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.
Paley Rothman was honored to host a lively question and answer lunch with Maryland Comptroller Peter Franchot along with several other officials from the Comptroller’s office on Friday, June 5. Comptroller Franchot and his colleagues graciously answered many questions raised by the attorneys here.
Federal and state estate laws have recently undergone significant changes. As fewer individuals become subject to the estate tax, the estate tax driven plans of the past may need to be modified.
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.
In December 2010, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act became law. It keeps the 2010 income tax rates in place for 2011 and 2012 and maintains many of the other so-called “Bush tax cuts.” The new legislation also makes several important (and surprising) changes to the federal estate tax laws. Unfortunately, most of the provisions of the new law expire after 2012 and those favorable changes will remain in place only if future legislation is passed.
As most people know by now, the federal estate tax was repealed as of January 1, 2010. This actually was part of the much acclaimed “death tax” repeal enacted in 2001, but most tax experts never thought the repeal would make its way into law. They said the deficit is too great, the budget has to be balanced, tax revenues are needed to pay for TARP, etc. Congress had tried on several occasions to pass some sort of compromise bill, yet it never happened. What a surprise; politics got in the way of effective governing. Yet that’s a topic for another day.