Steven   Shane
Principal

Contact

Phone: 301.575.0313
Fax: 301.575.0335
Mailing: 8171 Maple Lawn Boulevard ,
Suite 200 , Maple Lawn , MD   20759
Linkedin: Steven Shane

Practice Focus

Estate planning attorney Steven Shane provides strategic counseling to clients in need of estate administration, charitable giving, and business continuity planning while minimizing estate, gift, and generation-skipping transfer tax exposure. He offers legal guidance to clients on asset protection and the proper disposition of assets in accordance with the client’s objectives, while employing tax planning techniques such as the use of irrevocable and revocable trusts, life insurance planning, lifetime gifts, and charitable trusts. Mr. Shane is also experienced in drafting documents for business planning, the incorporation and application for exemption for Private Foundations, and the administration of decedents’ estates.

Points of Distinction

As an estate attorney, Mr. Shane’s knowledge of business and estate planning, combined with his tax background and good communication skills, provides a unique ability to relate to clients and communicate with them effectively about their concerns and objectives. Mr. Shane understands the financial products and vehicles that his clients utilize. He is also a certified public accountant with more than seven years of public accounting experience.

Speeches

Mr. Shane has delivered several seminars to clients, accountants, and the general public regarding estate planning and business issues.

Education & Admissions

  • LL.M. in taxation, University of Baltimore, 2005
  • J.D. (cum laude), University of Baltimore School of Law, 1998
  • B.S. in economics, Washington University, 1992
  • Maryland

Activities

  • Member of the Maryland State Bar Association
  • Member of the Maryland Association of Certified Public Accountants
  • Member of the Baltimore Estate Planning Council and the Howard County Bar Association -- Estates & Trusts Section
  • Commissioner for the Howard County Commission on Aging

Posts

"The Weekly Scenario: Reporting Large Cash Payments"

Question: I have a business and sometimes receive substantial cash payments. Is there a penalty for not reporting a large cash…

"The Weekly Scenario: Required Minimum Distribution After 70 Years Old"

Question: How do I calculate the required minimum distribution on my IRA once I have reached the age of 70 1/2?…

"The Weekly Scenario: No Designated Beneficiary"

Question: My uncle died unexpectedly owning several IRAs. The IRA custodians can’t locate the beneficiary designation forms. If no beneficiary forms…

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"The Weekly Scenario: Retirement Plan Loans"

Question: I am considering taking a loan from my company retirement plan. Is it risky to do so? Answer: The decision…

"The Weekly Scenario: Questions About Revocable Trusts"

Question: My mother created a revocable trust which names her as the sole Trustee. The trust provides that at her death,…

"The Weekly Scenario: Supplemental Security Income Benefits"

Question: My child is currently receiving Supplemental Security Income (SSI) benefits and is going to turn 18. Is there anything I…

"The Weekly Scenario: What happens in a guardianship?"

Question: What happens in a guardianship and how can I try to avoid this scenario? Answer: Generally speaking, in most states,…

"The Weekly Scenario: Things to Consider When Moving Out of The State"

Question: I’m moving out of state and was curious as to the types of things I should consider in the context…

"The Weekly Scenario: Calculating the Required Minimum Distribution"

Question: I turned 70 last year and am trying to calculate my required minimum distribution or “RMD” on my individual retirement…

"The Weekly Scenario: Revoking A Financial Power of Attorney"

Question: Can I revoke my financial power of attorney if I am unhappy with the agent I named to serve…

"The Weekly Scenario: Trustee of a Child’s Trust"

Question: Should the same person who is raising my children also be in charge of the financial assets left in trust…

"The Weekly Scenario: Accessing a College Child’s Health Information"

Question: How would I access my college aged child’s health information if there were a medical emergency? Answer: No one would…

"The Weekly Scenario: Minimum Required Distributions"

Question: I have two Individual Retirement Accounts (IRAs) and one 401(k) account from my old employer. I am not presently…

"The Weekly Scenario: Importance of an IRS Form 8971"

