P&F Stands Against Hate

Category: Estate Planning

November 10, 2020

Raising the Bar for Diversity, Equity, and Inclusion

Anne W. Coventry

Having served for 10 years on the Council for the Estate and Trust Law Section of the Maryland State Bar Association, I became Chair at the end of June. It is both an honor and a privilege to serve, and it is not lost on me that my term takes place during a worldwide health crisis that has disrupted how we work, and at a time of public and private reckoning with what a history of unjust choices has wrought in our communities.

As to the latter, my goal is to focus this year on concerted efforts to improve diversity, equity, and inclusion in the Section and on the Council. Our first step, unanimously adopted at our June meeting, was to expand by 10 the number of seats on the Council over the next four years. This step, coupled with the continued expansion of the Council’s committee structure to bring broader participation in its work, will help to change the culture of permanent tenure that has created a barrier to inclusion. Further expansion of our committee structure will provide both an on-ramp to Council, in which members may experience committee work before joining the Council, and an off-ramp for long-term Council members to continue providing service and institutional memory to the Section while stepping aside to make room for new voices.

Having a diverse Section Council will help to combat racial disparity in the Section and in our profession. An open letter, published in Medium on June 19 (https://medium.com/@aasu/a-letter-to-corporate-leadersbd931d5326ab), from the African American Student Union at Harvard Business School to the nation’s corporate leaders, pointed out that “Black professionals hold just 3.2 percent of all executive or senior leadership roles, less than 1 percent of all Fortune 500 CEO positions, and receive 1 percent of all venture capital investment.” (citing https://www.talentinnovation.org/_private/assets/BeingBlack_PressRelease.pdf) The leadership ranks in the estates and trusts Bar bear these same indicia of a long history of systemic inequality. Through the efforts of leadership, the Section Council can work to repair these wrongs.

Recognizing that we have to acknowledge race and the role systemic racism has played in each of our histories in order to change the future, made me reflect on some of my own personal history:

I claim Chicago as my hometown, but actually I grew up within the four whitewashed walls of every John Hughes movie—in a northwest suburb of Chicago—one whose particular claims to fame include the Arlington Racetrack and a 1977 Supreme Court case (Village of Arlington Heights vs. Metropolitan Housing Development Corporation, 429 U.S. 252 (1977)) that upheld racist zoning rules. A deliberate outcome of those racist zoning rules and redlining was that my elementary and middle schools were almost entirely white, and my high school of 1,600 had only one Black student. It was not until law school, in Virginia, that I ever had a Black teacher. Chicago continues to be one of the most segregated metropolitan areas of this country, and although I grew up there and think of it as “home,” the only times I was further south than Soldier Field were to visit the Museum of Science and Industry. We grew up internalizing messages that the rest of the city was out of bounds, and we did not question it.

My father was a career public defender in Cook County, handling death penalty cases. He was on the news a lot when I was young, because he accused the Chicago police of torturing a confession out of one of his clients. I was young, but I remember answering the phone when Dad’s client called our house to speak to him. He spoke kindly to me, told me to stay in school, and said that his daughter and I should get together and be friends, because we were the same age. At just 10 or 11 years old, my first thought in response was, “but that can’t happen; she lives on the South side.” I’m told she became a lawyer, too, but I’ve never spoken to her.

I look back now at far too many missed opportunities to effect change in the spaces in which I held any influence. Looking forward to this year as Chair of the Section Council, I am optimistic that we can effect meaningful change in our own sphere of influence, including:

  • Prioritizing the efforts of the Section’s Diversity & Inclusion Committee, inviting and welcoming its input into what more the Council or the Section can do (e.g., reviewing our bylaws through a diversity & inclusion lens, and suggesting revisions to them), and supporting and carrying out its recommendations.
  • Recruiting diverse authors to write articles for the Section newsletter, not only about estates and trusts topics, but also specifically about diversity and inclusion and elimination of bias in the legal profession, in the estates and trusts practice area, and in the Section.
  • Devoting the kick-off program of the Section’s Study Group this October to a diversity-focused program.
  • Recruiting diverse presenters for Section continuing education programs, and featuring elimination of bias as a program topic, particularly programs that can reach a broad audience.
  • Including more expansive topics for Section-sponsored articles and programs, beyond the traditional focus on issues affecting the 1%, to address estates and trusts topics affecting underserved communities.

The Study Group, under the leadership of P&F associate Micah Snitzer, is already going beyond just the fall kick-off program; this year’s agenda includes additional programs on anti-racist topics, such as ways in which the tax laws perpetuate racial inequality.

Through these efforts, the Section will gain a vibrant energy from new ideas and perspectives, a Council in a position to respond better to the changing needs of its members, and a Section that expands its membership rather than watches members slip away.

Pasternak & Fidis has long valued our diversity as one of our strengths. We are committed to inclusivity and equality—Managing Partner Stephanie Perry and I both serve on the Diversity, Equity & Inclusivity Committee of ACTEC (the American College of Trust and Estate Counsel)—and we know we have room for improvement, too. We expect it to take hard work, be uncomfortable, and invite missteps along the way, and we commit to holding space for one another, engaging in difficult conversations, and encouraging each other to learn and grow and become more socially conscious. We are proud of the work we are doing to effect meaningful change in the spaces we are in.

November 9, 2020

Maintaining the Effectiveness of Your Estate Plan: Is Your Plan Up to Date?

Adam P. Swaim

One question that clients frequently ask is “How often should we review our estate planning?” Although a comprehensive estate plan should not require frequent, extensive review, we recommend regular, periodic reviews of your core estate planning documents (will, revocable trust, financial power of attorney, advance health care directive) to ensure the documents accomplish your current […]

October 29, 2020

D.C.’S Estate Tax Exemption Reduced

Micah G. Snitzer

In response to budgetary pressures, D.C. Mayor Muriel Bowser signed the “Estate Tax Adjustment Amendment Act of 2020.”  The Act reduces the estate tax exemption from $5.76million in 2020 to $4 million for decedents dying on or after January 1, 2021.  The exemption amount will be adjusted for inflation starting in 2022 and will continue to […]

January 6, 2020

The SECURE Act: Elimination of the “Stretch” Option for Certain Beneficiaries of Inherited Retirement Assets

Micah G. Snitzer

The Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”) took effect January 1, 2020, revising federal rules that govern the administration of qualified retirement plans (e.g., 401(k) and 403(b) plans) and IRAs.  Among the changes effected by the new law is the shrinking of the class of beneficiaries who can “stretch” out their […]

December 18, 2019

How to Disinherit Your Spouse in Maryland: A Preview of Maryland’s New Elective Share Law

Anne W. Coventry

We don’t often get the question, “Can I disinherit my spouse?” but the subject has been fraught with consternation for Maryland estate planners for many (many, many) years; we used to have to answer it with “it depends.” We will soon have greater certainty—for decedents dying on or after October 1, 2020, it’s going to […]

December 16, 2019

How to Succeed in Business Succession Without Your Family Crying*

Oren Goldberg

* With thanks to playwrights Abe Burrows, Jack Weinstock, and Willie Gilbert, and composer and lyricist Frank Loesser, without whom the world would lack the wonderful play, “How to Succeed in Business Without Really Trying” (1961) This is a story of three different people with a similar issue, but very different concerns. Each of them […]