Downs Law Firm, P.C.

Estate Planning

Prince George's County Elderly Tax Credit

Prince George’s County Elderly Tax Credit for Seniors

There is a new Prince George’s County Elderly Tax Credit, which may save Seniors 20% on their tax bills. For many senior citizens residing in Prince George’s County, Maryland, the burden of property taxes can sometimes prove challenging. However, the county understands the significance of supporting its elderly residents and has introduced a valuable tax credit designed to help lessen seniors’ financial strain. Understanding the Prince George’s County Elderly Tax Credit: The Prince George’s County Elderly Tax Credit is a local initiative to relieve senior homeowners aged 65. This program has been developed to ensure that older residents can continue to afford their homes and remain part of the community they have contributed to over the years. Eligibility Criteria: To be eligible for this credit, the applicant must meet the following criteria as of June 30, 2023, to receive the credit for Fiscal Year 2024, which is tax billing period July 1, 2023 – June 30, 2024: At least one homeowner is age 65 and over, AND The same homeowner has resided at the property for which the credit is sought for at least the previous 10 fiscal years, AND The assessed value of the property does not exceed $500,000, AND The application is received by October 1, 2023. The application process for this Tax Credit can be done easily online. Click here to proceed with the process. If you are eligible, please proceed. Also, pass this on to others you know who could benefit. It may prove to be a blessing, especially for those on fixed incomes.  

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Alzheimer's medication

A New Alzheimer’s Medication Wins FDA Approval

Lecanemab (sold under the brand name Leqembi) helps reduce amyloid plaques in the brain, which are hallmarks of Alzheimer’s disease. Prevention’s recent article, “All About Lecanemab, the New FDA-Approved Alzheimer’s Drug,” reports that the drug was approved in January under the FDA’s Accelerated Approval pathway. This process allows the organization to approve drugs for serious…

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Losing the Irreplacable

My Mother has been the rock in my world since I was born and was always a loving, firm presence, who delivered wisdom to me. Not always solicited. I have always known she wanted only the best for me. She was a guide, mentor, and also the dearest friend. 

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Trust Step-Up Basis

Completed Gifts to Grantor Trust Step-Up Basis

On March 30, 2023, the Internal Revenue Service issued Revenue Ruling 2023-2, which directly impacts a wide range of irrevocable trusts, including grantor retained annuity trusts, qualified personal residence trusts, insurance trusts and other intentionally defective ‘grantor trusts.’

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