Do My Heirs Need to Pay an Inheritance Tax? – Annapolis and Towson Estate Planning

U.S. News & World Report explains in its article, “What Is Inheritance Tax?” that estate taxes and inheritance taxes are often mentioned as if they’re the same thing. However, they’re really very different in concept and practice.

Remember that not every estate is required to pay estate taxes, and not every heir will pay inheritance tax. Let’s discuss how to determine whether these taxes impact you.

Inheritance can be taxable to heirs. However, this is based upon the state in which the deceased lived and the heirs’ relationship to the benefactor.

Inheritance tax is a state tax on a portion of the value of a deceased person’s estate that’s paid by the inheritor of the estate. There’s no federal inheritance tax. Currently, there are only six states that impose an inheritance tax, according to the American College of Trust and Estate Counsel. The states that have an inheritance tax are Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania.

Inheritance tax laws and exemption amounts are different in each of these six states. In Pennsylvania, there’s no inheritance tax charged to a surviving spouse, a son or daughter age 21 or younger and certain charitable and exempt organizations. Otherwise, the Keystone State’s inheritance tax is charged on a tiered system. Direct descendants and lineal heirs pay 4.5%, siblings pay 12% and other heirs pay a cool 15%.

Inheritance tax is determined by the state in which the deceased lived. Estate taxes are deducted from the deceased’s estate after death and aren’t the responsibility of the heirs. Some states also charge their own estate taxes on assets more than a certain value. The states that charge their own estate tax are Connecticut, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, New York, Oregon, Rhode Island, Vermont, Washington and Washington, D.C.

Decreasing estate taxes are the responsibility of the deceased prior to his or her death. They should work with an estate planning attorney to map out strategies that can lessen or eliminate estate taxes for certain assets.

Remember that inheritance taxes are state taxes. They are imposed by only six states and are the responsibility of the heirs of the estate, even if they live in another state. In contrast, estate taxes are federal and state taxes. The federal estate tax is a 40% tax on assets more than $11.4 million for 2019 ($22.8 million for married couples). This is charged, regardless of where you live. Some states have additional estate taxes with their own thresholds.

Inheritance taxes are paid by the heirs and estate taxes are paid by the estate. An estate planning attorney can help to find ways to reduce taxes and transfer money efficiently.

Reference: U.S. News & World Report (October 8, 2019) “What Is Inheritance Tax?”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

Why Should I Pair my Business Succession and Estate Planning? – Annapolis and Towson Estate Planning

A successful business exit plan can accomplish three important objectives for a business owner: (i) financial security because the business sale or transfer provides income that the owner and owner’s family will need after the owner’s exit; (ii) the right person where the business owner names his or her successor; and (iii) income-tax minimization.

Likewise, a successful estate plan achieves three important personal goals: (i) financial security for the decedent’s heirs; (ii) the decedent (not the state) chooses who receives his or her estate assets; and (iii) estate-tax minimization.

Business owners will realize that the two processes have the same goals. Therefore, they can leverage their time and money and develop their exit plans into the design of their estate plans. The Phoenix Business Journal’s recent article “Which comes first for Arizona business owners: estate planning or exit planning?” explains that considering exit and estate planning together, lets a business owner ask questions to bring their entire picture into focus. Here are some questions to consider:

  1. If a business owner doesn’t leave her business on the planned business exit date, how will she provide her family with the same income stream they would’ve enjoyed if she had?
  2. How can a business owner be certain that her business retains its previously determined value?
  3. Regardless of whether an owner’s exit plan involves transferring part of the business to her children, does her estate plan reflect and implement her wishes, if she doesn’t survive?
  4. If an owner dies before leaving the business, can she be certain that her family will still get the full value of the business?

Another goal of the exit planning process is to protect assets from creditors during an owner’s lifetime and to minimize tax consequences upon a transfer of ownership.

Because planning exits from both business and life are based on the same premises, it can be relatively easy to develop a consistent outcome. There isn’t only one correct answer to the “estate or exit planning” question. A business owner must act on both fronts since a failure to act in either case creates ongoing issues for owners and for their businesses and families.

Reference: Phoenix Business Journal (October 8, 2019) “Which comes first for Arizona business owners: estate planning or exit planning?”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

How Much Will I Really Spend in Retirement? – Annapolis and Towson Estate Planning

People are living longer today compared to previous generations. This means that their retirement savings need to last longer. As a result, you’ll need to be certain that you’re calculating your retirement spending accurately.