Question: I am the beneficiary of my aunt’s estate. I received an IRS Form 8971 in the mail. What is…

"The Weekly Scenario: Role of an Executor"

Question: What is the role of an executor? Answer: Being an executor of an estate is often a thankless job.…

"The Weekly Scenario: Phantom Income"

Question: What is phantom income and why is it a problem for creditors? Answer: For income tax purposes, many LPs…

"The Weekly Scenario: Long Term Care Insurance"

Question: Why is the spouse who is in better health (the “healthy” spouse) at risk without long term care insurance? Answer:…

"The Weekly Scenario: Setting Up A Life Estate"

Question: About 10 years ago, my mother set up a life estate for her residence with my sister and I…

"The Weekly Scenario: Disclaiming Assets"

Question: I’m set to receive an inheritance from my mother. I don’t need the money and don’t foresee needing it in…

"The Weekly Scenario: Concerns of Blended Families in Second Marriages"

Question: What are some of the concerns of blended families in second marriages? Answer: The concern and potential conflict in…

"The Weekly Scenario: Estate Planning With A Child"

Question: I don’t have a lot in assets, but I have a young child. Is it important that I have a…

"The Weekly Scenario: Your Will After A Divorce"

Question: I am divorced from my husband but have not changed my Will, which leaves my entire estate to him. I…

"The Weekly Scenario: Options to Consider When Faced With Retirement"

Question: What are my options when I retire in terms of rollover planning of my employer retirement plan? Answer: When…

"The Weekly Scenario: Special Needs Trust in Different States"

Question: I would like to set up a special needs trust for my grandchild who lives in Maryland. I live in…

"The Weekly Scenario: ABLE Account & PATH Act"

Question: What is an ABLE account and how does the Protecting Americans from Tax Hikes (PATH) Act of 2015 affect such…

"The Weekly Scenario: Trustee of a Trust"

Question: Can my child serve as the Trustee of her trust and still have protections? Answer: Yes. However, generally a creditor would…

"The Weekly Scenario: Avoiding The 10% Penalty Tax"

Question: I need to withdraw funds from my retirement plan account now. How can I avoid the 10% penalty tax?…

"The Weekly Scenario: Insurance Agent vs. Insurance Broker"

Question: What is the difference between an insurance agent and an insurance broker? Answer: Insurance agents are typically representatives of the insurance…

"The Weekly Scenario: Irrevocable Life Insurance Trust"

Question 1: Can I put something other than life insurance in an Irrevocable Life Insurance Trust (or “ILIT”)? Answer 1:…

"The Weekly Scenario: Disinherit A Child"

Question: I have a child who has led a lifestyle with which I disagree. I prefer not to provide for…

"The Weekly Scenario: Estate Tax Credit in D.C."

Question: The District of Columbia seems to be one of the last holdouts in revamping its estate tax laws to…

"The Weekly Scenario: Will Contest After Death"

Question:  My mother owns a farm and told me she is working on her will.  I understand through my sister…

"The Weekly Scenario: Considerations For Vacant Residences"

Question:  I am serving as a Trustee for my recently deceased aunt.  With respect to her residence, what types of…

"The Weekly Scenario: Handwritten Wills"

Question: Does Maryland recognize handwritten Wills? Answer: The question of whether a Maryland court will recognize a handwritten Will comes…

"The Weekly Scenario: Digital Assets After Death"

Question:  How will my digital assets be retrieved after I’m gone? Answer:  Most people, regardless of age, maintain active online bank,…

"The Weekly Scenario: Charitable Component for an IRA"

Question:  I would like my IRA to benefit my heirs, but also incorporate a charitable component. How can I get…

"The Weekly Scenario: Will A Trust Impact Financial Aid Eligibility?"

