TAX LAW
Income, Estate, Gift & Fiduciary
Individual Taxation
Working independently, or in conjunction with your accountant, the tax attorneys of West, Edwards & Associates will assist you with the resolution of tax problems, tax planning and tax return preparation. They regularly represent clients before Federal and local taxing authorities with claims for refunds, audits, liens, levies, garnishments, payment plans and offers in compromise. For complex planning matters, they prepare private letter ruling requests for their clients to avoid tax controversies in advance. They have implemented strategies to minimize or defer the payment of taxes, and they strive to reduce the heavy burden of tax issues to manageable solutions that give their clients peace of mind.
Charitable Taxation
Charitable tax planning can quickly become complex and highly technical when the tax and financial aspects of planned giving are fully explored. When advising individuals and families, the attorneys of West, Edwards & Associates seek to simplify these complexities and options, and establish a plan that integrates their client’s core values, interests and philanthropic priorities, while maximizing the tax benefits to them. With the plan established, they regularly assist with its implementation through the preparation of the necessary instruments and tax filings. From securing the tax-exempt status for the newly created family private foundation to assisting the established charitable organization with its tax and legal issues, they strive to implement innovative, practical and well-tailored solutions to meet the objectives of their clients.
Estate, Gift & Fiduciary Taxation
Maryland residents continue to face substantial death tax liabilities. For beneficiaries who are not closely related to the decedent, Maryland imposes an Inheritance Tax of a flat rate of 10% on all probate or non-probate inheritances to any beneficiary who receives more than $1,000. The Maryland Inheritance Tax is not a tax on the wealthy; instead, it is a tax on simply passing your estate or retirement account to a dear friend or favorite niece or nephew.
The Maryland Estate Tax is a tax imposed on the transfer of assets on death to anyone other than a surviving spouse, and it impacts all estates and trusts, both probate and non-probate, that have taxable assets that exceed the Maryland Estate Tax Exemption, which is currently $5,000,000. Many do not realize that this Maryland Tax reaches IRA’s, 401K’s, Qualified Retirement Plan Assets, and Life Insurance (unless the Life Insurance has been properly placed in an Irrevocable Life Insurance Trust).
The Federal Estate and Gift Tax law has undergone dramatic changes in the last two decades and continue to be the focus of annual proposed legislation. The attorneys of West, Edwards & Associates keep current with tax law changes and are ready to craft an estate plan to meet this everchanging landscape.
Fiduciaries, Personal Representatives, and Trustees must be aware of the income tax obligations arising out of estate and trust administration. The attorneys of West, Edwards & Associates provide their clients with estate and gift tax advice, and offer preparation of individual income tax, fiduciary income tax, estate tax, and gift tax returns. For clients who prefer to use their CPA to provide those services, they coordinate with a team approach to providing quality service.
West, Edwards & Associates makes recommendations for clients to use reliable and established methods of structuring trust provisions and lifetime gifting that can reduce, minimize, or defer death tax liabilities. They strive to reduce the heavy burden of tax issues to manageable solutions that give their clients peace of mind.
A detailed explanation of the Maryland Inheritance, the Maryland Estate Tax and Federal Gift and Estate Tax are well beyond the scope of this website. Whether you are planning for your estate, or are handling the estate or trust of a decedent, the attorneys of West, Edwards & Associates can assist you in planning for or complying with these important death tax issues that face Marylanders and those who own real estate in Maryland.
Contact a knowledgeable Baltimore, Maryland tax law attorney at West, Edwards & Associates, LLC who will draw upon deep experience and knowledge to represent your interests with the utmost diligence and superior advocacy.