The administration of an estate requires a combination of technical know-how, attention to detail, and the ability to work comfortably with family members. The lawyers and paralegal staff at WCS have been serving Maryland families in this manner for more than 100 years.

Our attorneys are frequently asked to serve as Personal Representatives (Executor) of a client’s estates which includes a probate of the Will, assembling all the assets, obtaining appraisals, carrying out any corporate buy-sell agreements, filing the required papers with the state, acting on claims against the estate, filing the final income tax returns for the decedent, and investing available cash. Throughout this process we maintain complete, confidential and accurate records of the estate, file periodic accounting, estate tax returns, make appropriate tax elections, and maintain close contact with designated family members.

In situations where family members or a bank are named as personal representatives, WCS can act as attorney for the estate. Our role will vary with the circumstances and the experience of the Personal Representatives. We are prepared to take a leadership role in the administration of the estate or carry out specific tasks as may be assigned.

Trusts are complex arrangements that may be created during life or at death. While an estate may remain open for years, trusts may continue for decades. Attorneys at WCS work closely with clients to determine how to appropriately integrate trusts into an estate plan to protect family members, reduce taxes and protect assets. Our attorneys frequently serve as Trustee or co-Trustee with family members or a bank or trust company. When not serving as Trustees our attorneys are available to advise Trustees with regard to their fiduciary duties to beneficiaries and proper trust administration. WCS also represents beneficiaries regarding their rights under trust arrangements.

WARNING TO IRA OWNERS
By: Michael I. Gordon

If you have an IRA upon which you have named someone other than your spouse as beneficiary or if you are a named beneficiary of someone else’s IRA, be aware that a recent letter ruling from the IRS should act as a warning that unless arrangements are made for a trustee-to-trustee transfer, the proceeds of that IRA will be immediately taxable. Thus, it is important to arrange for the trustee of the IRA being distributed goes directly to the trustee for a rollover IRA created by the transferee or serious tax consequences will attach. If a check is made out to the named beneficiary and that beneficiary then attempts to put the funds into a rollover IRA, based upon this ruling, that method of transfer will not avoid immediate taxation.

For more information, please call Estate Planning Group at 410-659-1300 or e-mail estateplanning@wcslaw.com.