Question: My parents left me a trust. I am entitled to the interest income and $5,000 annually. The remainder of…

"The Weekly Scenario: Living Will & Power of Attorney"

Question: What is the difference between a living will and durable power of attorney for health care? Answer:  A Living…

"The Weekly Scenario: Adoption & Estate Entitlement"

Question: My biological mother died recently. She gave me up for adoption at birth. I found her years later and…

"The Weekly Scenario: Medical Orders for Life-Sustaining Treatment"

Question: What is a “MOLST” and do I need one? Answer: A MOLST, or Medical Orders for Life-Sustaining Treatment, is a…

"The Weekly Scenario: Cost Basis Adjustment of Assets"

Question: I am a beneficiary of my mother’s estate, but my brother is the executor. My mother died in December…

"The Weekly Scenario: Executor of an Estate"

Question: I would like to draft a simple Will, but I have no one who I wish to appoint as…

"The Weekly Scenario: Withdrawing Funds from IRA For a Charitable Contribution"

Question: While perhaps a more appropriate question the week before the end of the year as opposed to the week…

"The Weekly Scenario: Death Before Signing a Will"

Question: My sister died as a Maryland resident before she signed her Will. My brother was going to be named…

"The Weekly Scenario: Required Minimum Distributions"

Question: What do I need to know about “RMDs” or required minimum distributions? Answer:  Taxpayers age 70 ½ or older this…

"The Weekly Scenario: “File and Suspend” Strategy"

Question: Has the “file and suspend” strategy that many people were able to take advantage of as they filed for their…

"The Weekly Scenario: Pre-Paying Four Years of College Tuition"

Question: I heard that pre-paying four years of college tuition might be a possibility for my grandchildren. What happens if…

"The Weekly Scenario: Implications of Same-Sex Marriage"

Question: I understand that the Supreme Court has recently outlawed state bans on same-sex marriage. What are the implications of…

"The Weekly Scenario: Supplemental Security Income vs Social Security Disability Insurance"

Question: What is the difference between Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI)? Answer: Both SSI and…

"The Weekly Scenario: Unlimited Marital Deduction"

Question: What is the “unlimited marital deduction”? Answer: The federal unlimited marital deduction permits a person to leave unlimited amounts…

"The Weekly Scenario: Claims Against an Estate of a Decedent"

Question: I understand that a creditor only has a limited period of time to make a claim against an estate…

"The Weekly Scenario: Potential Problems with Adding Family Members to Accounts"

Question: Is it a good idea to add my son to any of my accounts or even the title to my…

"The Weekly Scenario: Credit Card Debit After Death"

Question: I’m an authorized card holder on my mother’s credit card account. When she passes away, will I be responsible…

"The Weekly Scenario: Can my IRA own gold bullion?"

Question: Can my IRA own gold bullion? Answer: Yes, IRAs are generally pretty flexible when it comes to investments they…

"The Weekly Scenario: Family Disputes About Belongings Left in a Will"

Question: My husband passed away and his kids (from a previous marriage) consider many of his belongings, including his clothing,…

"The Weekly Scenario: Unable to Pay Income Taxes"

Question: I am a residential home builder and was hit pretty hard by the real estate market collapse in 2007…

"The Weekly Scenario: Maryland Trust Act"

Question:  Under current Maryland law (the more recently passed Maryland Trust Act), assuming a Maryland trust is silent on the…

"The Weekly Scenario: Can I name my minor children beneficiaries of my retirement accounts?"

Question:  Under current Maryland law (the more recently passed Maryland Trust Act), assuming a Maryland trust is silent on the…

"The Weekly Scenario: Gift Taxes On Gifts From Outside the US"

Question:  Does an individual receiving a gift from a person outside the U.S. have to pay gift tax on that…

"The Weekly Scenario: Remainderman & Estate Planning"

Question: My mother gave my sister a life estate in property documented by a life estate deed. I have been…

"The Weekly Scenario: Early Withdrawals from Pension Plans"

Question: I am a police officer and I am 51 years old. I would like to start taking withdrawals from…

"The Weekly Scenario: Does Medicare Pay For Most Long Term Care Needs?"

