A Boutique Trusts & Estates Law Firm

Fiscal Cliff Information for our Clients

Friday, November 30th, 2012

Every time we turn on the television or browse the internet, there is another report on the “Tax Cliff.” The Tax Cliff is the expiration of the tax cuts passed during the administration of President George W. Bush, as well as the 2% payroll tax holiday passed by President Obama.

The Tax Cliff is caused by:

  • The expiration of current tax brackets and rates;
  • An increase in the capital gains tax rate;
  • The enactment of taxes in the Health Care Act;
  • A phase-out of itemized deductions and the personal exemption;
  • Reinstatement of the “marriage penalty”;
  • Loss of the alternative minimum tax patch;
  • Reduction of family tax credits; and
  • A loss of deductions related to education.

Our clients should also be aware that the current Estate, Gift and Generation-Skipping Transfer tax exemption amounts will revert to 2001 levels as charted below.

If your taxable estate exceeds $1 million, (which may include your home, insurance policies, retirement accounts, brokerage accounts, etc.) your estate may be subject to both Maryland and Federal Estate tax in 2013 and beyond. The transfer of assets prior to the end of 2012 could save your family millions of dollars in estate tax.

If your taxable estate exceeds $5 million, we encourage you to contact our office as soon as possible regarding gifting opportunities prior to January 1, 2013.

YearEstate Tax ExemptionMaximum Estate Tax RateGift Tax ExemptionMaximum Gift Tax RateGeneration-Skipping Transfer (GST) Tax ExemptionMaximum
GST Tax Rate
2012$5.12 million35%$5.12 million35%$5.12 million  35%
2013 (without a change in the law)$1 million55%(60% in some cases)$1 million55%(60% in some cases)$1.4 million(estimated)55%
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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.