These small business owners and employees took saving for their retirement seriously and now stand to have their beneficiaries face disastrous income tax treatment by changing the rules in the last 5 minutes of the game.Read More
The Paley Rothman Blog
Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our attorneys.
Generally each year, the IRS makes cost of living adjustments to many of the limits on benefits from — and contributions to — qualified and non-qualified retirement plans. Recently, the IRS announced the 2016 cost-of-living adjustments for pension plans and retirement-related items.Read More
Maryland businesses take note – the Maryland Senate and House are each considering bills which, if passed, would require businesses employing 5 or more employees to offer a qualified retirement plan (read: 401(k) or IRA) or join a state-created pool retirement fund. If the law takes effect, Maryland will be the first state in the nation to impose mandated retirement savings.Read More
You have just spent months working with your lawyer to draft an estate plan that suits your needs. You created one trust for your beloved second wife and another trust for your equally beloved children from your first marriage. In order to take advantage of the unlimited marital deduction currently available under the federal estate tax laws, you have made your kids the beneficiaries of your current wife’s marital trust upon her death. She will hopefully live a long time and be able to enjoy the benefits of your successful career and when she dies there will still be assets to provide for your children.Read More
As we previously reported, on June 26, 2013, in the case of U.S. v. Windsor, the U.S. Supreme Court held that Section 3 of the Defense of Marriage Act (DOMA) – which defined “marriage” as “only a legal union between one man and one woman as husband and wife” and “spouse” as only “a person of the opposite sex who is a husband or a wife” – was unconstitutional under the Fifth Amendment.Read More