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.
A parent of a child with special needs lives with very real obstacles and challenges. Thoughtful deliberation and extensive research, combined with insight and guidance from trusted professionals and advisors, are essential to developing an effective estate plan that provides adequately for the future of a special needs child.
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The Obama Administration recently released its 2013 Revenue Proposals (the “Green Book”), a number of which are designed to limit certain gift and estate planning opportunities that are currently available. Here is a brief overview of some of the relevant proposals:
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One of the most important parts of any estate plan is providing for your health care treatment in case you become disabled and cannot make medical decisions yourself. You may already have signed an Advance Directive, designating someone (a “health care agent” ) to make medical decisions for you, and also stating your wishes for the withholding of medical treatment in extreme situations.
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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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In December of 2010, Congress and President Obama came to a compromise on a series of tax law changes affecting income, estate, gift and generation skipping taxes. (For a summary of the more salient changes, see the “Estate & Gift Tax Laws Provide Benefits For Now” blog post by Jeff Kolender, chair of the firm’s Estate Planning and Estate & Trust Administration practice groups.) These modifications generally had the effect of further extending, and in several important aspects, substantially expanding estate tax planning opportunities for many taxpayers. They adopted the now common and dreaded “sunset” provisions of recent tax law, which means that, without further legislative action, these favorable changes will by and large expire and be lost, in this case, at the end of 2012.
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