The Supreme Court has unanimously ruled that inherited IRAs do not qualify for a bankruptcy exemption; that is, they are not protected from creditors in bankruptcy. Clark, No. 13-299 (June 12, 2014).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.
On June 4, 2014, Ron Lundquist, a senior program analyst for the IRS's Small Business/Self-Employed Division reminded Taxpayers to be aware of possible Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts.Read More
The Maryland Senate passed a bill that increases the estate tax exemption gradually over the next 5 years, at which time the exemption will be tied to the federal exemption amount. The federal exemption is indexed for inflation, and is expected to approach $5.9 million by 2019. The House voted to pass the same legislation earlier this month. Governor Martin O’Malley is expected to sign the bill into law.Read More
On second reading, the Maryland Senate preliminarily approved legislation increasing the Maryland estate tax exemption for individuals dying after 2014. Senate Bill 602 was amended to increase the Maryland estate tax exemption gradually over the next five years to the federal estate tax exemption as follows:Read More
Not quite, to be sure, but the Maryland House of Delegates passed House Bill 739 (“Maryland Estate Tax – Unified Credit”) increasing the Maryland estate tax exemption (the amount an individual can pass free of Maryland estate tax) gradually over the next five years to the federal estate tax exemption. This bill now moves to the Maryland Senate.Read More