Question: Does Medicare pay for most Long Term Care needs? Answer: Many people believe this to be the case, but…

"The Weekly Scenario: IRA Benefits Available to Same-Sex Couples"

Question: In light of the Supreme Court’s decision in Obergefell, what are some of the IRA benefits available to same-sex…

"The Weekly Scenario: Social Security Disability Insurance"

Question: I have an adult daughter who is developmentally disabled. She is able to work and receives Social Security Disability…

"The Weekly Scenario: Joint Funds & Estate Assets"

Question: My father purchased a Rolex watch with joint (marital) assets two years ago. He passed away and I (daughter)…

"The Weekly Scenario: Supreme Court Ruling on a Maryland Tax Case"

Question: I’ve heard that there was a recent Supreme Court ruling based on a Maryland tax case and I was…

"The Weekly Scenario: Savings Bonds Options"

Question: I recently inherited some EE savings bonds I’m not sure what options I have. Answer:  The inclination of many people who…

"The Weekly Scenario: HIPPA Termination After Death"

Question: When does the obligation of a health care provider terminate with respect to safeguarding a patient’s health care information?…

"The Weekly Scenario: Net Investment Income Tax"

Question: Does the relatively new 3.8% net investment income tax (“NII Tax”) apply to estates and trusts? Answer: Yes the…

"The Weekly Scenario: Amending Tax Returns"

Question: If I file a personal income tax return jointly from my spouse, can I later amend the return to…

"The Weekly Scenario: Financial Power of Attorney"

Question: Should I designate more than one agent in my Financial Power of Attorney? Answer: You may appoint more than one agent…

"The Weekly Scenario: Differences in SEP, Simple IRA and a Traditional IRA"

Question: Is there any difference in the taxation of distributions between a SEP, Simple IRA and a so-called traditional IRA? Answer: There…

"The Weekly Scenario: Life Insurance at 25 Years Old"

Question: I am 25 and am being advised to buy life insurance. I am not married and have no children.…

"The Weekly Scenario: Death Without a Will"

Question: Why is it important to have a Will and avoid intestacy when an individual owns real estate? Answer: When a…

"The Weekly Scenario: Tracking Contributions to Roth IRA"

Question: How does IRS know/track whether a person contributed more than the allowable contributions limits to his Roth IRA? Answer: Beginning…

"The Weekly Scenario: Social Security Benefits and IRA Taxation"

Question: What is the difference between how social security benefits are taxed and distributions taken from retirement plan accounts (IRAs)? Answer: The…

"The Weekly Scenario: How to Ensure Pets Are Cared for After Death"

Question: How can I be sure my pets are taken care of after I die? Answer: There are a few options you…

"The Weekly Scenario: Applying for FAFSA"

Question: My daughter is a senior in high school and is applying for financial aid for college. She has a…

"The Weekly Scenario: Ability to Choose who Inherits Your Assets"

Question: Do I have the ability to choose who inherits my assets and whether or not to disinherit my family?…

"The Weekly Scenario: Digital Accounts at Death"

Question: What happens to a person’s digital accounts at death? Answer: More online companies (Facebook, Google, etc.) are giving users the ability…

"The Weekly Scenario: IRAs & Based Adjustments"

Question: Do IRA’s receive a so-called based adjustment at the owner’s death? Answer: No, after an IRA owner dies, if he or…

"The Weekly Scenario: Advantages of Corporate Trustee"

Question: What are the advantages of using a corporate trustee? Answer: A corporate trustee’s job is to manage trusts professionally. The corporate…

"The Weekly Scenario: Withdrawing Funds from Retirement"

Question: I need to withdraw funds from my retirement account now. How can I avoid the 10% penalty tax? Answer: The intent…

"The Weekly Scenario: Death Before Estate Settlement"

Question: My brother who was heir along with 3 other siblings died before our Dad’s estate was settled. Who gets…

"The Weekly Scenario: “Who Will Raise My Children if We Both Die?”"

