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. The information in the blogs and articles is not a substitute for legal advice and should not be relied on as such. Should you have any questions or want legal advice, please contact the attorney who wrote the blog or article.
Financial powers of attorney, while sometimes helpful, are not always perfect solutions to the problem of reduced capacity, or even the convenience of allowing someone else, often a spouse or child, to manage one’s finances.
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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).
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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.”
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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.
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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.
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