Kiplinger’s recent article, “Planning for Retirement? You’re Probably Underestimating Your Spending,” explains that general figures and trends don’t consider a person’s health and many other factors. Still, you should anticipate a lengthy retirement, which makes it even more critical to understand your cash flow and break out your expenses.

It’s not uncommon for people to totally underestimate their post-retirement spending. They don’t see the many additional expenses they’ll incur after ending their employment or selling their business. The common notion is that as you get older, you spend less. However, there are new expenses that come with retirement and current costs that you may not be accounting for.

Let’s look at the four main types of expenses that prospective or new retirees need to plan when creating a budget. Educating yourself in these areas will help to have a comfortable retirement.

  1. Formerly business-subsidized expenses. For many, the job provides more than a salary. It can include health benefits, cell phones and health club memberships. To avoid some surprise when you retire, make a list of the expenses that are now covered by your employer or business. Some you might be able to do without, while others may be a necessity in retirement.
  2. Overlooked expenses. Many people do the majority of their primary spending on one credit card. However, when they estimate their spending for retirement, they forget about spending on other credit cards and regular services and charges that may be paid for by cash or check, such as landscaping, housekeeping and real estate taxes. Prior to retirement, go through all your expenses and how they’re being paid. This should help flesh out a thorough understanding of your spending.
  3. Health care expenses. Even if you hit retirement without a major accident or illness, you’re still probably going to spend a good portion of your income to stay that way. A recent study found that a healthy male-female couple retiring at 65 in 2019 can expect to spend $285,000 on health care over their retirement years. Medicare begins at 65 and covers many expenses, but there are many common health care costs that are not covered, such as dental and vision services, prescription drugs (unless you buy a supplemental plan, such as Part D), and long-term care. Out-of-pocket costs can also shoot up if a senior has a serious or chronic disease, like a heart condition.
  4. Recurring non-recurring expenses. You may get a new car or need a major repair in your house. These are considered non-recurring expenses you commit to sparingly or just once in your life. However, big purchases and unexpected costs occur more often than you’d imagine. It’s a good practice to plan for at least one “one-time purchase” each year to cover these unanticipated bills.

Reference: Kiplinger (October 3, 2019) “Planning for Retirement? You’re Probably Underestimating Your Spending”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

What’s the Best Way to Gift an Interest in My Business? – Annapolis and Towson Estate Planning

A couple who owned a small family business was thinking about giving interests in the business to their married son over time. However, they were worried about the “what if” scenario of a possible divorce in his future. If their son divorced, they didn’t want to be in business with his ex-wife.

Forbes’s recent article, “What Family Businesses Need To Know About Gifting Business Interests,” explains that prior to the couple transferring some of their business to their son, they asked their attorney to draft a shareholder agreement with restrictions on to who the stock can be transferred in the future. The parents’ goal was to keep the stock from being transferred as part of a potential divorce. In our scenario, the parents want their daughter-in-law to sign a consent agreeing that she would be bound by the shareholder agreement and that the stock would never be transferred to her. If their son and his wife later divorced, she’d be bound by the agreement and the stock would remain with the son.

While the parents’ plan sounds like a great idea, it is in theory. However, the reality is that there’s a good chance of a far different and less desirable result. Let’s examine three ways this type of agreement could become a big headache.

  • Creating a big, icky issue. Ask yourself if you really want to ask your daughter-in-law (or son-in-law) to sign this? This may open a big can of worms in your family. If she didn’t think there was any value in the business, she may feel differently when she reads the agreement. Thanksgiving dinner may end up in a food fight!
  • Is it legal? Ask your attorney to analyze how effective the agreement would be under the laws that apply to the agreement and in the state where the couple may divorce.
  • How much protection does it offer? In many states, the agreement wouldn’t remove the stock as a marital asset. Even if the stock stays on the husband’s side of the balance sheet, its value would still be subject to division, and the wife could get other marital assets to balance things out.

An alternative might be the use of a marital agreement, like a prenuptial or post-nuptial agreement. The family business may be better protected with the son having an agreement that states that the stock is outside the marital estate and not subject to division in the event of divorce. Of course, the parents can’t force their son to enter into the agreement, but they can stop the gifting spigot if he doesn’t.

