right to receive […]

It’s Tax Planning, Not Tax Patenting

Years ago Professor Jeffrey G. Sherman wrote in a law review article that traversing the complicated and intricate Subchapter J of the Internal Revenue Code, which is the Subchapter that deals with income taxation of trusts and estates, paralleled Odysseus having to sail through a slim straight with monsters on both sides.[1] Prior to September […]

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Recent Posts

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

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A Lesson From Penn State Coach Joe Paterno's Death

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New York District Court Says Same-Sex Spouses Can Use Federal Marital Deduction

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Cash to Cover Up an Affair? Yep, That’s a Gift!

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