NEW LAW DRASTICALLY CHANGES RETIREMENT ACCOUNT PLANNING – clients should review their retirement account beneficiaries in light of the SECURE Act.
In December 2019, Congress passed the Setting Every Community up for Retirement Enhancement (SECURE) Act as part of a year end appropriations bill necessary to fund the Federal government. From an estate planning perspective, the most significant component of the SECURE Act is the drastic change to the required distributions rules for inherited IRAs. Under […]
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2019 LEGISLATIVE UPDATE – new laws of interest
Several new laws pertinent to estates and trusts were passed during the 2019 Maryland General Assembly legislative session. The following are summaries of the most significant. Surviving Spouse’s Elective Share: Maryland law has long included statutory provisions designed to protect a surviving spouse from disinheritance. But a combination of modern probate avoidance techniques, shrewd attempts […]
ESTATE TAX PLANNING – Who Needs It?
Very few Marylanders need to worry about Estate Tax when creating or revising their estate plans. Effective January 1, 2019, only married couples with assets in excess of $10 Million and individuals with assets greater than $5 Million are subject to the tax. The Federal Estate Tax exemption for 2019 is $11.4 Million per individual […]