Speak with your attorney and look at all your options to find the strategies that will work best for your business and your family.

Reference: Forbes (October 9, 2019) “What Family Businesses Need To Know About Gifting Business Interests”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

What Do I Need to Know About an Irrevocable Life Insurance Trust? – Annapolis and Towson Estate Planning

An irrevocable life insurance trust (ILIT) is a trust that can’t be rescinded, amended, or modified after it’s created. ILITs are made with a life insurance policy as the asset owned by the trust. Once the grantor places property or life insurance death benefits into the trust, she can’t alter the terms of the trust or reclaim any of the properties held by it.

As an alternative to designating an individual beneficiary, ILITs offer several legal and financial advantages to heirs. This includes favorable tax treatment, asset protection, and the assurance that the benefits will be used in a manner concurrent with the benefactor’s wishes.

Investopedia’s recent article, “When Is It a Good Idea to Use ILIT Trust?” says that there are several advantages to ILITs, including state tax considerations, the protection of fiscally-careless beneficiaries from squandering their payouts and the prevention of courts and creditors from accessing the assets.

An ILIT is often used to set aside assets for certain purposes, like paying estate taxes, because these assets themselves aren’t taxable. To do this, the selected assets must be moved into the life insurance trust at least three years before they’re used. If you use a qualified estate planning attorney to create this, the death benefits paid to the ILIT won’t be included in the gross estate of the insured. This is different than when life insurance death benefits are paid to an individual because the proceeds are included in the taxable estate of the decedent.

The ILIT also has asset protection for the beneficiaries if they are involved in a lawsuit. That’s because ILITs aren’t considered to be owned by the beneficiaries. This makes it hard for courts to connect the assets to the beneficiary, making them nearly impossible for creditors to access.

There are some drawbacks to using an ILIT, so carefully consider the pros and cons of creating one. Changes to an ILIT can only be made by the beneficiaries. As a result, the benefactor loses control of the assets prior to death.  ILIT assets also are not taxed as part of the estate, but they are taxed as part of the beneficiaries’ estates, leaving a bigger tax burden to their descendants.

Preparing an ILIT is a sophisticated matter with strict guidelines that must be followed to ensure that it conforms with IRS guidelines. Talk with an experienced estate planning attorney to be sure that it is prepared properly, and that it aligns with your overall estate plan.

Reference: Investopedia (August 5, 2019) “When Is It a Good Idea to Use ILIT Trust?”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

How to Enjoy Life After Retirement – Annapolis and Towson Estate Planning

By the time they reach retirement age, some people are so burned out, bitter, or damaged that they feel incapable of experiencing joy or happiness. After a lifetime of hard work, they are miserable. For many people, the only thing they enjoyed in life was their career. When they stop working, they feel lost and adrift. If you are feeling any of these things, you could use a roadmap on how to enjoy life after retiring.

You have spent the last several decades working to provide for and take care of yourself and your family. The vast majority of your waking hours were spent doing what needed to get done with little time, money, or energy left for doing what you wanted to do.

You might have had to deal with difficult bosses, marital troubles and financial crises. When you look back on your working life, you might feel dissatisfied with the compensation you received for your labors.

Shifting Your Focus

Continuing to approach life the same way you did during your career, might not bring you the happiness you would like in retirement. People who find fulfillment in their golden years often shift their focus from the concerns of making a living and raising a family to exploring other dimensions of life.

Regardless of how well you took care of yourself and how blessed you are with good health, eventually, your body will begin to lose strength and endurance. You can consider this reality a loss or a natural process.

Many people pay more attention to their spirituality or religion after retirement. They think about what matters and step away from things that do not bring them joy. Decluttering your life can be a lot like cleaning out a closet. You get rid of things you no longer need or want and unearth things you forgot were there.

It can be liberating to get away from toxic co-workers who brought you years of stress. You can replace them by looking up old friends or making new ones.

If you feel useless or not needed, you will not have fulfillment. After your career is behind you, it can be hard to figure out who you are and what you can contribute to society.

Finding a type of volunteer work can make you feel valuable and happy. Some people get such a rush from volunteering that they commit to it more than they should. When this happens, the person becomes unhappy and wonders what else to try, thinking that helping others made the volunteer miserable. In reality, being overscheduled made him unhappy. Simply cut back on your activities, until you find the right pace for you.

