Is Estate Tax Exemption Going to Change? – Annapolis and Towson Estate Planning
The new numbers mean that wealthy taxpayers can transfer more to their heirs tax free during life—or at death. A lot more.
Do Gifts Count Toward Estate Taxes? – Annapolis and Towson Estate Planning
A recipient of a gift does not pay income taxes on the gift. However, the gift-giver may pay gift taxes, unless one of two exemptions applies.
How Can I Pass Wealth to My Children and Grandchildren? – Annapolis and Towson Estate Planning
Inherited assets come with benefits, along with some burdens
Why Do People Give to Charities at End of Year? – Annapolis and Towson Estate Planning
With a draft bill from the House Ways and Means Committee on the table, all signs suggest that higher income taxes could be right around the corner. How they will affect charitable giving remains to be seen.
What Is “Income in Respect of Decedent?” – Annapolis and Towson Estate Planning
When a loved one passes away, it can be an emotional experience. Unfortunately, handling the deceased’s finances can add to this stress.
What Should Small Business Owners Know about Estate Planning? – Annapolis and Towson Estate Planning
Small business owners have their hands overflowing with issues, and they devote most of their time to matters related to the smooth running of the business. Having no time to think about other matters, they do not bother about estate planning for them.
Should I Try Do-It-Yourself Estate Planning? – Annapolis and Towson Estate Planning
Your DIY estate plan might miss important details.
What Exactly Is a Trust? – Annapolis and Towson Estate Planning
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to managing your assets, whether you're trying to shield your wealth from taxes or pass it on to your children.
Do You have to Go through Probate when Someone Dies? – Annapolis and Towson Estate Planning
At some point in your life, you may find yourself an administrator, a beneficiary or a creditor of a probate estate. You may even want this information for planning your own estate.
Does Your State Have an Estate or Inheritance Tax? – Annapolis and Towson Estate Planning
In addition to the federal estate tax, with a top rate of 40 percent, some states levy an additional estate or inheritance tax. Twelve states and the District of Columbia impose estate taxes and six impose inheritance taxes. Maryland is the only state to impose both.