A Boutique Trusts & Estates Law Firm

IRA Charitable Contribution Tax Break Scheduled to End

Thursday, December 12th, 2013

If you are over 70 and 1/2 years old, you are required to take a minimum amount from your traditional IRA every year before December 31. This withdrawal (called the Required Minimum Distribution, or RMD) is taxed at your current income tax rate. If you are in a situation where you do not need your RMD income, if your tax bracket is still high, or if the RMD will push you into a higher tax bracket, there is another option for your RMD.

Set to expire on December 31, 2013, section 408(d)(8) of the Internal Revenue Code allows for Qualified Charitable Distributions (“QCD”) directly from your IRA to a charity of your choice. You can give up to $100,000 of your RMD, a portion of your RMD, or any amount above your RMD. While you cannot take a charitable deduction for this amount, the amount that you give to the charity does not count toward your adjusted gross income.

If you are thinking about making a QCD from your traditional IRA, please contact your accountant or financial professional.

You can read more about QCDs here in an article by Forbes’ Deborah L. Jacobs or view the text of IRC 408(d)(8).

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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.