Everyone has valuable skills to teach others. If you can read, draw, play chess, sew, bake, create a budget, plant a garden, or any other task, someone out there wants to learn what you know. You do not need a Ph.D. to teach others useful life skills.

Be sure to give yourself the free time and solitude you want. Balance those aspects with stimulating social activities to stay connected and keep your brain healthy. You have earned this time, now enjoy it.

References: HuffPost. “How To Find Fulfillment In Life After Retirement.” (accessed October 9, 2019) https://www.huffpost.com/entry/how-to-find-fulfillment-i_b_11887068

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

Make Your Home Safe and Comfortable for You to Age in Place – Annapolis and Towson Estate Planning

You love your house and you want to live in it through your retirement. With intelligent design features, you can make your home safe and comfortable for you to age in place.

With the right information and professionals, you can create a beautiful yet functional space for your golden years. Do not assume you will have to relocate just because you reach a certain age.

Assisted living facilities and other forms of long-term care centers are usually far more expensive than living at home and getting a little help with tasks like the yard work and house cleaning. Of course, if you have significant medical needs, aging in place might not be an appropriate option for you. You and your doctor should talk about your needs and options.

Whether to Do New Construction or Retrofit Your Existing Home

If you have a much larger house than you need and your children have now grown up and moved away, you might save yourself a lot of money by selling that home and having a house built that incorporates all the features you want for aging in place. You should only have the square footage you need on a daily basis for your golden years home to be cost-effective and something you can maintain.

It can be hard for people to let go of hosting the family get-togethers, but one reaches a point at which the next generation should take on this responsibility. Having square footage that goes unused most of the year will put a drain on your future budget. When you downsize the square footage, you should only keep the furniture you will need in the new space. Trying to cram too much stuff into a smaller space will make your home crowded and take away the beauty and function.

Whether you are having a new, smaller house built or retrofitting your existing home, you should discuss these essential features with your contractor:

  • Entries should not have steps. Multiple levels will be hard to navigate if you become less mobile and steps are a tripping hazard.
  • Stairs can be dangerous, especially if you use a cane or walker or if you take medications that can affect your balance. You should have a one-story house with no second floor and no basement.
  • Your faucets and door handles should be levers, not knobs. It can be hard to grip and turn knobs, particularly with arthritis or weakness of the hands.
  • All interior and exterior doorways should be at least 36 inches wide, and hallways should be 48 inches wide. You will not be able to get a wheelchair through a narrow door or hallway.
  • Make sure you can reach all the power outlets and switches from both a sitting and standing height.
  • Talk with your contractor about the recommended counter height for your situation.
  • A lower height sink in the kitchen and bathroom can make many tasks easier and safer. A 30-inch height with open space under the sink is ideal.
  • Your shower should have a no-step entry.
  • Make sure that your contractor uses the Aging-in-Place Remodeling Checklist of the National Association of Home Builders.

Depending on the circumstances, it might be less expensive to sell your existing house and have a smaller one built, rather than to make extensive modifications to an older home for you to age in place.

References: HuffPost. “Designing A Home ot Age In Place, With Grace.” (accessed October 9, 2019) https://www.huffpost.com/entry/designing-a-home-to-age-in-place-with-grace_b_5791390ce4b0a86259d1029e

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

How Can Beneficiary Designations Wreck My Estate Plan? – Annapolis and Towson Estate Planning

It’s not uncommon for the intent of an individual’s will and trust to be overridden by beneficiary designations that weren’t chosen carefully.

Some people think that naming a beneficiary should be a simple job and they try to do it themselves. Others don’t want to bother their attorney with what seems like a straightforward issue. A well-intentioned financial advisor could also complete the change of beneficiary form incorrectly.

Beneficiary designations are often used for life insurance and retirement benefits, but more frequently, they’re also being used for brokerage and bank accounts. People trying to avoid probate may name a “payable on death” beneficiary of an account. However, they don’t know that doing this may undermine their existing estate plan. It’s best to consult with your attorney to make certain that your named beneficiaries are consistent with your estate planning documents.

Wealth Advisor’s “7 Ways That Beneficiary Designations Can Mess Up Your Estate Plan” lists seven issues you need to think about when making your beneficiary designations.

Cash. If your will leaves cash to various people or charities, you need to make certain that sufficient money comes into your estate so your executor can pay these gifts.

