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Tax and Estate Planning

The Elephant in the Room (August 2020)
This Client Alert provides an early peak into potential significant tax changes coming in 2021. The changes could be made retroactive to January 1, 2021, and therefore taxpayers should begin thinking now about how to respond since it may become necessary for enhanced planning later this year.

What Happens When Children Fly the Coop? (February 2020)Whether enrolled in college, working in a job, taking a gap year, or traveling, parents lose their legal rights to assist a child when the child turns age 18 and becomes an adult. The sad reality is that this could impede efforts to help a child during a time of need. The Client Alert describes three documents that any young adult should have in place: Durable Medical Power of Attorney with HIPAA Authorization, Living Will and Financial Durable Power of Attorney.

Important Change Made by the 2019 SECURE Act to RMD Rules (December 2019)This Client Alert describes an important change made to the required minimum distribution rules by the 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act. The required minimum distribution rules used to permit distributions over the life expectancy of a designated beneficiary. Now, the general rule is that after an employee plan participant or IRA owner dies, the remaining account balance must be distributed to designated beneficiaries within 10 years after the death of the employee plan participant or IRA owner.

Landmark Supreme Court Sales Tax Decision Affects Many Online Retailers (June 2018)On June 21, 2018, the US Supreme Court in the case of South Dakota v. Wayfair, Inc. upheld a South Dakota law that redefined the substantial nexus test. The new test changes the focus for establishing state sales tax nexus. Now, the requirement to collect taxes for sales into a particular state is no longer based upon having a physical presence in such state. The new law focuses more on a volume of sales test and will force many more internet retailers to begin collecting sales taxes.

New Deduction Applicable To Pass-Through Entities (December 2017) On December 22, 2017, President Trump signed into law the Tax Cut and Jobs Act of 2017. One of the most important provisions of the Act provides a significant new deduction applicable to pass-through entities. This Client Alert explores the new deduction, including various limitations on its applicability.

New Creditor Protection Planning Techniques in Virginia and Maryland (May 2012)This Client Alert discusses Virginia’s recent adoption of a trust statute allowing for protection of a grantor’s assets and Maryland’s recent adoption of a tenants by the entireties trust statute.

The Importance of an Estate Plan (March 2010)Many people lack adequate estate plans because the need for an estate plan was never properly described or understood. This document describes the benefits of an estate plan in an easy-to-read question and answer format.

Recent Developments in Estate Planning (December 2007)This Client Alert discusses some important developments in estate planning that may necessitate changes in your documents.

New Rules on Taxation of Deferred Compensation (June 2006)The American Jobs Creation Act of 2004 enacted a new Internal Revenue Code Section (409A) that significantly changes the manner in which deferred compensation is taxed. The Client Alert discusses the changes made by Section 409A.

Coping With the Strict New Rules on Non-Qualified Deferred Compensation (June 2006)New Section 409A and the accompanying Prop. Regs. substantially tighten the tax rules governing non-qualified deferred compensation. Failure to comply with these rules can cause immediate taxation of the amount deferred, plus interest and penalties.

Income Tax and Estate Planning for Retirement Benefits (September 2000)THIS ARTICLE HAS NOT BEEN UPDATED TO REFLECT SIGNIFICANT CHANGES TO PROPOSED REGULATIONS DISCUSSED IN THE ARTICLE. The Article still, however, presents a good overview of the choices faced when planning for IRA and qualified plan distributions.

Avoid the Employment Tax Delinquency Trap (October 1996)The IRS can assert personal liability for some withholding taxes.