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Pursuant to Maryland Senate Bill 792 which takes effect October 1st , Maryland will be one of a few states that recognizes domestic partnerships as a distinct status for couples who wish to share their lives with each other without the ties of a civil union or marriage. Until now, the relationship status has been […]
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Last year, we created an end-of-year list of some financial considerations and annual maintenance items that clients should consider. As fall approaches, we want to revisit some of those items while also outlining some additional considerations which may require more time and effort to address. 1. Prepare and/or Revise Your Personal Inventories We often advise […]
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With the conclusion of the 2022 Maryland legislative session, there are several estates and trusts law changes – from the rules involving remote and electronic execution of estate planning documents, to changes regarding RULONA, and the signing of Maryland’s new Supported Decision-Making Statute. Below are 7 key takeaways related to estate planning from this year’s […]
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We will admit that it feels odd to speak about “The SECURE Act 2.0” when it feels like we are still getting our arms around some of the planning and administrative implications of the original SECURE Act (see the proposed regulations released in April 2022 and “4 IRA Rules you should know from the SECURE […]
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The SECURE ACT of 2020 set forth new rules for inherited retirement accounts (“IRAs”), but there was confusion as to when a beneficiary must take withdrawals from the IRAs. The Treasury issued Proposed Regulations on February 23, 2022, and although these regulations are not final, they provide clarity. Below is a summary of the minimum […]
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Gift-giving season is approaching—not only for those who celebrate the holidays by exchanging wrapped presents but also for families wrapping up financial matters for the end of the year. If you are unsure what to get your loved ones, writing a check or buying jewelry is an option, but a well-thought-out estate plan or gifting […]
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The end of the year is fast approaching. While these last few months bring holidays and celebrations, they also provide a perfect opportunity to review your finances and annual checklists and make sure that your estate plan is ready for the new year. Don’t let the ball drop on 2023 without ensuring that you’ve made […]
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For business owners, a comprehensive estate plan must include a roadmap for succession planning. While estate planning and business succession planning may seem like two separate processes, they often overlap. For example, a business owner’s estate plan should address whether the business will pass to family members and continue to operate, or whether the business […]
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The cost of education continues to soar. Paying for the education of your children, grandchildren, or other loved ones may be an important part of your estate plan. One option is state-sponsored 529 saving plans, which are popular due to their income tax-saving benefits. The funds in 529 plans grow income tax-free and can then […]
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To keep our clients and readers up to date on the legislation passed during the 2022 Maryland General Assembly Session, we have compiled a list of relevant developments and changes with further context and explanation. This year brought significant changes to the administration and notarization of estate planning documents, as well as greater freedoms and […]
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