Downs Law Firm, P.C.
Receiving an inheritance can be both a blessing and a source of stress. Knowing the proper steps to take can help you preserve and grow your newfound assets, while avoiding common pitfalls.
The recently passed fiscal year 2025 budget for the State of Maryland includes a range of tax increases and policy decisions, but it appears that Maryland’s state’s inheritance and estate tax laws remain unchanged.
While this proposal is still subject to legislative approval, if enacted, it would expand the number of estates subject to Maryland estate tax, potentially increasing the tax burden on families and heirs. If your assets exceed $2 million, now is the time to reassess your estate plan and consider tax-saving strategies.
Dealing with death is never easy and overseeing the estate can be complicated. However, staying organized can help you manage things smoothly.
Navigating the often complex world of inherited individual retirement accounts (IRAs) can be daunting, especially in the wake of losing a loved one.
One of the most significant changes Americans will soon see is the sunsetting of tax laws under the Tax Cuts and Jobs Act (TCJA) of 2017.
It turns out it’s not just in the movies that you can get a huge inheritance from that uncle you never knew about.
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.
When Aretha Franklin died in 2018, a powerful creditor came calling: The Internal Revenue Service.
An unmarried couple needs to create an appropriate estate plan. If they truly want inheritance rights, they need to execute testamentary documents, such as wills.
