In our last post, we discussed the process of “probate” and what the Personal Representative or Executor must do to begin the process. This week, we will look at some of the loose ends that need to be tied up after Personal Representative is appointed through the probate process. First, … [Read more...]
I’ve been named Personal Representative of an estate. What do I do next?
Thursday, April 25th, 2013
Part of our practice at the Law Office of Jane Frankel Sims is helping Personal Representatives and Executors with the probate process (estate administration). Often, this is the client's first time experiencing the probate process and they have many questions. This post is an overview of some … [Read more...]
How Bank Loan Agreements can effect your Estate
Tuesday, March 26th, 2013
In Maryland, when a person passes away their assets are gathered by their Personal Representative, and their debts are paid from those assets. However, if you have both a loan and a savings or checking account at a single financial institution, your bank agreements may change the disposition of … [Read more...]
Old English In Terrorem (No Contest) Provisions Brought the Wrath of God into Wills
Wednesday, March 20th, 2013
"In Terrorem" provisions, also called "no contest" provisions, are included in Wills to prevent legatees who are unhappy with their share of an estate from challenging a Will. In Terrorem provisions do this by stating that if the legatee challenges the Will without cause, he or she receives … [Read more...]
What happens if I don’t have a Will?
Thursday, March 14th, 2013
Many times we are asked by clients, “Why do I even need a Will?” The answer can be simple or complex depending on the client’s assets, family and goals. Perhaps most importantly, however, if you do not have a Will, state law determines how your assets will pass upon your death. Our firm … [Read more...]
Owning Property as an Unmarried Couple
Wednesday, February 27th, 2013
The traditional progression of a relationship is marriage then homeownership. However, many couples are postponing marriage and purchasing property together first. Owning joint property before marriage can cause problems down the road if the couple does not plan ahead with the assistance of a … [Read more...]
New 3.8% Federal Surtax on Estates, Trusts and Individuals
Tuesday, February 19th, 2013
Section 1402 of the Health Care and Education Reconciliation Act of 2010 amended the Internal Revenue Code by inserting Chapter 2A – “Unearned Income Medicare Contribution”. This new chapter introduces a 3.8% surtax on individuals and estates and trusts. It is important for individuals and … [Read more...]
New scam in Maryland targets Personal Representatives
Thursday, January 31st, 2013
Our office has been made aware of a scam in Maryland that is targeting persons listed as the Personal Representative of an estate. Personal Representatives are receiving notices from a company (calling itself IRFS) that fraudulently state that IRFS is a collections firm working for the Comptroller … [Read more...]
Attorneys at the Law Office of Jane Frankel Sims named to the Super Lawyers List for 2013
Thursday, December 13th, 2012
Jane Frankel Sims and Laura Lynn Thomas have been named to the Super Lawyers Rising Stars list for 2013! To be selected for this list, Jane and Laura's names were submitted by their peers and ranked against other lawyers by the following indicators: Verdicts and … [Read more...]
*ALERT* Marriage Equality in Maryland Update
Friday, December 7th, 2012
On January 1, 2013, the definition of marriage in Maryland will be expanded to include same-sex couples. The Comptroller of Maryland’s office has confirmed that all surviving spouses will be exempt from inheritance tax, regardless of the spouses’ respective genders. However, the change in … [Read more...]
Fiscal Cliff Information for our Clients
Friday, November 30th, 2012
Every time we turn on the television or browse the internet, there is another report on the “Tax Cliff.” The Tax Cliff is the expiration of the tax cuts passed during the administration of President George W. Bush, as well as the 2% payroll tax holiday passed by President Obama. The Tax Cliff … [Read more...]
The Lottery and Estate Planning
Wednesday, November 28th, 2012
If a resident of Maryland wins the Powerball drawing tonight, the winnings will be subject to a 25% federal tax and an 8.5% Maryland state tax. If a Maryland winner passes away after claiming the check and proper estate planning is not completed, the majority of the winnings would be subject to … [Read more...]
Jane and the Law Office of Jane Frankel Sims, LLC are highlighted in this week’s BBJ
Friday, November 16th, 2012
Full BBJ article … [Read more...]
Inherited IRA’s
Friday, September 14th, 2012
These days, an Individual Retirement Accounts (“IRAs”) seems to be part of most Americans’ retirement plans. In the event that the owner of an IRA passes away and he or she has designated you as a beneficiary of such account, there are many issues for you to consider prior to … [Read more...]
Why sign my will in my attorney’s office
Friday, August 10th, 2012
Why should I sign a Will in my lawyer’s office? Once your attorney has finalized your Will for your signature, you might not feel compelled to take the time to sign the Will at your attorney’s office. Perhaps executing the Will seems self-explanatory to you. Perhaps your attorney’s office … [Read more...]
Powers of Attorney and Advance Directives for children over 18
Wednesday, August 1st, 2012
Your child is eagerly awaiting high school graduation and the summer before entering college. You have your college shopping checklist full and ready to go. Or do you? As your 18 year old heads off on a life adventure, you should talk to him or her about signing a Power of Attorney and an Advance … [Read more...]
Estate planning for the business owner
Tuesday, July 24th, 2012
Samsung Electronics began in 1938 as a dried fish and produce company in South Korea. Today, it is a worldwide conglomerate that is engaged in manufacturing electronics and military equipment, as well as providing other goods and services. When founder Lee Byung Chul died in 1987, he passed his … [Read more...]