Estate tax liability. If assets do pass outside your estate to a named beneficiary, make certain there will be sufficient money in your estate and trust to pay your estate tax lability. If all your assets pass by beneficiary designation, your executor may not have enough money to pay the estate taxes that may be due at your death.

Protect your tax savings. If you have created trusts for estate tax purposes, make sure that sufficient assets flow into your trusts to maximize the estate tax savings. Designating individuals as beneficiaries instead of your trusts may defeat the purpose of your estate tax planning. If there aren’t enough assets in your trust, the estate tax provisions may not work. As a result, your heirs may eventually end up paying more in taxes.

Accurate records. Be sure the information you have on the change of beneficiary form is accurate. This is particularly important if the beneficiary is a trust—the trust name, trustee information and tax identification number all need to be right.

Spouses as beneficiaries. Many people name their spouse as the primary beneficiary of their life insurance policy, followed by their trust as the secondary beneficiary. However, this may defeat your estate planning, especially if you have children from a first marriage, or if you don’t want your spouse to control the assets. If your trust provides for your surviving spouse on your death, he or she will be taken care of from the trust.

No last minute changes. Some people change their beneficiary designations at the last minute because they’re nervous about assets flowing into a trust. This could lead to increased estate tax payments and litigation from heirs who were left out.

Qualified accounts. Don’t name a trust as the beneficiary of qualified accounts, like an IRA, without consulting with your attorney. Trusts that receive such qualified money need to contain special provisions for income tax purposes.

Be sure that your beneficiary designations work with your estate planning rather than against it.

Reference: Wealth Advisor (October 8, 2019) “7 Ways That Beneficiary Designations Can Mess Up Your Estate Plan”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

How Can I Make Amendments to an Estate Plan? – Annapolis and Towson Estate Planning

If you want to make changes to your estate plan, don’t think you can just scratch out a line or two and add your initials. For most people, it’s not that simple, says the Lake County Record-Bee’s recent article “Amending estate planning documents.” If documents are not amended correctly, the resulting disappointment and costs can add up quickly.

If you live in California, for example, a trust can be amended using the method that is stated in the trust, or alternatively by using a document—but not the will—that is signed both by the settlor or the other person holding the power to revoke the trust and then delivered to the trustee. If the trust states that this method is not acceptable, then it cannot be used.

In a recent case, the deceased settlor made handwritten notes—he crossed out existing trust language and handwrote his revisions to a recently executed amendment to his trust. Then he mailed this document, along with a signed post-it note stuck on the top of the document, to his attorney, requesting that his attorney draft an amendment.

Unfortunately, he died before the new revision could be signed. His close friend, the one he wanted to be the beneficiary of the change, argued that his handwritten comments, known as “interlineations,” were as effective as if his attorney had actually completed the revision and the document had been signed properly. He further argued that the post-it note that had a signature on it, satisfied the requirement for a signature.

The court did not agree, not surprisingly. A trust document may not be changed just by scribbling out a few lines and adding a few new lines without a signature. A post-it note signature is also not a legal document.

Had he signed and dated an attachment affirming each of his specific changes made to the trust, that might have been considered a legally binding amendment to his trust.

A better option would be going to the attorney’s office and having the documents prepared and executed.

What about changes to a will? Changing a will is done either through executing a codicil or creating and executing a new will that revokes the old will. A codicil is executed just the same way as a will: it is signed by the testator with at least two witnesses, although this varies from state to state. Your estate planning attorney will make sure that the law of your state is taken into consideration when preparing your estate plan.

If you live in a state where handwritten or holographic wills are accepted, no witnesses are required and changes to the will can be made by the testator directly onto the original without a new signature or date. Be careful about a will like this. Even if legal, it can lead to estate challenges and family battles.

Speak with an experienced estate planning attorney if you decide that your will needs to be changed. Having the documents properly executed in a timely manner ensures that your wishes will be followed.

Reference: Lake County Record-Bee (October 5, 2019) “Amending estate planning documents.”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

How to Keep Giving After We Are Gone – Annapolis and Towson Estate Planning

Americans are a generous people, giving of our time and resources through donations and volunteering. However, according to the article “Charitable conundrum: Why do we give up on giving at death?” from the Austin Business Journal, less than one out of nine individuals include a charitable donation as part of their estate plan.