Question:  If we don’t have Wills, who will raise my children if we both die? Answer: You need to create Wills…

"The Weekly Scenario: Transferring Airline Miles at Death"

Question:  I have a lot of unused airline miles. Are these transferable at death? Answer: The rules governing the disposition of…

"The Weekly Scenario: Filing Taxes as a Married Couple"

Question:  (for my readers as we get closer to April 15):  Is it generally better to file married filing joint…

"The Weekly Scenario: Name on Birth Certificate Versus Name in a Will"

Question:  If an individual’s name appears differently in the Will as the person’s birth certificate, is the Will still valid?…

"The Weekly Scenario: Criteria for Social Security Disability Insurance"

Question:  Can my wife (soon to be ex-wife) continue to receive SSD (Social Security Disability benefits) after we are divorced?…

"The Weekly Scenario: Best Time to Take Your Minimum Required Distribution"

Question: I am over 70 ½ and am required to take my minimum required distribution (“MRD”).  Is it generally better to…

"The Weekly Scenario: Transferring a Personal Residence to a Revocable Trust"

Question:  I understand that an important reason to establish a revocable trust as part of one’s estate plan is to…

"The Weekly Scenario: Dealing with the “No-Contest” Clause"

Question:  I believe my mother changed her Will shortly before her death as a result of influence my brother exerted…

"The Weekly Scenario: Determining the Prudence of a Trustee’s Decision"

Question:  I am a Trustee for a trust which holds real estate. The trust was established by our parents. My…

"The Weekly Scenario: Post-Nuptial Agreement & Beneficiary Changes in Retirement Plans"

Question: Is a post-nuptial agreement, where both spouses consent to a beneficiary change in the other’s retirement plan, sufficient for the…

"The Weekly Scenario: Distributing the Property of the Estate to Hiers"

Question: After the court approves the final accounting for an estate, how long do I have to wait to distribute…

"The Weekly Scenario: Options for Paying Bills After a Parent’s Death"

Question: My father is losing his mental faculties. I have access to his banking account online and I pay his…

"The Weekly Scenario: Deadlines to Know When Dealing with IRA Trusts"

Question: My father recently passed away. We just discovered that he named a trust as the beneficiary of his IRA.…

"The Weekly Scenario: Things to Consider About Your Estate Plan When Moving"

Question: I’m moving out of state and was curious as to the types of things I should consider in the…

"The Weekly Scenario: Will the Government Take My Money and Home Before I Can Qualify for Medicaid?"

Question: Will the government take all my money and my home before I can qualify for Medical Assistance (Medicaid)? Answer: Medicaid eligibility…

"The Weekly Scenario: Options for Filing Your Tax Return During a Divorce"

Question: Our divorce will not be final this year.  What are my options for filing my income tax return? Answer: If you…

"The Weekly Scenario: Problems with Naming a Minor as a Beneficiary"

Question: Should I name a minor child as a beneficiary or contingent beneficiary of a life insurance policy? Answer: The answer as…

"The Weekly Scenario: Avoid Disqualification of Government Benefits"

Question: I want to be sure that we do not inadvertently cause a disqualification of my nephew’s government benefits.  What…

"The Weekly Scenario: Options for Keeping a Home After the Death of a Co-owner"

Question: I own a house with my ex-husband.  My ex-husband died a few months ago but there is a lien on…

"The Weekly Scenario: Can You Finance a Life Insurance Policy?"

Question: I do not have a lot of cash for a life insurance policy. Is there a way for me to…

"The Weekly Scenario: What Should You Consider as an Executor"

Question: I was named as Executor under my father’s Will. What types of things should I consider? Answer: Serving as Executor of…

"The Weekly Scenario: Does an Administrator for a Maryland Estate Get Compensated From the Assets of the Estate?"

Question: Does an administrator for a Maryland estate get compensated from the assets of the estate (e.g., a percentage from the…

"The Weekly Scenario: Estate Planning and Digital Assets"

Question: I am a single individual currently doing some estate planning and am curious whether I need to be more proactive…

"Weekly Scenario: What is the difference between 401(k), 403(b) and 457 retirement plans?"

