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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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The COVID-19 pandemic has made remote work more accessible and led many people to reevaluate their priorities and rethink where they want to spend their lives. Some people want to live closer to family or find more affordable housing, while others seek a higher quality of living or more work-life balance. Whatever the reason may […]
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Charitable planning is an important element for many estate plans – whether your primary purpose is minimizing the estate tax burden for your loved ones or whether charitable giving is a lifetime habit that you wish to continue, retirement assets can be a wise choice of assets for those who are looking to leave a […]
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The term “windfall” was first coined in the 15th century to equate unexpectedly good fortune with fruit falling from the sky. Just as an apple can drop to the ground without the need for a ladder, certain people wake up one day with access to a life-altering fortune without even lifting a finger. If you […]
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