A Maryland tax attorney can do many things for clients. We are not only called upon when someone has a problem with the Internal Revenue Service (IRS) or other taxing authority. A tax attorney can help you with all matters related to personal and business taxes with two goals in mind – reducing your tax burden and preventing an audit.

Are you searching for a way to lower your taxes for 2018 and beyond? If you are married, you might be able to create a partnership with your spouse to put more money in your pocket instead of Uncle Sam’s pockets. Don’t worry if you and your spouse do not work well together because your spouse can be more of a silent investor than a participating partner.

Several events should trigger a review of your estate plan, such as the birth of a child, a divorce, or the death of an heir. Another reason to review your estate plan is a change in the tax code. When Congress passed the Tax Cuts and Jobs Act (TCJA), I received numerous calls from clients with questions about how the changes to the federal tax code impacted their estate plans.

A tax and retirement planning tool used by some individuals has been eliminated with the passage of the Tax Cuts and Jobs Act (TCJA). However, even though we may be losing an effective tax planning opportunity, all is not lost. There are still some ways to use IRA recharacterizations that comply with the TCJA.

The purpose of an Advance Care Directive is to carefully explain how you want medical decisions to be made for you in the event you are unable to make the decisions for yourself. Even though you can locate forms for an Advance Care Directive online, preparing this important legal document without the assistance of a Maryland estate-planning attorney can result in your health care wishes being ignored.

Some of your property might not go to the people you wanted to get those things because of events that happen over time, which is why you need a residuary estate clause.

Estate planning is an important process for individuals regardless of their wealth, marital status, age, or health. An estate plan is much more than simply directing who will inherit your assets upon your death. A comprehensive estate plan can lower or eliminate estate taxes, protect assets from creditors, provide for incapacitation, protect a family member with special needs, and much more.

An estate administration attorney guides a personal representative through each step of the estate administration process. Because a personal representative can be held liable for negligence and other errors made while administering the estate, it is important to have an attorney to provide legal advice and support.

When a minor child or an incapacitated adult is appointed a court-ordered guardian and conservator, the person appointed by the court has a duty and legal responsibility to act in the best interests of the protected person or ward (minor child or incapacitated adult). It can be a little overwhelming if you are suddenly appointed by the court to care for another person and manage that person’s property and affairs.

A corporation may be formed in any state while conducting business and being physically located in the business owner’s state of residence. A DC business attorney guides business owners in choosing the state for the formation of a business that offers the business the best advantages of incorporation.

Have you been named as the Attorney-in-Fact or Agent of a Durable Power of Attorney? If so, it is very important that you understand the powers and duties that have been granted to you by the Principal. It is equally important that you understand how and when to use the powers granted to you by the Durable Power of Attorney. Our Virginia estate-planning attorney assists individuals in learning how to use a Durable Power of Attorney in addition to assisting individuals as they create these documents as part of their estate plan.

Many of the changes made by the Tax Cuts and Jobs Act of 2017 benefit businesses. However, some of the changes may make it more difficult for businesses to write off certain expenses. For example, changes in the entertainment deductions for 2018 may cost companies thousands of dollars, especially for companies who have a strong sales department that entertains clients and potential customers on a regular basis.

There are many different structures your business can have in Virginia, and each form has advantages and disadvantages. One of the factors people consider when deciding which type of business entity to form is the amount of protection they will have from creditors. With that in mind, when are you liable for your Virginia business debts?

Although corporations and LLCs are similar, they have some critical differences. Choosing the right entity can mean a significant difference in tax treatment, for example. The membership structure is comparable, but there may be some restrictions that apply to corporations that do not apply to LLCs, and vice versa. Learning about the major differences between these two business structures is vital to choosing the right business structure for your company.

When you appoint a trustee, you are placing a great deal of confidence in this person to manage the trust assets. A trustee holds a great deal of power because the trustee holds legal title to the property within the trust. It is very important that a trustee understands his fiduciary duties under the terms of the trust and Washington DC trustee laws. A DC trust administration attorney can assist trustees in understanding their fiduciary duties as a trustee.

At some point in many people’s lives, they become unable to watch over their personal or financial care. In these situations, it may become necessary for someone to step in and assume certain responsibilities of care for that person. Some states call them guardians, others conservators. These individuals are charged with ensuring an incapacitated person’s medical, financial and other needs are met. With proper planning with an estate-planning attorney, guardianships can be avoided.

When it comes to estate-planning, the two terms that generally come to mind are wills and trusts. We know we should have one or the other, or perhaps both. For many people, it can be difficult to determine what the best course of action will be to protect their assets. Additionally, because Maryland updated its law on trusts a few years ago, incorporating many provisions from the Uniform Probate Code, it may be necessary for those people who have a Maryland trust to reconsider their options.

Choosing the right business entity is an important phase in business formation. Each type of business entity has certain advantages and disadvantages for the partners. The type of business, the partners’ goals, and state laws factor into your decision whether to form an LLP or an LP. An experienced business formation attorney can help you determine whether an LP or an LLP is best for your needs and goals.

The decisions made during the formation and registration of a business can have a substantial and long-term impact on the success of the business, including the ease of operation. A business formation attorney provides advice and guidance during each phase of a business startup, including selecting your business structure, assessing liability, and drafting necessary business documents.

If you accumulate a lot of business expenses to earn a living, your filing status can make the difference between getting to deduct those costs on your tax return or not. If you cannot offset your earnings by the costs required to generate that income, you will have to pay higher income taxes. The dust is just beginning to settle on the new Tax Cuts and Jobs Act ("TCJA"), and taxpayers are trying to wrap their heads around how the tax changes will affect their bottom line.