Question:  I learned recently about 401(k) retirement plans, but I am public school employee and have a 403(b) plan through my…

"Weekly Scenario: Should You Roll Your Deceased Spouses IRA Into Your Own IRA?"

Question: My husband died and I am named as the beneficiary of his IRA.  Is it more beneficial for me from…

"Weekly Scenario: What Becomes of a Deceased Person’s Online Accounts"

Question: You have referenced so called ‘digital’ assets in some of your blogs such as giving an agent authority over such…

"The Weekly Scenario: Protection Available Under State Law for Inherited IRAs"

Question:  Outside of bankruptcy (the Supreme Court held recently that inherited IRAs are not creditor-exempt in bankruptcy), what type of…

"The Weekly Scenario: Long Term Needs Relating to Medicare"

Question:  Will Medicare pay for my long term care needs?Answer:  No, statistically, Medicare pays for less than 2 percent of long term…

"The Weekly Scenario: Adding Your Name To Your Parents Accounts"

Question:   My stepfather is ill and wants to add me to his accounts. My mother has recently passed leaving behind…

"The Weekly Scenario: Restrictions for Retirement Plan Beneficiary"

Question: Are there any restrictions on who I can name as the beneficiary of my retirement plans? Answer: As a…

"The Weekly Scenario: Can I Successfully Probate This Document as a Will?"

Question:  My father had to have emergency surgery and unfortunately didn’t make it. Since he didn’t have a Will I advised…

"The Weekly Scenario: Drafting Your Own Will Online"

Question:  My mother did not wish to hire a lawyer to draft her Will, instead opting for E-Z Legal forms.…

"The Weekly Scenario: Changes to the D.C. Estate Tax"

Question: In light of the recent changes to the Maryland estate tax, have there been any changes to the D.C.…

"The Weekly Scenario: Do we have a common law marriage?"

Question: We have lived together as husband and wife in Maryland for many years but have never had a ceremony…

"The Weekly Scenario: How Many Rollovers are you Allowed Per Year on Individual IRA’s?"

Question: Am I permitted more than one (60 day) rollover per year from my Individual Retirement Account (IRA)? Answer: There…

"The Weekly Scenario: Proper Legal Documents For Medical Emergencies"

Question: My son lives across the country but is my health care agent.  He has a copy of my advance…

"The Weekly Scenario: Selling Estates"

Question:  My mother’s estate includes two homes.  I am the Personal Representative.  Do interested parties (i.e. my other siblings) have…

"The Weekly Scenario: Maryland Estate Tax Changes"

Question: What changes did the new legislation make to the Maryland estate tax under the new law that passed the…

"The Weekly Scenario: My Son is Turning 18. What Does He Need In Terms of an Estate Plan?"

Question:  My son is turning 18. What do I need to do in terms of my son’s estate plan, if…

"The Weekly Scenario: Do I Need To Do Estate Planning?"

Question:  If I have no children (and have not come into millions of dollars yet) do I need to do…

"The Weekly Scenario: Do I Have To Report Property In Another State on the MD Probate Petition?"

  Question:  My father died a couple years ago. I believe he had a Will but I have been unable to…

"The Weekly Scenario: Ensuring Signed Critical Documents Are Accessible"

Question: Now that my documents are signed, how can I ensure that my critical documents are readily accessible? Answer: Wills/Trusts:…

"The Weekly Scenario: Does the Lawyer who is holding my father’s will have to give us a copy upon request?"

Question: Does the lawyer who is holding my dad’s will have to give us a copy if we request one…

"The Weekly Scenario: How Owing Back Taxes Can Affect Estates"

Question: Our son owes MD back taxes but now lives in Pennsylvania.  If we die in MD can the MD…

"The Weekly Scenario: What do natural parents need to provide to a financial services company to prove guardianship of their own children?"

Question: What do natural parents need to provide to a financial services company (for a tax deferred annuity) to prove…

"The Weekly Scenario: What do natural parents need to provide to a financial services company to prove guardianship of their own children?"

