"Taxmageddon" and Its Impact on Estate Planning         

Taxmageddon is coming. This is the rather clever term being used to describe the impact of Congress' apparent inability to address the self-created deadline of December 31, 2012, when all of the so-called "Bush Tax Cuts" from 2001 are sunsetted, and the self-imposed $1 trillion dollars in spending cuts from the federal defense budget and federal social programs to be implemented.

 

If Congress does nothing about the budget and tax issues, it is estimated that there will be a resulting $494 billion tax increase in 2013. Couple that increase with the $1 trillion cuts in spending, it is easy to understand why our economy will certainly be facing a Taxmageddon.

 

So, how does Taxmageddon impact decisions about estate and estate tax planning?  Read More.

On April 26, 2012, the Maryland Court of Appeals, the highest court in the State of Maryland, issued its opinion in the case of Tracey v. Solesky, No. 53, September Term, 2011 (the "Pit Bull Case") and held that pit bulls and pit bull mix breed dogs are inherently dangerous animals. Therefore, the owners of such dogs and any other person who has the right to control the presence of these types of dogs on the property (including a landlord who has the right and/or opportunity to prohibit such dogs on leased premises) knows or has reason to know that a dog is a pit bull or crossed bred pit pull mix is strictly liable for any damage caused to a person who is attacked by the dog on the owner's or lessor's premises.  Read More.