Bobby’s Blog

Estate Tax Savings – Inflation’s Golden Lining?

The inflation rate in the United States hit 8.2 percent year over year in the month of September meaning it is at a multi-decade high, according to NBC News. The spike in inflation has caused pain for many Americans due to the increase in food prices, housing prices, and medical care. However, there may be a golden lining to the ever-increasing inflation rate - reduced estate taxes. Reports indicate inflation could actually help save high-net-worth individuals close to $700,000 by reducing the estate tax bill that’s imposed on their assets when they pass on. How Inflation Impacts Estate Taxes Many people do not...

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Does Virginia Recognize Wills from Another State? Ashburn Estate Planning Lawyer Provides the Answer

[vc_row triangle_shape="no"][vc_column][vc_column_text] According to migration data tracked by the U.S. Census Bureau, more than 264,000 people relocated to the Commonwealth of Virginia from another state in recent years. This likely means thousands of people who drafted a Will in another state will need to get the answer to an important question: Does Virginia recognize a Will drafted and notarized in a different state? Here is the answer: A Last Will and Testament created and effectuated in a different state will generally be considered valid in Virginia if it meets the legal requirements. Requirements to Create Legally Enforceable Will in Virginia If you do not...

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Battle for Baltimore’s Professional Baseball Future Will Be Determined by Estate Planning

Whether the Orioles professional baseball franchise is going to remain in Baltimore, Maryland is now an open question in the wake of lawsuit filed by Louis “Lou” Angelos (son of beloved team owner Peter Angelos) against his mother and brother. Lou Angelos filed his complaint with a Baltimore County court on June 9, 2022 demanding recent amendments to a family trust be voided. In addition, the complaint demand that his aforementioned brother, John Angelos (current CEO of the Orioles) be held liable for fraud and intentionally interfering with Lou Angelos’ inheritance. Proverbial Dirty Laundry Aired in Public When an estate-related dispute arises and is allowed to...

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Which Trust is Best for Leaving a Portion of Your Estate to a Charity?

When planning your estate, you may want to leave some money to a charity you support. If you are charitably inclined, there are two types of trusts you should consider utilizing to protect yourself from excessive taxation and maintaining the value of your future charitable donation. The two trust options include (i) the charitable lead trust and (ii) the charitable remainder trust. What is a Charitable Lead Trust? Compared to a charitable remainder trust, the roles are basically reversed when you set up a charitable lead trust. The charitable beneficiary will receive annual payments from the trust at the beginning of the...

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InSights from February 27, 2021 Annual Client Meeting

The Annual Client Meeting is a key component of the Insight Law Maintenance Program. We are in the 13th year of hosting these meetings and have found them to be incredibly helpful to both the firm and our clients. The objective of the Annual Client Meeting is to ensure we stay connected with our clients and they stay educated on their estate plan. https://www.youtube.com/watch?v=LMOxNtQRDBk...

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You Were Named the Executor or Administrator of an Estate – What To Expect

When someone is designated as a personal representative for an estate, their mind is often inundated with questions and concerns about what they are legally obligated to do. In many instances, personal representatives are named an Executor/Executrix or an Administrator/Administratrix. Similarities and Differences between an Administrator and an Executor You may be wondering, "What is different from being named an Administrator versus an Executor?" Well, an Administrator is the individual appointed by a court to oversee an estate when someone passes away without a Last Will and Testament. In contrast, an Executor is the individual named by a decedent in their estate...

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Streamlined Loan Forgiveness Application Now Available for PPP Borrowers

If you received a loan totaling $50,000 or less through the Paycheck Protection Program, the administrative burden associated with applying for forgiveness is now much lighter. The Small Business Administration recently issued Form 3508S, which is a far simpler loan forgiveness application, especially in comparison to the original 3508 form and even the 3508EZ form. For example, Form 3508S is a single page and requires very little paperwork when applying for PPP loan forgiveness. Small business owners who borrowed $50,000 or less will need to certify the following: Loan funds were used for eligible expenses; Payroll costs were at least...

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Presidential Debate Highlights Differences in Tax Policy

The first debate of the 2020 presidential election took place recently and it was…unique. It's fair to say this was a norm-shattering debate that ran high on emotions and low on substantive discussions pertaining to federal policy. It was not particularly entertaining, but it was revealing in certain moments. The issue of taxes is one prominent example that highlights the stark differences between the candidates. Let's take a look at each candidate's proposals when it comes to tax policy. Joe Biden's Tax Proposals The Biden campaign released a number of policy papers, including Vice President Biden's plan regarding taxes. If elected, Joe Biden...

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Info You Need to Know – Estate Taxes Levied at Both the State and Federal Level

I recently published a blog discussing the potential modifications to the federal estate tax and the push to have the federal estate tax exemption revert to "historic norms." It appears some states may be targeting their own estate tax exemptions in an effort to raise additional revenue. For example, the D.C. Council approved the Budget Support Act of 2020 containing a number of significant tax changes, including a change to the D.C. estate tax exemption. Specifically, when someone passes away in D.C. on or after December 31, 2020, their estate would be exempt from the D.C. estate tax up to $4 million. This is...

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Estate Tax Exemption May Be Modified Post-Election

Former Vice President Joe Biden released a 110-page economic plan that included significant modifications to the estate tax exemption, in addition to other tax policies that could impact your estate. Modifying the Estate Tax Exemption Biden’s economic plan would seek to return the estate tax exemption to "historical norms." This is a nuanced way of saying that the estate tax exemption should be reduced back to close to $5 million, rather than where the exemption is currently set at closer to $12 million. The tax reform legislation that was passed recently included a doubling of the estate tax exemption. Specifically, the estate tax...

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