Downs Law Firm, P.C.
The recently passed fiscal year 2025 budget for the State of Maryland includes a range of tax increases and policy decisions, but it appears that Maryland’s state’s inheritance and estate tax laws remain unchanged.
While this proposal is still subject to legislative approval, if enacted, it would expand the number of estates subject to Maryland estate tax, potentially increasing the tax burden on families and heirs. If your assets exceed $2 million, now is the time to reassess your estate plan and consider tax-saving strategies.
Legal tools like power of attorney and healthcare directives are essential in forming a proactive legal strategy for cognitive decline.
With good planning, unmarried couples can receive many of the same legal protections as married couples when it comes to inheritance and taxes.
In the realm of estate planning, a common adage rings true: “Failing to plan is planning to fail.” As an experienced estate planning attorney, I’ve witnessed firsthand the turmoil and heartache that can ensue when individuals neglect the crucial step of…
Navigating the often complex world of inherited individual retirement accounts (IRAs) can be daunting, especially in the wake of losing a loved one.
One of the most significant changes Americans will soon see is the sunsetting of tax laws under the Tax Cuts and Jobs Act (TCJA) of 2017.
Even Consumer Reports suggests working with an experienced estate planning attorney to make sure documents are correctly prepared.
No one likes doing taxes, but the task is even more daunting when filing a return for someone who has died.
When Aretha Franklin died in 2018, a powerful creditor came calling: The Internal Revenue Service.
Copyright © IMS. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. Some artwork provided under license agreement.
