T 301.656.8850 Ext. 417
7735 Old Georgetown Road
Bethesda, MD 20814-6130
B.A., Case Western Reserve University
J.D., Georgetown University Law Center
LL.M in Taxation, Georgetown University Law Center
District of Columbia
Nancy Fax is the firm’s managing partner. She is a tax attorney who concentrates on estate planning and estate and trust administration. In addition, she works in close collaboration with the Firm’s domestic relations attorneys on premarital, post-marital and domestic partnership agreements for traditional and same-sex couples.
A recognized expert in the field of estates and trusts law, Nancy is the former author of Maryland Estate Planning and Probate Laws Annotated (2008-2014) and was the founder and editor for many years of the District of Columbia Estates, Trusts and Probate Law Digest. She is also a frequent speaker at professional and community programs on various estates and trusts topics.
Nancy is an active member of the American College of Trust and Estate Counsel (ACTEC), a highly selective national organization that brings together the top trusts and estates lawyers in the nation. In addition to being a former member of the Executive Committee of the Board of Regents of ACTEC, she is the former Chair of ACTEC’s State Laws Committee and the former State Chair for Maryland. Currently, Nancy serves on ACTEC’s Financial Management Committee, Sponsorship Advisory Committee, Long Range Planning Committee, Nominating Committee and State Laws Committee.
Nancy works closely with her clients to plan their estates in a tax-efficient manner so as to provide maximum benefits to their beneficiaries. According to the Washingtonian, which named Nancy as one of the top 30 attorneys in the metropolitan area, she “has an uncanny ability to untangle confusing technical matters. Her understanding of the law and personalized approach have made her a trusted advisor for couples and families planning their estates.”
Nancy is consistently recognized as a top estates and trusts lawyer and financial planner in lists published by the Washingtonian and Bethesda Magazine. She also regularly receives accolades from publications that rate the most well regarded estates and trusts lawyers in the D.C. area and the nation, including Super Lawyers and Best Lawyers.
Nancy also guides clients through the process of administering estates and trusts after death. With the able assistance of the firm’s estates and trusts paralegals, Nancy handles all aspects of probate, trust administration, the preparation of estate tax returns and estate tax audits.
Nancy says that the field of estates and trusts law is ideal for her because it is both extremely people-oriented and requires a high degree of technical expertise.
“I work with individuals, couples and families (including non-traditional families) and I enjoy helping them achieve their estate planning goals.” In any good estate planning practice, Nancy says, “all the parts need to be coordinated. We worry about the details here. We make sure, for example, that all assets are titled properly and that beneficiary designations on life insurance and retirement accounts are up to date and coordinated with the rest of the estate plan. And, of course, we use our deep tax expertise to effect planning that reduces the client’s exposure to estate, gift, generation-skipping transfer and income taxes. We work closely with the client’s other advisors. In this field, you need to be very aware of the client’s goals at all times and very attuned to the need to collaborate with others in the client’s best interests.”
A 1978 graduate of the Georgetown University Law Center, Nancy also earned an LL.M. in taxation from Georgetown.
The IRS announced yesterday that it will not allow a 2017 tax deduction for prepayment of real property taxes that have not been assessed prior to 2018. You can view the IRS announcement here.
Maryland and Virginia Example 2 in the IRS’s announcement clearly is applicable to Maryland and appears to be applicable to all counties and cities surrounding the District of Columbia. Accordingly, pursuant to the IRS announcement, no 2017 deduction will be allowed for prepayment of local real property taxes in Maryland and Virginia.
District of Columbia The 2018 assessment date for the District of Columbia was January 1, 2017; the 2018 tax year runs from October 1, 2017 to September 30, 2018; and the lien date for tax year 2018 was October 1,… MORE >
This morning, the Montgomery County Council, by a vote of 7-1, approved prepayment of 2018 county real property taxes. Click here for the Montgomery County website that provides instructions for prepaying the tax. Please bear in mind that it is possible that the IRS will take the position that the prepayment of 2018 real property taxes will not result in a 2017 income tax deduction.
If you are subject to the alternative minimum tax (AMT) for 2017 federal income tax purposes, there will be no federal income tax benefit resulting from the prepayment of your 2018 real property tax, but you will realize a state income tax benefit.
As a reminder, if your home is subject to a mortgage, it is generally a good idea… MORE >
In the wake of the passage of the federal tax law, many of our clients have been asking the following question: Can I prepay my 2018 real property tax and deduct the payment on my 2017 return? The question is prompted by the fact that state and local tax deductions will be limited to a total of $10,000 starting in 2018. The answer to the question depends on where the real property is located. In summary, the District of Columbia, City of Alexandria, and Arlington and Fairfax Counties all have procedures for prepaying 2018 real property taxes; Montgomery County does not.
It is important to note that there may be no benefit of prepayment depending on (i) how the federal tax law is interpreted, (ii) how much you actually owe… MORE >
The American Taxpayer Relief Act of 2012 (the “Act”), which includes a variety of changes to the Internal Revenue Code, will affect most American taxpayers. In this article, we will address the key estate tax, gift tax and generation-skipping transfer (GST) tax elements of the legislation.
Prior to passage of the Act, the federal estate tax, gift tax and GST tax laws were scheduled to change dramatically as of January 1, 2013. For example, although the gift tax exemption was $5,120,000 in 2012, it was scheduled to be reduced to $1,000,000 in 2013. The gift tax rate (for amounts above the exemption) was a flat 35% in 2012, but was scheduled to revert to a graduated tax with a top rate of 55% in 2013…. MORE >