A shared deed means you no longer have total authority over your home, as your child must now agree to any sale or refinancing. Sharing a bank account creates a very similar trap. Many parents in Bethesda add an adult child to their checking or savings accounts to...
Estate planning as a parent typically prioritizes how you wish to divide your assets and leave a meaningful legacy. Often, we focus on things like maximizing financial gifts, but the items that could ultimately cause the most conflict among siblings could include...
For many pet owners, a beloved animal is more than a companion. Your pet may have been by your side through major life events, offered comfort during difficult times and provided a constant source of stability. Because of that bond, you may find yourself asking an...
For many people in Maryland, pets are family. They offer comfort, routine and unconditional love. Yet one difficult question often goes unasked: what happens to your pet if you pass away or can no longer care for them? Planning can bring peace of mind. A pet trust is...
It is not uncommon for families to travel and even work in multiple countries. While this lifestyle offers exciting opportunities, it also presents unique challenges, particularly when it comes to estate planning. Internationally mobile families are wise to gain a...
Most Single Member LLCs either elect or are by default classified as disregarded entities for Federal income tax purposes. Recent Treasury Regulations change this result for Federal employment tax purposes. Treas. Reg. Section 301.7701-2(c); TD 9356, 207-39 I.R.B....
Introduction For most U.S. citizens residing outside the United States who have not been totally tax compliant, the Offshore Voluntary Disclosure Program (OVDP) and Streamlined Filing Offshore Procedure (SFOP) offer opportunities to address a broad range of past...
FATCA is a compliance program. It turns payors of U.S. source income into withholding agents. If a withholding agent receives written certification from a business in Canada that satisfies FATCA requirements no withholding occurs. If that certification is not...