Blog - "Altman Speaks"

Courts Seek to Clarify How States Can Tax Trusts

Every state has laws concerning how trusts are taxed. Varying state laws can result in situations where a trust might be required to file tax returns in three or more separate jurisdictions based on any number of factors, including the residency of the trustee and beneficiaries, as well as the formal location of the trust’s assets. Last […]

What Happens to my Mortgage When I Die?

There is a lot of misunderstanding about the “due-on-sale” clause in most mortgage documents. Most loans permit a lender to call a mortgage loan (require it to be paid in full) when the real property is sold or transferred. However, there are some major exceptions to this rule, many surrounding the borrower’s death or transfers […]

Three Subtle Retirement Planning Mistakes That Can Sink You

The U.S. is approaching a major retirement crisis. The average person’s cumulative retirement savings doesn’t exceed $100,000 until he or she is in their 50s – barely enough for two years in middle-class comfort. The difference between those who will find themselves mired in poverty and those who will enjoy a comfortable retirement comes down […]

Managing Probate and Family Financial Matters Following the Death of a Loved One

Probate 101 What happens to a Power of Attorney when the principal dies? To put it bluntly, it becomes useless. Since a dead person cannot own property in Maryland, your right to manage the property of your loved one amounts to nothing the moment he dies. Your authority is extinguished, and it becomes someone else’s […]

Gifting Assets to Offspring: Deciding Between Irrevocable Trusts and UTMAs

There are better ways of gifting property to your offspring than simply ‘handing it over’. Both irrevocable trusts and Uniform Transfers to Minors Act (UTMA) accounts offer you flexible ways of gifting property that would otherwise be unavailable, risky or extremely inconvenient. An irrevocable trust is established under the law of trusts, which is ultimately […]

Happy Independence Day: Office Hours

Dear friends, in celebration of the 4th of July holiday, we are closed today, 7/4, and tomorrow, 7/5. We will resume normal business hours on Monday, 7/8. Have a joyful and safe holiday weekend! ??

Connecticut Trust Laws Get Major Overhaul

Last week, Connecticut enacted HB 7104, adopting the Uniform Trust Act. If signed into law, the new legislation will bring significant change to Connecticut trust laws beginning in 2020. Dynasty Trusts Under the new legislation, Connecticut trusts could potentially avoid being subject to the Generation-Skipping Transfer (GST) tax because they may run as long as 800 years. […]

Frequent Flier Miles: Most Expire When You Do!

These days, virtually all major retailers have some sort of loyalty/rewards program. This is especially true with respect to credit card and travel companies. Incentivized by travel rewards, consumers make purchases using their credit cards to earn perks like flight miles and hotel credits. Such rewards typically come with many paragraphs of fine print that […]

Celebrity Headlines: Tom Petty's Estate Drama; Bezos Takes the "Giving Pledge"

While most of us are able to handle our estate matters in private, celebrities have the media thirsty public to contend with. The latest headlines shine light on drama surrounding the late singer Tom Petty's estate and the philanthropic commitment announced by Amazon founder, Jeff Bezos's ex-wife, MacKenzie Bezos. Tom Petty's daughters from his first […]

New Bill Increases the Taxation of Inherited IRAs by Severely Shortening the Required Minimum Distribution Payout Period

For years, IRA payout rules have not changed and have even become simpler and easy to plan for. A new bill set to pass Congress could change all of that and make inheriting an IRA more expensive than ever. Under the SECURE Act, save from a few exceptions, upon the death of an IRA owner, […]

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Recent Posts

Courts Seek to Clarify How States Can Tax Trusts

What Happens to my Mortgage When I Die?

Three Subtle Retirement Planning Mistakes That Can Sink You

Managing Probate and Family Financial Matters Following the Death of a Loved One

Gifting Assets to Offspring: Deciding Between Irrevocable Trusts and UTMAs

Happy Independence Day: Office Hours

Connecticut Trust Laws Get Major Overhaul

Frequent Flier Miles: Most Expire When You Do!

Celebrity Headlines: Tom Petty's Estate Drama; Bezos Takes the "Giving Pledge"

New Bill Increases the Taxation of Inherited IRAs by Severely Shortening the Required Minimum Distribution Payout Period

« Previous 1 … 20 21 22 23 24 … 77 Next »