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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.

Estate & Trust Administration, Estate Planning

New Virginia Trust Legislation Offers Creditor Protection

On April 4, 2012, Governor Bob McDonnell signed into law new trust legislation which provides additional opportunities for Virginia and non-Virginia residents to achieve creditor protection. Effective July 1 of this year, a person may create a self-settled spendthrift trust into which the settlor (otherwise known as the person creating the trust) irrevocably transfers assets to a trust, and the assets are protected from claims of the settlor’s creditors, provided the settlor is a discretionary beneficiary and there is at least one other beneficiary of the trust.

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Estate & Trust Administration, Estate Planning

MD Inheritance Tax Exemptions – Domestic Partners

The Maryland Code exempts from inheritance tax all property received by the spouse of a deceased Maryland resident. It also exempts property that passes from a decedent to or for the use of, among others, the decedent’s children, grandchildren, the spouse of a child of the decedent, the spouse of a lineal descendant of a child of the decedent and the brother or sister of the decedent.

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