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Taxes

Thursday, November 15, 2018

Why Joint Tenancy Should Not Be the Go-To Plan for Newlyweds


If you are recently married or have been married and are acquiring additional assets, know that you have options when it comes to how the property will be titled. And, although joint tenancy seems like an easy and convenient choice, it may not work as well as you would think.

What is Joint Tenancy?

After getting married, it is common for couples to take title to one another’s bank accounts, brokerage accounts, personal property, and other assets as joint owners. There are two versions of joint tenancy available in Maryland: joint tenants with right of survivorship (JTWROS) and Tenants by the Entireties (TBE or T/E). There are several distinctions between the two forms of joint tenancy, one of which is that, a JTWROS joint owner can take unilateral action to get out of the joint tenancy very quickly, a TBE joint owner must be divorced in order to change the titling.
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Friday, November 9, 2018

Your Post-Honeymoon Legal Checklist


Your wedding is over and the day was absolutely perfect. You went away on your honeymoon with your new spouse and had the time of your lives. Now you are back and can breathe a sigh of relief and watch the rest of the years ahead unfold before your eyes. Well, not so fast. Now that your honeymoon is over, there are several things you should be mindful of to make sure that the legal and financial parts of your life properly reflect your newly married status.


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Friday, May 29, 2015

Maryland income tax refund granted by the Supremes

The Supreme Court (Comptroller of the Treasury of Maryland v. Wynne) has found that Maryland acted unconstitutionally by not giving its residents a full credit for taxes paid to other states.
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Friday, February 6, 2015

New Death Tax Proposal

Have you been following the proposed tax law changes on the Hill? 

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Tuesday, July 9, 2013

Gandolfini's $30 million estate planning mistake

James Gandolfini's estate plan ended up costing him about $30 million, not in legal fees, but in a missed opportunity to avoid estate taxes.


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Monday, April 29, 2013

FISCAL CLIFF NOTES - INCOME AND CAPITAL GAINS TAX RATES

American Taxpayer Relief Act ("ATRA") changed both income and capital gains tax rates.


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Tuesday, February 12, 2013

FISCAL CLIFF NOTES - GIFTING IN MARYLAND AFTER ATRA

The new federal tax law makes gifting all the more attractive as a planning technique in Maryland.


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Monday, January 28, 2013

FISCAL CLIFF NOTES - MORTGAGE INSURANCE PREMIUMS

Deduction of mortgage interest premiums revived in new tax law.


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Tuesday, January 22, 2013

FISCAL CLIFF NOTES - PERMANENT AMT RELIEF

Alternative Minimum Tax relief was made permanent by ATRA.


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Monday, January 14, 2013

FISCAL CLIFF NOTES - DEATH TAXES INCREASE SLIGHTLY

Federal estate tax exemptions stay at five million, but tax rates increase.


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Attorney Lindsey Warren Duvall assists clients throughout Anne Arundel County and Prince Georges County, including but not limited to Annapolis, Davidsonville, Gambrills, Crofton, Severna Park, Crownsville, South River, Millersville, Waugh Chapel, Odenton, Piney Orchard, Severn, Upper Marlboro, Bowie, Glenndale, Galesville, Gibson Island, Arundel Mills, Columbia, Edgewater, Deale, Harwood, Lothian, Churchton, Shady Side, Cape St. Claire, Broadneck, Arnold, Jessup, Laurel, Linthicum, Mitchellville, Pasadena, and Lake Shore, MD.



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