Why do we stop giving at death? We know that the causes we care about continue to work after we are gone. There are many reasons for this, but perhaps the biggest reason behind his omission is that we tend to avoid estate planning. It’s an emotional challenge, preparing in a very real way to leave the world we enjoy with our loved ones. It’s not as much fun as going fly fishing or playing with the grandchildren.

Here are a few ways to include charitable giving in your estate plan, even when you aren’t having your estate plan created or reviewed.

Charitable beneficiaries. You can make a charity a partial beneficiary of a retirement account. They can be added as a primary beneficiary or as a contingent beneficiary. These changes can be made simply by contacting the custodian of the account and following their instructions for changing beneficiaries. Note that in certain states, spousal approval is required for any beneficiary changes. You can use this opportunity to also update your beneficiaries.

There’s a tax benefit in doing this. Charitable beneficiaries do not have to pay income tax on retirement distributions, although individuals do. Depending on the income level of an individual beneficiary, an heir could lose more than 40% of the inherited retirement account to state and local taxes.

The addition of a charitable beneficiary may restrict the ability for family members to stretch the receipt of retirement assets over time. Check with your estate planning attorney to make sure your good deed does not cause a hardship for family members.

Create a charitable IRA of your own. Another way to use retirement funds for a donation, is to roll some assets out of a main retirement account into a smaller retirement account with only charitable beneficiaries. Instead of consolidating accounts, you are doing the opposite, but for a good reason. This will allow you to manage the amount of money being left to the charity and take required or discretionary distributions from whichever account you choose.

Life insurance and annuities. Both of these vehicles use beneficiary designations, so the same strategy can be used for these accounts. Typically, the annuity must still be in the deferral state—not annuitized—and the life insurance contract must allow for changes to be made to the beneficiaries, which is true for most accounts. Note that life insurance proceeds are non-taxable to individuals and charities and annuity proceeds are generally partially tax-free to individual heirs (amount of basis in the contract).

Talk with your estate planning attorney about the optimal strategies for making charitable giving part of your estate plan. Your situation may differ and there may be other ways to maximize the wealth that is shared with charities and with your family.

Reference: Austin Business Journal (October 2, 2019) “Charitable conundrum: Why do we give up on giving at death?”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

For Immediate Release

Contact: Jane Frankel Sims

410-828-7775

Contact: Frank Campbell

410-263-1667

Sims & Campbell Estates and Trusts

Frankel Sims Law and Holden & Campbell
Merge to Form Sims & Campbell

Firm will offer comprehensive Trusts & Estates services through offices in Towson and Annapolis

TOWSON, Md. (April 26,2019)  Frankel Sims Law and Holden & Campbell have jointly announced the merger of their firms to create a boutique Trusts & Estates law firm providing comprehensive services in the fields of Estate Planning, Estate Administration, Trust Administration and Charitable Giving. The combined firm will be named Sims & Campbell and have offices in Towson, Md. and Annapolis, Md.  Jane Frankel Sims and Frank Campbell will lead and hold equal ownership stakes in the firm.

Sims & Campbell will have 9 attorneys and 15 legal professionals that handle every facet of estate and wealth transfer planning, including wills, revocable living trusts, irrevocable trusts, estate and gift tax advice, and charitable giving strategies.  The firm will focus solely on Trusts & Estates but will serve a wide range of clients, from young families with modest resources to ultra-high net worth individuals.  This allows clients to remain with the firm as their level of wealth and the complexity of related estate and tax implications change over time. 

“By joining forces, we have expanded our footprint to conveniently serve clients in Maryland, D.C. and Virginia” said Jane Frankel Sims.  We are seeing some of the greatest wealth transfer in our country’s history, and we want to continue to be on the leading edge of helping our clients maintain and enhance their family’s wealth.  In addition, we aim to serve our clients for years to come, and the new firm structure will allow Sims & Campbell to thrive even after Frank and I have retired.”    

“Jane and I have always admired each other’s firms and recognized the need to provide even greater depth and breadth of focused expertise to help families amass and protect their wealth from generation to generation,” said Frank Campbell.  “Now we have even greater capabilities to make a real difference for our clients.” 

The Sims & Campbell Towson office is located at 500 York Road, on the corner of York Road and Pennsylvania Avenue in the heart of Towson.  The Annapolis office is currently located at 716 Melvin Avenue, and is moving to 181 Truman Parkway in August, 2019.  For more information, visit www.simscampbell.law.