The IRS increased the gift exclusion and estate and gift tax exemptions for 2024. Beginning January 1, 2024, an individual may gift up to $18,000 per year, per donee without needing to report that gift to the IRS. This exclusion is a $1,000 increase from 2023. The unified estate and
Below is some commonly relevant federal income tax information for estates and trusts. Ordinary Income Tax Rates for Estates and Trusts 2023 Federal Income Tax Rates for Estates and Trusts Taxable Net Income Federal Tax Not over $2,900 10% of taxable income Over $2,900 but not over $10,550 $290 plus
Maryland is one of the few states that imposes an Inheritance Tax. The tax is 10% of the amount inherited from a decedent domiciled in Maryland (or the value of Maryland real property inherited from a decedent domiciled elsewhere). Close relatives and charities are exempt. While spouses are exempt from
Hassani, Focas and Fifer, P.A., a well-respected Estates and Trusts firm in Towson, Maryland, is seeking an associate attorney to join our growing practice. We offer rapid advancement opportunities and generous compensation and benefits to qualified applicants. The ideal candidate will collaborate with the firm’s other attorneys, advise clients, communicate
As we discussed in a previous blog post, the SECURE Act of 2019 drastically changed the landscape for how most individuals and trusts inherit retirement accounts. However, while laws provide a general framework, federal regulations often give us the details we need to give clients practical advice to put their
The IRS has announced the new gift exclusion and estate and gift tax exemptions for 2023. Starting January 1, an individual may give up to $17,000 per year, per donee (up from $16,000) without having an obligation to report that gift to the IRS. The unified estate and gift tax
Hassani, Focas and Fifer, P.A. seeks professional Paralegal to join our busy Estates and Trusts practice. The successful candidate will work with attorneys on estate and trust administration matters. Primary responsibilities include: – Preparation of probate filings (petitions, inventories, accountings, final reports, etc). – Preparation of documents relating to the
Hassani, Focas and Fifer, P.A. seeks an associate attorney to join its growing practice. This is a partner-track position offering top compensation and generous benefits for qualified applicants and an opportunity for rapid advancement. The position will primarily focus on estate and trust administration, including probate filings, income, estate and
Many estate plans establish trusts for children, grandchildren, or other beneficiaries. These are known as testamentary trusts, or trusts established at your death (as opposed to an inter vivos trust, or a trust established during your lifetime). However, assets that pass outside of the Will – like retirement accounts or
As mentioned in our previous post, the Maryland legislature enacted a law that allows for electronic execution of Wills. While this law is technically in effect, we have not yet found a cost-effective way to implement this for our clients. While we continue to offer virtual meetings to our clients,
While electronic execution of Wills has technically been available in Maryland since October 1, 2021, the prior law was written in a way to be impractical. This session, the Maryland General Assembly unanimously passed HB576/SB36 which greatly expands the ability for Marylanders to sign their estate planning documents remotely. Our
2022 Estate and Trust Income Brackets.
The Federal estate and gift tax exemption is $12.06 million per individual for 2022, an increase from $11.7 million in 2021. The Federal gift tax annual exclusion has also increased to $16,000 per donee. The exclusion was $15,000 for 2018 – 2021. For more information, click here. Maryland does not
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
Towson AV rated law firm seeks professional full-time Office Manager to join our busy estates and trusts and business practice. Primary office responsibilities include the management of the firm’s: Checking account and ledgers for fees received (including electronic and credit card payments), accounts payable, and payroll. Escrow/Trust accounting. Client list,
The following is some commonly relevant federal and Maryland income tax information for estates and trusts. Feel free to bookmark this page for future reference. Ordinary Income Tax Rates for Estates and Trusts 2020 Federal Income Tax Rates for Estates and Trusts Taxable Net Income Federal Tax Not over $2,600 10%
Marylanders are subject to both Federal and Maryland Estate Tax – taxes on most property in which a deceased individual has an interest at the time of death. In many cases, the tax code offers relief that results in no tax due. Unlimited deductions are available for amounts left to
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
We are looking for a motivated paralegal to join our busy Estates and Trusts practice. The successful candidate’s primary responsibility will be to assist with Estate and Trust administration, including the preparation of probate filings, tax returns, and correspondence. Excellent organization and communication skills and proficiency in Microsoft Office (Word,
Hassani, Focas and Fifer, P.A., an Estates and Trusts specialty firm in Towson, Maryland, seeks an associate attorney to join its growing practice. This is a partner-track position offering top compensation and generous benefits for qualified applicants and an opportunity for rapid advancement. Because our practice relies heavily on IT
This article is part of a series of articles addressing various issues with DIY planning. An introduction to this topic was published on February 12, 2020. Now, we address perhaps the most troubling aspect of the DIY estate planning arrangement – no one can be held responsible if the plan
Business owners often have a substantial portion of their wealth invested in their businesses and related real estate. This creates challenges in satisfying the desire to retain control, transfer value to children or other family members, and to minimize potential estate tax. Recapitalization of a business’ stock (or membership interest
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.
Our office is now open during regular business hours, and we are operating at full capacity. We remain cognizant of the risk posed by COVID-19 and are taking proper precautions in accordance with the latest medical advice. This includes social distancing, frequently sanitizing our office space, and wearing masks when
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, enacted in response to the 2020 coronavirus pandemic, includes several provisions that modify retirement account contribution and distribution rules. For example: Retirement account owners may withdraw up to $100,000 from retirement accounts without penalty. Income tax on withdrawals may be paid
Governor Hogan authorizes remote notarization and witnessing during COVID-19 crisis. The COVID-19 health crisis presents a unique challenge for estate planning attorneys. Traditionally, most estate plan documents were executed under the attorney’s direct supervision in a face to face meeting. Obviously, it is difficult to accommodate today’s “social distancing” guidelines
Like the rest of the world, our firm is adapting to new ways of doing business during the COVID-19 pandemic. We are committed to providing quality legal services in a manner that is safe for our clients, professional partners, and members of our firm. The following are some measures we
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
WHAT YOU DON’T KNOW CAN HURT YOU Online services like LegalZoom and Rocket Lawyer allow customers to produce Wills and other estate planning documents inexpensively without the assistance of an attorney. Understandably, many consumers are attracted by low upfront costs; however, they fail to appreciate the dangers and shortcomings of
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
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