Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • I just learned that a colleague and close friend of mine, Marcy Kelly, died unexpectedly.  Marcy was a CPA and financial planner.  I was absolutely devastated to learn of Marcy’s sudden passing.  She was truly an extraordinary person and will be greatly missed by her family, her friends, her clients and her colleagues.  I had […] The post Remembering Marcy Kelly appeared first on Altman & Associat...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • What Veterans Benefits Am I Eligible to Receive? The Department of Veterans Affairs (VA) offers several valuable benefits for veterans of the United States military, including pension programs, health care, disability compensation, education assistance, and post-traumatic stress order (PTSD) support. If you or a loved one is a veteran of the U.S. Armed Forces, you […] The post Veterans Benefits ap...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Pursuant to a law passed in December, the District of Columbia’s exemption from estate tax shall equal the Federal exemption from estate tax, or currently, $11,200,000 per person.  Unlike the Federal law, D.C. does not allow for a deceased spouse to inherit any unused exemption from estate tax (referred to as “portability”).  Therefore, if a […] The post DC Estate Tax Exemption Update appeared fir...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Gary Altman, Esq., founder of the Maryland-based estate planning law firm Altman & Associates, has been named a 2018 Maryland “Super Lawyer” in their Estate Planning and Probate category. The acknowledgement, also published by Washington Post Magazine, Baltimore Magazine and Washington Lawyer Magazine, marks Altman’s 12th year in a row making the list and compliments a year of exciting changes for...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • An important message regarding pre-paying 2018 state and local property taxes from IRS.gov, dated Dec. 27, 2017: WASHINGTON – The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number of questions […] The post IRS Advisory: Prepaid Real ...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Every day I get another email or newsletter about the new tax law.  The bill was over 1,000 pages long.  It will take some time for the payroll companies to adjust their computer systems to take into account the new law’s rates. However, many individuals are trying to figure out if there is some tax […] The post Mad Scramble to Make Year-End Tax Decisions, Such as Charitable Gifting appeared first...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Much as been written about the new tax law.  One of the biggest questions has to do with the deductibility of State and Local Income, Sales and Real Property Taxes (SALT).  Under the tax law just signed by President Trump, starting in 2018, individuals will only be able to deduct SALT up to a maximum […] The post Deducting State & Local Taxes Under the New Tax Law: Is Prepayment Right for You? app...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • We would like to wish you all a wonderful, warm and healthy holiday! Our offices closed today at noon and will re-open for regular business hours on Tuesday, December 26th. We will close again at noon on Friday, December 29th and re-open for regular business hours on Tuesday, January 2, 2018! Cheers to all! The […] The post Altman Holiday Wishes & Hours appeared first on Altman & Associates.

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Some notes on the new tax law and options worth considering: – The standard deduction has been doubled to $24,000 for married couples ($12,000 for individuals), but the personal exemption is eliminated. – Miscellaneous itemized deductions that were subject to the 2% floor (e.g., certain unreimbursed employee business expenses, tax related expenses and investment related […] The post The New Tax La...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Wow! The tax law has passed Congress and is awaiting the signature of the President. Here is what happened with respect to the estate tax: First and foremost, the effort to repeal the federal estate tax failed. Second, for the next 8 years, until 12/31/2025, the estate, gift and GST tax exemption doubles to about […] The post Effort to Repeal the Federal Estate Tax Fails: Here’s What You Need to ...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • It appears that the House and Senate have been able to meld their versions of the tax overhaul bill.  This should be put to a vote sometime today and sent to the President’s desk sometime tomorrow. Changes to expect: Please be aware that none of the changes are retroactive to 2017 and will take effect […] The post Tax Bill Vote Happening Today: Changes to Expect appeared first on Altman & Associat...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • The holiday season is upon us and, across the country, Amazon shopping carts will once again start filling up with gifts for loved ones. While America’s love for consumerism is not likely fizzle out any time soon, there does appear to be a shift, particularly within the millennial generation, towards favoring travel and leisure over material goods. Observant parents and […] The post Experiences, N...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • In his latest contribution to Biz Monthly, Gary Altman discusses the increasing popularity of using trusts to gift travel to heirs. With younger generations are showing an affinity towards travel and leisure over material goods, Altman says that many parents and grandparents are “looking for ways to foster more meaningful giving experiences.” Some examples include: Funding a loved one’s […] The po...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • As the holiday season approaches, we anticipate joyous family gatherings, great food, holiday merriment and…estate planning? While it may seem like a taboo topic for a fireside chat, estate planning is critically important and the holidays can present the perfect time to get things in motion. Here are few things to consider: I’ll Be Home for […] The post Peace of Mind: The Best Gift that You Can G...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Early this morning, the Senate passed a sweeping overhaul of U.S. tax code in a bill known as the Tax Cuts and Jobs Act. The final Senate bill differs from the tax bill which was passed by the House in mid-November. Those differences must now be reconciled and a final piece of legislation voted on by […] The post Senate Passes Tax Reform Bill: Tax Cuts and Jobs Act appeared first on Altman & Asso...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Are your Medical Directives Easily Accessible? Living wills and medical or health care powers of attorney are advance directives that provide written, legal instructions concerning your medical care in the event you are unable to make these decisions yourself. By preparing these documents, you can express your wishes and offer guidance to doctors and caregivers […] The post Are Your Medical Direct...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post

