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For many families, concerns about a parent’s cognitive health arise gradually. A missed appointment, some confusion over finances, or a subtle shift in decision-making can prompt adult children to start asking questions they had not considered before. These small moments and changes are worth noting for a number of reasons, including as a reminder to […]
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For many families, a beach house is more than a piece of real estate. It is where summers are spent, traditions take root, and memories are made across generations. Without careful planning, however, passing these family properties down to new generations can become one of the most complicated and emotional transitions for a family already […]
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In estate planning and administration, the smallest items can sometimes create the biggest problems. Families often assume disagreements will center on major assets such as real estate, investment portfolios, or business interests. In reality, some of the most emotionally charged disputes arise over personal belongings. A watch worn every day for decades, a set of […]
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Irrevocable trusts are designed to be permanent. That’s what makes them such an effective tool for asset protection and long-term tax planning. But “permanent” doesn’t necessarily mean “unchangeable.” As your family evolves and tax laws shift, even an irrevocable trust may need a fresh look to ensure it still meets your goals. A trust created […]
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Significant changes to charitable giving rules are scheduled to take effect in 2026, stemming from the “One Big Beautiful Bill” Act (H.R.1) signed in July 2025. While tax law updates often create uncertainty, they also offer an opportunity to take a more thoughtful, values-aligned approach to philanthropy. With proper planning, you can continue supporting the […]
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As technology develops, the law surrounding it usually struggles to keep pace. A key unresolved legal area surrounds Artificial Reproductive Technology (ART). ART encompasses in vitro fertilization (IVF) and cryogenically preserving embryos, and what happens to those embryos in different situations. Frozen Assets: The Complicated Status of Genetic Materials ART has created confusion about ownership, […]
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The Maryland General Assembly's 2025 legislative session brought forth several important bills related to estate planning and administration that could impact how families plan for the future. At Sessa & Dorsey, we don’t just draft documents, we help you adapt your strategy as laws, lives, and legacies evolve. Here's a look at the most recent legislation and what it could mean for your estate plan.
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The 2017 Tax Cuts and Jobs Act (TCJA) effectively doubled the federal lifetime gift and estate tax exemptions from $5 million to $10 million, with adjustments for inflation from year to year. And while the federal exemption will increase in 2025 due to inflation, the provisions of the TCJA, which expanded the exemption amounts, are […]
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Recently, the US Supreme Court issued a ruling that will significantly impact business owners and the practice of funding entity purchase buy-sell arrangements with life insurance. Following the decision of Connelly vs. United States, the value of a business owner’s life insurance death benefits must now be included in the overall valuation of a business in certain circumstances […]
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When trusts are designed to last for decades or generations, many of our clients eventually feel some growing pains, telling us that the trust agreement “doesn’t fit” or feels “out of date” given their current circumstances. This disconnect can be driven by several factors – the physical movement of trustees and beneficiaries across state lines, […]
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