Question:  What do natural parents need to provide to a financial services company (for a tax deferred annuity) to prove…

"The Weekly Scenario: Is your spouse entitled to an inheritance you receive if divorce is in process?"

Question:  My mother passed very recently and I am going to receive a payout from her annuity account. Is my…

"The Weekly Scenario From Steve Shane 3.17.14"

  Question: My dad owned a house in his name alone. When dad died, my brother started living there and…

"The Weekly Scenario From Steve Shane 2.26.14"

Question: What do I do with credit cards in my mother’s name (my mother passed away a few weeks ago)? Answer:  In…

"The Weekly Scenario from Steve Shane – 2.17.14"

Question:  How often should we review our estate plan? Answer:  I typically recommend to most of my clients review their estate plans…

"The Weekly Scenario from Steve Shane – 2.3.14"

Question:  What are the characteristics I should look for when naming a guardian for my minor child(ren) in my Will?…

"The Weekly Scenario from Steve Shane – 1.27.14"

Question:  What is a donor-advised fund? Answer:  A donor advised fund is often viewed as an alternative to a family…

"The Weekly Scenario from Steve Shane – 1.20.14"

Question:  Can my revocable living trust be named as a beneficiary of my IRA? Answer:  A trust can be named…

"The Weekly Scenario from Steve Shane – 1.13.14"

Question:  Are inherited IRAs protected from creditor claims? Answer:  Suppose Jane dies and her IRA passes to her son Jim.…

"The Weekly Scenario from Steve Shane – 1.6.14"

Question:  Should we tell our kids what we plan to leave them under our Wills? Answer:  Estate planning is often…

"The Weekly Scenario from Steve Shane – 12.23.13"

Question: Has there been any further clarification by the IRS as to the federal tax consequences of same-sex marriages after…

"The Weekly Scenario from Steve Shane – 12.6.13"

Question:  My spouse and I intend to divorce, but I still wish to leave him a portion of my estate. …

"The Weekly Scenario from Steve Shane – 12.2.13"

Question:  What are some of the reasons for estate or “probate” litigation? Answer:  When someone dies, the probate process often…

"The Weekly Scenario from Steve Shane – 11.04.13"

Question:  Are non-citizen residents of the U.S. subject to estate and gift taxes? Answer:  Yes, non-citizen residents here in the…

"The Weekly Scenario from Steve Shane – 10.28.13"

Question:  I am turning 70 next month and I will soon be required to take minimum required distributions from my…

"The Weekly Scenario from Steve Shane – 10.21.13"

Question:  My uncle is entering into a nursing home and my aunt needs an additional source of income for her…

"The Weekly Scenario from Steve Shane – 10.14.13"

Question:  My dad mentioned to me that he would like me to have his house when he passes away.  I…

"The Weekly Scenario from Steve Shane – 10.7.13"

Question:  My primary residence is in Florida and qualifies as a Florida homestead.  Are there any restrictions on how I…

"The Weekly Scenario from Steve Shane – 9.30.13"

Question:  My parents are not particularly wealthy, but they have a number of items that have significant sentimental value (as…

"The Weekly Scenario from Steve Shane – 9.23.13"

Question:  I set up an Irrevocable Life Insurance Trust (or “ILIT”) a few years ago.  The trust owns a whole…

"The Weekly Scenario from Steve Shane – 9.16.13"

Question:  I am a beneficiary of my mother’s estate.  My brother is the Personal Representative.  How do I know my…

"The Weekly Scenario from Steve Shane – 9.9.13"

Question:  Is there any advantage to setting up a payable on death (or “POD”) account as part of my estate…

"The Weekly Scenario from Steve Shane – 9.3.13"

Question:  Has there been any guidance for tax reporting purposes for same-sex couples (after the June 26th Supreme Court decision…

"The Weekly Scenario from Steve Shane – 8.26.13"

Question:  Can a child legally emancipate from his parents before the age of 18? Answer: The answer is yes.  The typical…

"The Weekly Scenario from Steve Shane – 8.19.13"

