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Category Archives: Wills & Estates

Blended Families: The Not-So-Simple Estate Plan

By Berman | Sobin | Gross LLP |

Blended families, or families that consist of a couple and their children from this and/or previous relationships, may not realize the estate plan they currently have in place doesn’t fit their needs. It is common that blended families will arrange their finances as if their estate is your average estate plan when, in fact,… Read More »

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Preparing for a Grand Exit

By Berman | Sobin | Gross LLP |

Are you a small business owner? If so, you may love your job so much, that retirement, death, or incapacity are the furthest thoughts from your mind. While you may not intend to exit the business in the near future, have you considered the possibility of what might happen if you have to unexpectedly… Read More »

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The Do Not Resuscitate (DNR) Order Has Been Replaced With the New and Improved MOLST Form in Maryland

By Berman | Sobin | Gross LLP |

When it comes to protecting your loved ones, we encourage you to have an Advance Directive (See Get an Advance Directive: Don’t Be a Headline; Should I get an Advance Directive, a Living Will or a Health Care Power of Attorney?). Having an Advance Directive is effective in explaining your wishes and giving someone… Read More »

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Preparing For the Death of a Loved One: 7 Practical Recommendations

By Berman | Sobin | Gross LLP |

This is not an easy time and, emotionally, there is not much that your lawyer can do to help. What we can to is to assist you in understanding some of the practical issues involved. Below we describe seven recommendations of things to do before your loved one passes. At a minimum, this list… Read More »

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The End of the 12 Year Maryland Estate Tax Experiment

By Berman | Sobin | Gross LLP |

The Maryland legislative session of 2014 began with a bang. Specifically, the House introduced HB 739 that presumably could cause major changes to the way you and I plan for the inevitable. Yesterday, the Maryland Senate approved Maryland State HouseHB 739 that will recouple the Maryland estate tax exclusion with that of the federal… Read More »

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5 Things to Understand About Maryland’s Inheritance Tax

By Berman | Sobin | Gross LLP |

1. It’s All About Who Inherits Maryland has both an estate tax and inheritance tax. The estate tax is assessable if more than one million dollars passes at death. The total dollar value of the property determines whether there is an estate tax. The inheritance tax is not dependent upon the value of the… Read More »

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How Does the New Fiscal Cliff Legislation Affect my Estate Tax Planning?

By Berman | Sobin | Gross LLP |

On January 2, 2013 the American Taxpayer Relief Act of 2012 was enacted, avoiding the so-called “fiscal cliff.” In addition to income tax changes, the law contained provisions on estate taxes which certainly did avoid something very cliff-like. Had the law not been enacted, the federal estate tax exemption would have reverted to $1… Read More »

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Revocable Living Trusts: Are They Worth the Hype?

By Berman | Sobin | Gross LLP |

In many states, the use of a Revocable Living Trust has become increasingly popular as a viable estate planning option. But in Maryland, the ease of the probate process, among many other reasons, makes this option usually not worth the hype, money or time. A Revocable Living Trust is a written document that contains… Read More »

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Transfers to Minors: Where Do I Start? What Should I Consider?

By Berman | Sobin | Gross LLP |

Two of the most commonly used methods of transferring money and assets to minors are a Uniform Transfer to Minors Act (UTMA) Account or a Trust. Baby in Suitcase with Money A UTMA Account is relatively simple to create and fairly inexpensive, but you cannot exercise any control over the assets. While a trust… Read More »

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Are You Ready for ABLE?

By Berman | Sobin | Gross LLP |

As you may have heard, Congress enacted the Candy Machine 100 Dollar Bills Achieving a Better Life Experience Act of 2014 (the “ABLE Act”) on December 19, 2014. Many have deemed this a monumental step toward the betterment of the lives of individuals faced with mental and/or physical disabilities. While many experts would agree… Read More »

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