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.
Each year, hundreds of thousands of older persons are abused, neglected and exploited. The victims are often older, frail and vulnerable and cannot help themselves. Elder Abuse, as the Administration on Aging notes, is a term referring to “any knowing, intentional, or negligent act by a caregiver or any other person that causes harm or a serious risk of harm to a vulnerable adult.”Read More
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
On May 15, 2014, the Governor of Maryland signed legislation that affords homestead tax credits for principal residences that are owned in the name of a trust. To qualify for the tax credit, the settlor, grantor or beneficiary of the trust cannot pay rent or other remuneration to live in the dwelling and legal title to the dwelling must be held in the name of the trust or the trustees.Read More
Today, May 15, 2014, HB0739 (Maryland Estate Tax – Unified Credit) and HB0083 (Maryland Trust Act) were approved by the Maryland Governor. The former, which increases the Maryland Estate Tax incrementally over the next several years (see Will the Estate Tax Exemption in MD Increase?), was enacted as Chapter 612.Read More