Pasternak & Fidis provides sophisticated, comprehensive estate planning for individuals, couples, families, and family businesses. Our senior estate planning attorneys bring decades of experience to our clients. Our younger attorneys all have excellent skills that will enable them to effectively represent clients and their descendants for many years to come. Together, our nine estate planning attorneys offer a coordinated approach that goes well beyond wills and trusts.
Effective tax planning is a critical part of estate planning. We structure estate plans to take advantage of all available tax-saving strategies. Real estate interests, closely held businesses, and other enterprises require special attention. We combine tax expertise, business knowledge, and common sense to help protect and preserve our clients’ wealth for future generations.
Planning for incapacity is an important part of the planning process. We work to ensure our clients’ needs are met and their wishes honored, both with respect to their financial affairs and their health care decisions.
Complications and disputes can arise with any estate. When disputes arise, we can litigate if necessary, but we prefer working to calm any disagreement, listening to all parties, developing an appropriate strategy, and crafting the proper plan.
We are experienced in working with complex family structures, including step-families and domestic partners.
Pasternak & Fidis has cultivated strong relationships with other professionals. We work regularly with our clients’ accountants, insurance agents, appraisers, financial planners and investment advisors.
If you are interested in our estate planning services we invite you to call for an appointment. We ask our new estate planning clients to complete an estate planning information form in advance of our initial meeting. Our two forms are listed below. The long form is recommended for clients with complex assets, such as investment real estate, closely held business interests, multiple life insurance policies, and the like. The short form can be used by clients whose asset categories are more straightforward, such as bank and brokerage accounts, retirement accounts, and personal residences. Please print the form that is applicable to you, complete it, and bring it with you to our initial meeting. In the alternative, you can save the form to your desktop and complete it electronically before returning it to our office.
Trusts are an important tool that families can use to protect assets and pass wealth to future generations. When the beneficiary of a trust is facing divorce, he or she will be concerned that the trust assets and income may be vulnerable to a spousal claim. Such a claim can include equitable division of property, spousal or child support, and an award of legal fees and costs.
Whether and to what extent a beneficiary’s interest in a trust can be subject to a spousal claim at divorce depends on:
One of the largest expenses a family will incur is very likely the cost of a child’s education. In order to encourage early participation in saving for education expenses, Section 529 of the Internal Revenue Code permits states to provide tax-advantaged savings plans (“529 plans”). A 529 plan account may be used to help pay for a beneficiary’s tuition at an elementary or secondary public, private, or religious school (capped at $10,000 per year). It can also be used to pay higher education expenses, such as tuition, fees, books, supplies (including computers and related equipment), and room and board (on-campus and off-campus housing, with certain limitations), at an eligible higher education institution. An eligible higher education institution is generally any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program… MORE >
B22-0169, the Electronic Signature Authorization Act of 2017, is pending before the DC Council, and it is dreadful. The Uniform Law Commission (ULC), relevant sections of the DC Bar, and a number of DC Fellows of the American College of Trust and Estate Counsel (ACTEC) have submitted, formally or informally, written opposition to the bill. We have it on good authority that this bill is unlikely to pass, and we hope that is the case.
Are electronic wills coming? Of course they are. Last year in Australia, an unsent text message was accepted for probate as someone’s last will and testament. (Unsent! With an emoji in it!) In July of this year, the Michigan Court of Appeals affirmed a trial court decision to accept for… MORE >
The Tax Cuts and Jobs Act (the “Act”), signed into law at the end of December, includes major changes to the Internal Revenue Code. The Act is the most sweeping tax legislation to be enacted in decades and affects nearly all American taxpayers. Under the Act, the federal estate, generation-skipping transfer (GST) and gift tax exemption amounts have increased dramatically.
The estate tax exemption amount is the amount that an individual can pass at death to anyone without incurring estate tax, and the GST tax exemption amount is the amount that an individual can pass to grandchildren and more remote descendants without incurring GST tax. In addition to the estate tax exemption, there is the unlimited marital deduction, which permits an individual to transfer an… MORE >
The doubling of the federal estate tax exemption under the Tax Cuts and Jobs Act—from $5.49 million in 2017 to $11.18 million in 2018 ($11.4 million as of January 1, 2019)—has moved many wealthy Americans away from the impact of the federal estate tax. However, state estate taxes and state inheritance taxes remain a factor in estate planning for residents of a number of states, including Maryland and the District of Columbia. Moreover, a state-level estate or inheritance tax may be imposed on real estate located in a state with a tax even when the decedent resides elsewhere.
An estate tax is a tax levied on the decedent’s estate, which is paid before the estate is distributed to beneficiaries; the estate tax is calculated based on the value of all of the assets owned by the decedent… MORE >
The District of Columbia Death with Dignity Act allows an adult D.C. resident who is terminally ill (i.e., medically confirmed to have less than six months to live) to request medication to voluntarily end his or her life.
In order for a patient to participate in the Death with Dignity program, the following requirements must be met:
Years ago, I described to a close friend (let’s call her Cathy) the difference between a division among descendants per stirpes and a division among the same descendants per capita at each generation. In the midst of my explanation, Cathy suddenly exclaimed, “Oh! You mean like the Packers’ tickets?” This was a Eureka! moment; yes, it’s exactly like the Packers’ tickets.
One very important lesson I learned attending college in Wisconsin is that Packers’ tickets are a sacred thing. The population of Green Bay is 105,000. After recent expansions, Lambeau Field now seats 81,435, but season tickets are still very hard to come by. For many, the surest way to get them is to inherit them.
Back in the days of Bart Starr and Vince… MORE >
After a divorce, the last thing on most people’s minds is contacting their estate planning attorney. However, if you fail to revise your estate planning documents after your divorce, your former spouse might still be a beneficiary of your estate and may continue to be a fiduciary under your will, revocable trust, power of attorney, or advance health care directive. Below is a table that summarizes how divorce affects these documents under D.C., Maryland, and Virginia law.
D.C. Maryland Virginia Wills Divorce and final property settlement revokes the entire will. If the testator does not execute a new will, or republish his or her old will, he or she will die intestate. Divorce revokes all provisions of a will relating to the former spouse, unless… MORE >
“My daughter is getting married. Does she need a premarital agreement?”
Estate planning attorneys hear this question more and more frequently – generally from clients concerned about the assets they plan to leave their children. Numerous wealth transfer predictions estimate that trillions of dollars will pass over the next decade from a generation that earned the money to their children who did not earn it. Parents (and grandparents) may want to assure that the inheritance the child receives, whether cash, real estate, a stock portfolio or an interest in a family business, will be stewarded carefully. Parents usually hope that the inherited assets will ultimately pass at the child’s death to the child’s children or grandchildren rather than to a child’s surviving spouse, however… MORE >
Best Lawyers named partner Nancy Fax the Trust and Estates Lawyer of the Year in DC, Maryland and Virginia. Because the publication uses peer nominations to develop its selective list, we are especially proud of this recognition. Congratulations, Nancy!
Additional Pasternak & Fidis attorneys were recognized as best lawyers in Maryland in their respective fields: