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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. 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.

Estate & Trust Administration, Estate Planning

FAQ: What are the federal, Maryland, D.C., and Virginia estate and gift tax exemptions for 2022?

The federal estate and gift tax exemption is currently $12,060,000 per person. Due to annual inflation adjustments, this amount is expected to increase to $12,900,000 in 2023. Additionally, it is anticipated that the annual gift exclusion amount will be raised from $16,000 per donee to $17,000 per donee in 2023.These changes will create additional planning opportunities for individuals and families wishing to make tax free gifts.

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Estate Planning

Knock, Knock. Who’s There? The IRS and We’d Like to Come In and Speak with You at Your Home

Haven’t filed a tax return in a while and earn over $100,000? You won’t be able to hide for long. Recently, the Internal Revenue Service announced it will be stepping up efforts by “drop-in” visits to the homes of high-income taxpayers who have failed to file tax returns in prior years in an effort to increase tax compliance and further enforce collection. Sometimes the drop-ins are even unannounced.

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