2026 Fall Update
Dear Clients and Friends,
As October begins, autumn's familiar rhythms are firmly in place. Schools are back in session, daily routines have returned, pumpkins are everywhere, and our calendars are filling up fast. With the upcoming holidays already on the horizon, we find ourselves entering a more contemplative frame of mind. For all of us at Altman & Associates, this season offers a welcome opportunity to pause, reflect, and appreciate the journey that has brought us to where we are today.
I cannot believe that 30 years have passed since we first opened our doors in September 1996. Milestones like this naturally prompt reflection, and as we celebrate our firm's anniversary, we are reminded that our growth and success have come directly from our clients' trust and partnership as we have navigated your complex legal challenges. I would be remiss not to recognize the attorneys who have been with the firm for over 10 years, especially Brenda Bosch, whose steady support and hard work from the beginning have helped shape our success, as well as our dedicated office staff. Thank you for choosing us, challenging us to innovate, and allowing us to be part of your story.
Since the Fall of 2024, we have seen the estate planning landscape shift dramatically, driven by federal tax law changes, the proliferation of digital assets, the use of artificial intelligence, and the greatest transfer of wealth in history as the baby boomers pass down assets. However, history shows us that transfer tax rules are rarely permanent and are instead revised almost every four to eight years in response to changing political priorities. As your estate planner, I monitor the numerous federal, state, and local tax proposals as they apply to you.
When I last wrote about the Tax Cuts and Jobs Act, I expected that law to expire on January 1, 2026. However, in July 2025, Congress passed the One Big Beautiful Bill, which "permanently" raised the federal estate and gift tax exemption to $30 million for married couples and $15 million for single individuals. For individuals and families with substantial assets, this increase creates a window of opportunity to use gift strategies, establish irrevocable trusts, and maximize wealth preservation before lower exemption levels take effect (the next time political priorities change).
In addition to shifting estate, gift, and income tax thresholds, the regulatory landscape surrounding retirement accounts continues to evolve. Updates to the SECURE Act altered the required minimum distribution (RMD) rules and shortened timelines for inherited IRAs. Most non-spouse beneficiaries must now distribute inherited retirement accounts within 10 years, which requires diligent planning to avoid pushing them into higher tax brackets.
I have always stated that estate planning is about much more than transferring wealth and paying taxes. Estate planning is a vital tool for preserving family values, ensuring business continuity, and securing multi-generational legacies. Estate planning today encompasses far more, such as income tax planning, capital gains tax reduction, step-up-in-basis optimization, and not just estate tax avoidance strategies. Beyond tax and retirement legislation, today's estate planning includes digital assets, such as cryptocurrency and cloud storage, as well as flexible healthcare directives. Online business and financial accounts and powers of attorney must be updated to reflect current state statutes. Divorce proofing and blended family provisions remain front and center in modern planning. Building flexibility into every estate plan is equally important to accommodate changes that we cannot anticipate today.
I cannot emphasize enough that you should keep your estate plan current and viable. Regular updates ensure that your estate plan reflects your current circumstances and wishes. Correctly titling your assets in estate planning is critical because it determines who legally inherits your property and can override instructions in your will. Failing to align asset titles with your estate plan is the most common reason estate plans fail, leading to costly legal battles and unintended beneficiaries. You must title accounts appropriately and name beneficiaries for all major assets such as homes, retirement and investment accounts, and insurance policies. If you have questions regarding titling your assets or beneficiary designations, please call us and we will assist you.
In Maryland, we remain the only state where residents are subject to three death taxes: the Maryland estate tax, the federal estate tax, and the Maryland inheritance tax, although every Maryland resident pays only one of the Maryland estate tax or the Maryland inheritance tax, not both. Nothing on the legislative agenda appears to change course.
The Maryland inheritance tax is difficult. It is an antiquated law, and while changes over the years have exempted groups like lineal descendants and, most recently, registered domestic partners, it remains in effect. If you pass away in Maryland and leave your assets to someone who is NOT exempt from inheritance tax, there will be a 10% tax due. These beneficiaries are exempt from inheritance tax: spouse, children, grandchildren and other lineal descendants, parents and grandparents, siblings, and registered domestic partners. There are few ways around the inheritance tax for other beneficiaries. One simple caveat is that life insurance is exempt from inheritance tax - so, if you have a niece or nephew to whom you want to leave assets, make them a beneficiary of your life insurance.
Personally, one of the questions I am frequently asked is about my own succession planning. The time comes for all of us when we look ahead to the future. I wish to reassure you that I am not retiring; I love what I do. However, I may slow down from the pace that I have maintained for all these years.
Among our current bevy of attorneys, three- Danielle Lendino, Andrew White, and Katherine Ruesch- and I have agreed to become partners. I remain active in supporting the team and overseeing the firm's continuity. Our goal is to make my retreat from 60-hour work weeks invisible operationally while maintaining the expertise I bring to our practice. If you need me, contact Jackie Ohh, my paralegal and executive assistant. We will continue to ensure that you receive the highest level of care and dedication from all of us, and the administration and securing of your records will remain unchanged.
To better serve your evolving needs, we are proud to mark this milestone by expanding our capabilities. Katherine is growing our estate litigation practice, and I have expanded my expert witness practice. We continue to serve as fiduciaries for both our own estate planning clients and for clients of other lawyers who are looking for compassionate, flexible, and caring fiduciaries. We will expand our fiduciary business and are also exploring adding an attorney to help our clients with real estate and business matters. These new practice areas align perfectly with our 30-year tradition of providing proactive, top-tier legal counsel. We look forward to bringing the same rigor and dedication to these expanding fields that you rely on across our firm.
As always, we remain grateful for the opportunity to serve you and your referrals. Please inform us of any changes to your contact information. You can visit our new website, altmanassociates.net, to make any informational changes, or call (301) 468-3220 if you have questions. Visit our blog and our social media pages. We welcome reviews.
Kind Regards,
Gary Altman, Principal & Founder
For over 30 years, Altman & Associates has helped individuals, families, and business owners protect what matters most. Founded on the philosophy of estate planning attorney Gary Altman, our firm blends advanced legal, tax, and financial expertise with a deeply collaborative approach to managing complex wealth. We know that estate planning is deeply personal. That's why we pride ourselves on building lifelong partnerships rooted in trust, active listening, and customized strategies that protect your legacy for generations.
We know that estate planning is deeply personal. That's why we pride ourselves on listening intently, empathizing deeply, and responding quickly to guide you through life's most critical transitions. Whether you are a corporate executive, professional, fiduciary, or owner of a closely held business, we tailor our specialized practice to meet your exact generational needs.
We partner with you to preserve your hard-earned assets across three core areas:
- Legacy and Estate Planning: Ensuring your wishes are honored and your family is secure.
- Probate and Trust Administration: Navigating complex legal transfers with ease and sensitivity.
- Special Needs Planning: Creating secure, compassionate pathways for loved ones requiring specialized care.