Happy Thanksgiving!

  • We would like to wish you all a very Happy Thanksgiving!  If you’re traveling, please be safe! Our office will close at 12 PM on Wednesday, November 21st and will reopen at 9:00 AM on Monday, November 27th. – The Altman Team   The post Happy Thanksgiving! appeared first on Altman & Associates.

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • A difficult time to make important decisions The death of a loved one, no matter what the circumstances, involves many significant emotions. Friends and family cope with the loss through grief, reminiscing, or perhaps even relief in the case of terminal illness. Ideally, there is an estate plan in place and an individual or group […] The post “I recently lost a family member and I’m not sure how t...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Caring for a special needs family member is a labor of love. Frankly, so is planning for a special needs family member. Far too often, amazing individuals who spend so much time and effort caring for a special needs family member do not spend the requisite time and effort planning for a future where they […] The post “I have a special needs child and want to make sure they will be cared for.” appe...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • This Veterans Day weekend, we pay tribute to the sacrifices of the brave men and women who have fought so valiantly to keep our nation free. – The Altman Team The post This Veterans Day Weekend appeared first on Altman & Associates.

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Patterned after 529 college savings plans, ABLE savings accounts are tax-advantaged state savings plans for individuals with disabilities. They are being created as a result of the passage of the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 or better known as the ABLE Act. ABLE accounts can be used for “qualified disability expenses” – any expense […] The post ABLE Savings Acco...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • The newly proposed tax laws would impact estate law (and therefore estate planning) in the following ways: Basis Step-Up Stays The proposed tax bill currently keeps the “basis step-up” rule.  Under current law (and the proposed tax law), the tax basis of an asset held until death is readjusted to fair market value, permitting heirs […] The post How the Proposed Tax Law Changes Will Impact Estate L...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • As the holiday season approaches, we anticipate joyous family gatherings, great food, holiday merriment and…estate planning?  While it may seem like a taboo topic for a fireside chat, estate planning is critically important and the holidays can present the perfect time to get things in motion. Here are few things to consider: I’ll Be Home […] The post “‘Tis the Season for Estate Planning” – Why th...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • At Altman & Associates, we want you to view estate planning as a process, not a product.  The hardest part of the process for most people is simply getting started.  However, in the days, months and years following your first completed estate plan, the inevitability of change (with respect to both life and laws) makes for another critical part […] The post Fine Tuning Your Estate Plan: The Importa...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • At Altman & Associates, we want you to view estate planning as a process, not a product.  The hardest part of the process for most people is simply getting started.  However, in the days, months and years following your first completed estate plan, the inevitability of change (with respect to both life and laws) makes for another critical part […] The post “I have an estate plan, but I think it ne...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • These days, starting a family is often done in tandem with continuing education, career moves, paying off debt, buying homes, investing money, helping parents, and more. In the midst of all of these major life events, estate planning often gets put on the back burner.  Often people think that they are too young and healthy […] The post Estate Planning for Families: What You Need to Know appeared f...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • Yesterday, the long awaited tax reform legislation was introduced in Congress. While there is a long way to go before anything is passed, and everything mentioned below may change, here are some provisions that may impact many individuals: You will no longer be able to deduct local or state income taxes, medicals expenses and miscellaneous deductions. […] The post The Newly Proposed Tax Bill appea...

Altman & Associates Law Firm
Altman & Associates Law Firm
Blog Post
  • This week, we are pleased to join our colleagues at NAEPC (National Association of Estate Planners and Councils) in promoting National Estate Planning Awareness Week, October 16th – 22nd. Estate planning is one of the most overlooked areas of personal financial management.  In 2008, the National Association of Estate Planners and Councils (NAEPC) worked with Congressional leaders […] The post Esta...

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