Tax Planning

Maryland Tax Planning Attorneys Guide You to Prosperity

Taxes: a constant legal consideration

Whether you own a small business, advise a Fortune 500 company, or handle your household finances, taxes are an omnipresent consideration in any financial situation. If the only two things that are constant in life are death and taxes, it makes sense that estate planning and tax planning are very closely aligned. When you are planning for a high-value estate, you need to rely on superior tax planning counsel. The Maryland tax planning attorneys at Altman & Associates are highly experienced industry leaders in both estate planning and tax planning. Gary Altman, the founder of Altman & Associates, has an L.L.M., or Master of Laws, in Taxation from the prestigious Georgetown University Law Center. With the requisite knowledge and a hard-working attitude, our caring tax planning attorneys are prepared to advise and assist you with all your estate and tax planning matters.

What should I do if I have a high value estate or might inherit a significant gift?

Tax planning considerations are most pressing for individuals involved with high value estates. For the year 2015, the lifetime individual and gift tax exclusions are up to $5,430,000. Therefore, not every estate plan involves significant tax planning. But there are many ways in which high-value estate can effectively use tax planning tools, both in life and death, whether or not an exact threshold is met. Many tax planning tools can offer preferential or deferred tax treatment, which may even be counted against tax exclusions in some cases. Such tools include:

  • Testamentary and Living Trusts
  • Life Insurance Trusts (ILITs)
  • Qualified Personal Residence Trusts (QPRTs)
  • Generation Skipping Trusts (GSTs)
  • Dynasty Trusts
  • Intentionally Defective Grantor Trusts (GRATs)
  • Grantor Retained Unitrusts and Charitable Remainder Annuity Trusts (CRUTs and CRATs)
  • Grantor Retained Income Trusts (GRITs)
  • Charitable Lead Trusts (CLTs)
  • Family Limited Partnerships (FLPs)
  • Family Limited Liability Companies

Tax planning tools are generally complex and only work in the right situation. Our experienced Maryland tax planning attorneys work closely with you to identify which tool is right for your situation.

What if I am not a citizen of the United States?

If you are not a U.S. citizen, the federal government has different rules for how you are treated from a tax perspective. You must make very specific tax and estate planning decisions in order to ensure you receive optimal tax treatment in the event of a gift. Our attorneys have valuable insight into the maze of international estate planning. Our trusted professionals help you understand and plan for issues ranging from treaty protections to special trusts which qualify for the maritaldeduction (QDOT). As a firm that specializes in estate planning, we offer the kind of far-ranging and comprehensive estate planning solutions that Maryland law firms can.

Maryland tax planning attorneys offer strategic advice you can trust

Let a gift make a lasting impact for you or your loved ones. Call the Maryland tax planning attorneys at Altman & Associates today. We have convenient office locations in Columbia and Rockville. Contact us by phone at (301) 468-3220 or contact us online to schedule a consultation.

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