A Boutique Trusts & Estates Law Firm

*ALERT* Changes to Maryland Estate Tax Exemption for 2019

New Law:

On April 5, 2018, the Maryland General Assembly voted to hold the Maryland estate tax exemption at $5,000,000 per person beginning in 2019 and without adjustment for inflation thereafter. In addition, for the first time, married couples in Maryland will be allowed to share their exemptions. In light of the new law, it is especially important to review your estate planning documents.

History:

In 2014, the Maryland General Assembly passed a law that was intended to gradually increase the Maryland estate tax exemption annually until 2019, when the Maryland estate tax exemption was scheduled to match the federal exemption amount. However, the federal government temporarily raised the federal estate tax exemption to $11,180,000 per person in 2018. The Maryland General Assembly had not anticipated such an increase in the federal exemption, and in reaction, passed a law decoupling the Maryland estate tax exemption from the federal estate tax exemption, as described above.

Recommendations:

Because of Maryland’s new, lower estate tax threshold, it is especially important for Maryland residents to obtain legal advice to ensure that they take steps to minimize their potential Maryland estate tax liability. Furthermore, the recent changes to Maryland’s estate tax law may make it necessary to revise existing estate plans to ensure that they continue to achieve their desired goals. In many circumstances, the new law will allow for the simplification of existing estate plans. Feel free to contact us if you have questions about how the new Maryland estate law may affect you.

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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.