2022 FIDUCIARY INCOME TAX – Updated Rates and Brackets
March 16, 2022
2022 Estate and Trust Income Brackets.
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2022 Estate and Trust Income Brackets.
Personal Representatives may find themselves facing questionable claims in the estate they are administering. Whether it is a claim for a Decedent’s unpaid credit card bill showing charges from months after her date of death, or a medical bill for a procedure the Decedent never underwent, it can be frustrating
A recent change in Maryland’s “spousal election law” (effective October 1, 2020) could significantly impact estate plans for married individuals, particularly those with “blended families.” A brief synopsis of this change is available HERE. Certain strategies available under prior law to ensure the effectiveness of a married individual’s estate plan
Many people, particularly young adults, do not prioritize establishing or maintaining an estate plan. This may be for a myriad of reasons. One explanation we hear from many is that they believe their assets would pass the same way by law if they died intestate (without a will) as they would direct the assets to pass in their will. However, one cannot be certain of this without familiarity with the rules of intestate succession. Furthermore, this oversimplification disregards many other potential issues whereby family interests could be impaired if no plan is in place and intestacy laws are left to govern.
Because of the simplification of estate tax planning and the rise in probate avoidance techniques, we are finding that, for many, the only asset that is governed by a decedent’s Will is their car. Traditionally, the decedent’s family would have to open a small estate to transfer title to
1. WHAT IS THE SPOUSAL ELECTION? We enjoy considerable freedom in choosing who should and should not benefit from our property at death. We can disinherit children and grandchildren and instead benefit charities, friends, or any other individual or organization. However, the American legal system has historically protected widows and
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
A common issue we confront with our business owner clients is a failure to adequately maintain fundamental business records. While the following discusses the importance of maintaining a corporate minute book, the same considerations apply to the governing documents for other types of entities, partnerships, limited liability companies, etc. A
Personal Representatives (PRs) of Maryland probate estates are normally required to file detailed accountings of estate financial transactions with the Register of Wills, which are then approved by the Orphans’ Court. This can be tedious and costly. Responding to public pressure for simplification, the Maryland legislature in 1997 enacted a
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