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The Law Office of Jane Frankel Sims
YOUR Estate Matters
FOURTH
QUARTER
Edition 1
2012
  
Welcome to the fourth installment of our quarterly newsletter.
 
This issue contains updates about the firm in the news and in the community, discusses how the Tax Cliff may affect our clients, provides information about our sponsorship of the upcoming 2012 Jingle Belle Pajama Party benefiting Marian House on December 10, 2012, and more... 
  
FIRM NEWS

JANE FRANKEL SIMS HIGHLIGHTED IN THE BALTIMORE BUSINESS JOURNAL!

 

 

Jane's vision of creating a trust and estates firm based on a flat fee model was highlighted in the November 16, 2012 edition of the Baltimore Business Journal. You can read the full article here.

ESTATE PLANNING NEWS
 

Every time we turn on the television or browse the internet, there is another report on the "Tax Cliff." The Tax Cliff is the expiration of the tax cuts passed during the administration of President George W. Bush, as well as the 2% payroll tax

holiday passed by President Obama.

 

The Tax Cliff is caused by:

  • The expiration of current tax brackets and rates;
  • An increase in the capital gains tax rate;
  • The enactment of taxes in the Health Care Act;
  • A phase-out of itemized deductions and the personal exemption;
  • Reinstatement of the "marriage penalty";
  • Loss of the alternative minimum tax patch;
  • Reduction of family tax credits; and
  • A loss of deductions related to education.

 

Our clients should also be aware that the current Estate, Gift and Generation-Skipping Transfer tax exemption amounts will revert to 2001 levels as charted on our website.

 

If your taxable estate exceeds $1 million, (which may include your home, insurance policies, retirement accounts, brokerage accounts, etc.) your estate may be subject to both Maryland and Federal Estate tax in 2013 and beyond. The transfer of assets prior to the end of 2012 could save your family millions of dollars in estate tax.

 

If your taxable estate exceeds $5 million, we encourage you to contact our office as soon as possible regarding gifting opportunities prior to January 1, 2013.

 

Please see our website for a comparison of the 2012 and 2013 tax changes.

  
JFS LAW - IN THE COMMUNITY
  Art With A Heart
GIVING BACK

On December 10, 2012, The Law Office of Jane Frankel Sims is proud to once again be the title sponsor of the 4th Annual Jingle Belle Pajama Party at About Faces Day Spa - Canton Location. Every year the women of Baltimore put on their best pajamas or workout wear for a night of pampering and fun! The proceeds from this event support the Giving Spirits Foundation's Game Room Project for Marian House.

 

We hope to see you there - it's a great cause!

 


THANK YOU
  
We thank you for your business and support of our firm. Feel free to call us at 410-828-7775 with any estate planning questions or concerns, and as always we are most grateful for your referrals. 

  


Thank you,
Jane's Jane

 
 
 
Jane Frankel Sims 
Founder/ Managing Attorney

The Law Office of Jane Frankel Sims

 

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