Same-sex Marriage and Inheritance Tax in Maryland
Friday, June 29th, 2012
According to the Orphans' Court for Baltimore City, the Register of Wills in all jurisdictions in Maryland have been instructed to handle same-sex marriages as they would valid common law marriages, including exemption from inheritance taxes! This means that if a same-sex couple who was married … [Read more...]
Founder and Managing Attorney, Jane Frankel Sims, recognized as a Very Important Professional Under 40
Friday, June 29th, 2012
Founder and Managing Attorney, Jane Frankel Sims, has been recognized as one of the Daily Record's Very Important Professionals Under 40 for 2012! Jane will be honored on Wednesday, August 22, 2012 at The Baltimore Museum of Art. For more details and a complete list of honorees: … [Read more...]
New Statutory Power of Attorney Form
Tuesday, May 29th, 2012
New Statutory Power of Attorney Form approved by Governor Martin O’Malley In 2010, Maryland enacted the General and Limited Power of Attorney Act. This act created a Power of Attorney form that, if properly executed, must be honored by a financial institution. If a financial institution … [Read more...]
New Photos of the team at the Law Office of Jane Frankel Sims
Thursday, May 24th, 2012
Tax Exacta: The Preakness Stakes and Estate Taxes
Wednesday, May 16th, 2012
The 137th Preakness Stakes will be run in Baltimore on May 19th. Thousands of spectators will descend upon Pimlico Race Course to watch 12 thoroughbred horses race the track. But few will wonder, where do the race horses reside when they are not racing? In Maryland, horse farms occupy over … [Read more...]
The Law Office of Jane Frankel Sims Named a Finalist in the 2012 Maryland Chamber’s Small Business Awards
Monday, May 7th, 2012
The Maryland Chamber recently announced the finalists for the 2012 Small Business Awards in the 1-10 Employee category and The Law Office of Jane Frankel Sims was honored to be one of this year's finalists. The firm is extremely honored and excited about this recognition. The awards will be … [Read more...]
Estate and Gift Taxes in an election year – What will the future hold?
Monday, April 30th, 2012
Many of the tax provisions enacted by Congress at the end of 2010 are set to expire on December 31, 2012. Currently, there is a $5 million estate tax exemption and a tax rate of 35% on any amount over $5 million. The gift tax exemption amount is currently $5 million and the generation skipping … [Read more...]
IMPORTANT Federal Estate and Gift Tax update
Thursday, February 16th, 2012
Estate and Gift Tax Rules May be Changing for the Worse… Take Advantage of the Current Rules before the end of 2012 As you may know, President Obama released his 2013 Budget Proposal on Monday. Included in the proposal are changes to the estate tax, gift tax and generation skipping-transfer … [Read more...]
UPDATE on 2012 Heckerling Institute on Estate Planning
Tuesday, January 24th, 2012
Last week, owner and Managing Attorney Jane Frankel Sims and Associate Attorney John Robinson attended the Heckerling Institute on Estate Planning in Orlando, Florida. The Heckerling Institute is “the nation’s leading conference for estate planners.” This was Jane’s third year and John’s … [Read more...]
Legal Heads UP – NEW TAX LEGISLATION!
Thursday, November 3rd, 2011
The current Federal gift tax exemption of $5 million (or $10 million for married couples who elect to split gifts) is scheduled to revert to $1 million (or $2 million for married couples who elect to split gifts) on January 1, 2013. A proposal was submitted to the Super Committee to revert to a $1 … [Read more...]
The Law Offices of Jane Frankel Sims welcomes two new employees!
Thursday, October 20th, 2011
Jane Frankel Sims, Founder and Managing Attorney of the Law Office of Jane Frankel Sims, LLC, located in Towson, Maryland, is pleased to announce the expansion of her legal team with the addition of Laura Lynn Thomas and Sofia Scharlock. Ms. Thomas and Mrs. Scharlock join Associate Attorney John … [Read more...]
Founder and Managing Attorney is named a 2011 Daily Record Leading Woman
Thursday, October 20th, 2011
The Law Office of Jane Frankel Sims is proud to announce that its Managing Attorney, Jane Frankel Sims is being recognized as a 2011 Daily Record Leading Woman. This prestigious award is designated for exemplary young women under the age of 40 showing leadership and excellence. As … [Read more...]
Founder and Managing Attorney – Jane Frankel Sims wins Prestigious Smart CEO 2011 Brava Award
Friday, May 27th, 2011
The Brava Women Business Achievement Awards celebrate women business leaders who combine their irrepressible entrepreneurial spirit with a passion for giving back to the community. Join SmartCEO as we induct past Brava! winners into the Hall of Fame and celebrate the 2011 award recipients at an … [Read more...]
The Estate Planner’s Storybook of Everyday Tales and Unexpected Endings
Tuesday, May 10th, 2011
Mrs. Mildred Brown had been banking with First County Savings Bank and its predecessors for over thirty years. Fearful of the stock market, Mrs. Brown kept the vast majority of her assets in savings accounts at the bank. The teller at the local branch knew Mrs. Brown and her daughter, Cindy, … [Read more...]
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At the Law Office of JANE FRANKEL SIMS, we advise individuals and families on the tax-efficient transfer of wealth to the next generation. Our services are tailored to each client’s specific situation. For a complete list of our services, click here or call 410-828-7775.