Question:  I have been reading a lot about James Gandolfini’s Will and that certain mistakes were made.  What could have…

"The Weekly Scenario from Steve Shane – 8.12.13"

Question:  Now that the Supreme Court has struck down the section of the Defense of Marriage Act (DOMA), what implications…

"The Weekly Scenario from Steve Shane – 8.5.13"

Question:  What is a donor advised fund and can a donor advised fund help me to receive a year-end tax…

"The Weekly Scenario from Steve Shane – 7.29.13"

Question:  Can a “no-contest” or “in terrorem” clause in a Will or Trust be enforced?  Under what conditions, if any,…

"The Weekly Scenario from Steve Shane – 7.22.13"

Question:  I have a family business.  Certain children of mine are involved with the business and others are not.  How…

"The Weekly Scenario from Steve Shane – 7.15.13"

Question:  What is a “Dynasty” Trust and what is it generally used for? Answer:  A Dynasty Trust is a trust…

"The Weekly Scenario from Steve Shane – 7.8.13"

Question:  Who should I select as Trustee of my trust? Answer:  In selecting a Trustee, you have a number of…

"The Weekly Scenario from Steve Shane – 7.8.13"

Question:  Who should I select as Trustee of my trust? Answer:  In selecting a Trustee, you have a number of…

"The Weekly Scenario from Steve Shane – 7.8.13"

Question:  Who should I select as Trustee of my trust? Answer:  In selecting a Trustee, you have a number of…

"The Weekly Scenario from Steve Shane – 7.8.13"

Question:  Who should I select as Trustee of my trust? Answer:  In selecting a Trustee, you have a number of…

"The Weekly Scenario from Steve Shane – 7.1.13"

Question: Now that the Supreme Court in the Windsor decision has struck down DOMA’s (The Defense of Marriage Act’s) definition…

"The Weekly Scenario from Steve Shane – 6.24.13"

Question:  I am going into a venture with a partner and I understand that I should have a buy-sell agreement? …

"The Weekly Scenario from Steve Shane – 6.17.13"

Question:  Should the same person who is raising my children as guardian also be in charge of the financial assets?…

"The Weekly Scenario from Steve Shane – 6.10.13"

Question:  My mother is supposed to sign her advance medical directive next week.  We have both read it but now…

"The Weekly Scenario from Steve Shane – 6.3.13"

Question:  I am getting married for the second time and am wondering if I need a pre-nup? Answer:  If you…

"The Weekly Scenario from Steve Shane – 5.28.13"

Question:  My children are beneficiaries of one irrevocable trust set up years ago by my great aunt.  My brother is…

"The Weekly Scenario from Steve Shane – 5.20.13"

Question:  What happens if a tax-exempt organization fails to file its annual tax return filing (Form 990)? Answer:  Since the…

"The Weekly Scenario from Steve Shane – 5.13.13"

Question:  Are 529 plans protected from the claims of creditors who are seeking repayment for outstanding debts? Answer:  Protection of…

"The Weekly Scenario from Steve Shane – 5.6.13"

Question:  My husband recently received an IRA from his mother who recently passed away.  What are the rules surrounding inherited…

"The Weekly Scenario from Steve Shane – 8.14.12"

I get questioned more and more about what same sex couples can do in terms of their estate planning.  I…

"The Weekly Scenario from Steve Shane – 8.6.12"

This past week I worked with a client who has a rather large art collection, which for the most part,…

"The Weekly Scenario from Steve Shane – 7.30.12"

This was a question I received this week from a professional advisor and thought it had wide applicability so here…

"The Weekly Scenario from Steve Shane – 7.23.12"

Question:  Decedent passed away and no one has been able to locate the original Will nor a copy of the…

"The Weekly Scenario from Steve Shane – 7.16.12"

Question:  Is it possible for adult children to be responsible for their parent’s debts? Answer:  For the most part, children…

"The Weekly Scenario from Steve Shane – 4.29.12"

Question: This week I received a call from a client who asked about IRS Form 8283, which is a form…

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