News from Lifson Law

New Tax Laws: Estate Tax Exemptions & Alimony

In the wake of the recent tax legislation signed into law by President Trump in December 2017, we are all scrambling to absorb its impact on us as individual tax payers and as business entities.  Soon enough, we will be able to determine if Will Rodgers was correct when he said, “The only difference between death and taxes is that death doesn’t get worse every time Congress meets.” A key piece of the 2017 tax legislation relates to the exemptions associated with federal estate taxes.  Recently, federal estate, gift and generation-skipping (GST) tax exemptions were $5.6 million per U.S. domiciliary.  With the new tax law, the federal estate, gift, and GST exemptions are doubled to $11.2 million per U.S. domiciliary.  Notably, as is consistent with most of the provisions of the new law related to individuals, these exemptions “sunset” after 2025.  This means that absent a future change by Congress in this part of the tax code, the law will revert to what was in effect for 2017 with certain inflation adjustments.  In addition, those preparing estate plans must also consider estate taxes imposed by state governments, including Maryland. While it hasn’t received a great deal of attention in the general press, the 2017 tax legislation will also have a major impact in the area of family law.  For divorce decrees granted and marital separation agreements executed after December 31, 2018, alimony income will no longer be deductible to the donor of alimony nor considered as income to the recipient of alimony.  This shift in the tax treatment of alimony under the new law likely will make the negotiation...

This Day in History

On October 18 day in 1767, Charles Mason and Jeremiah Dixon complete their survey of the boundary between the colonies of Pennsylvania and Maryland. From This Day in History ​on​ the History channel.

Howard County’s 19th Annual 50+ EXPO

​The ​Howard ​County 50+ expo ​is ​Friday October 20 at Wilde Lake High. Parking at Columbia Mall with free shuttle. Free seminars on keeping yourself safe, grandparenting and caregiver stress management.

Transferring your vehicle after death: Life has been made a little simpler

While it is true that government is not always the easiest entity to deal with, this year in Annapolis, the General Assembly passed HB 492, a bill that modifies Maryland’s Transportation Article. This new legislation should make tending to estate planning a little bit easier. Beginning October 1, 2017, a sole owner of a motor vehicle may designate a beneficiary of the motor vehicle to a specified beneficiary by noting the beneficiary on the title of the motor vehicle. This designation of a beneficiary may be shown by the words “transfer-on-death” or the abbreviation TOD. On the death of the owner of the motor vehicle, the ownership of the motor vehicle passes to the beneficiary if the beneficiary survives the owner. Such a motor vehicle passes outside of the decedent’s probate estate. Of course, if the designated beneficiary does not survive the death of the owner, then the motor vehicle is part of the estate of the deceased owner and will be subject to a probate action. This new legislation also calls for the adoption of regulations to implement the purpose of the bill. We can expect to see new forms – likely available on-line – to assist the owner of a motor vehicle in the process of directly designating a beneficiary. Many people already know to whom they wish to give their tangible personal property after they pass on, including their vehicles. Procedurally, this new law will give owners of motor vehicles a new option to dispose of an important asset. We can thank the General Assembly this year for this initiative, and most especially the chief sponsor...
Lawyer Cynthia Lifson Featured in the Daily Record

Lawyer Cynthia Lifson Featured in the Daily Record

And not just featured- on the front cover. Cynthia Lifson is featured on and in The Daily Record under the powerful words “Halting Harassment.”  A long-time advocate against domestic violence, Lifson recently testified in support of legislation that significantly broadened the definition of stalking.  This legislation received the overwhelming support of the General Assembly and was officially signed by the Governor on May 19.  The new law will go into effect on October 1. While stalking has been a crime in Maryland for a number of years, the new law will prohibit a person from engaging in a malicious course of conduct in which the person intends to cause or knows or reasonably should have known, that the conduct would cause serious emotional distress in another.  Until the passage of this new law, stalking was limited to a showing that the malicious course of conduct would place another in reasonable fear of: serious bodily injury; an assault in any degree; rape or sexual offense or attempted rape or sexual offense; false imprisonment; or death. The Bureau of Justice Statistics, an agency of the U.S. Department of Justice, identified and measured seven stalking behaviors that that would cause a reasonable person to feel serious emotional distress. These behaviors include: Making unwanted phone calls; Sending unsolicited or unwanted letters, e-mails, messages or texts; Following or spying on the victim; Showing up at places without a legitimate reason; Waiting at places for the victim; Leaving unwanted items, presents, or flowers; Posting information or spreading rumors about the victim on the internet, in a public place, or by word of mouth. While these...

Cynthia Lifson Completes Class on E-Discovery

Recently, Cynthia Lifson completed the informative professional development seminar titled Everything You Don’t Know About E-Discovery (But Wish You Did). Below is her certificate of...