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When you’re a practicing attorney, your first priority is to get the job done for your clients. Sure, there’s a little voice inside your head that whispers to you in the space between taps of the snooze-button. You know the voice— the one that asks, “What happens when you’re done with this client?”  I know you want to take care of business development — but the truth is, your client needs you now and you need those billables now.

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Does Your Estate Plan Make These 5 Big Tax Mistakes? —

1. Failing to Select State Law to Govern Your Trust Agreements The trust situs is the home state of your trust. That state’s laws govern the creation and administration of your trusts. In most cases, the trust situs is the state in which you reside. However, trust laws and estate laws vary by state. Therefore, the laws in another state could benefit the trust administration and the trust’s beneficiaries more than the laws in the state in which you reside. Unfortunately, the choice of a state t

Do Small Businesses Need NDAs? —

Creating a comprehensive, customized NDA for your company and your situation is not as time-consuming or expensive as you may believe. A Maryland business attorney can assess your business operations and draft an NDA to protect your company. Using a basic, fill-in-the-blank form you find online does not offer sufficient protection from unauthorized disclosures of confidential information. Also, these forms rarely contain the correct restrictions on the use of confidential information or intelle

Should You Insure Your Business? —

As a Maryland business attorney, I ask clients several questions to help them decide if they need business insurance coverage: • None Does your business own assets? • None Do you have employees? • None Are you personally responsible for business debts or liabilities? • None Do you intend to elicit investors or apply for business loans? • None Could your business be sued in the future? • None Could something terrible occur that could hurt your business you cannot foresee right now? If you answer

Digital Assets - Erasing Your Digital Footprint When You Die —

Store this information in a secure location. Some individuals have a flash drive containing the above information while other individuals may prefer hard copies of information. It is your preference. The key is to update the information often, keep the information secure, and ensure that the person you designate to retrieve the information has access to the location. For instance, if you place the information in a safety deposit box, your personal representative appointed in your will may acces

Taxes for AirBnB Rental Properties —

Beginning on June 1, 2019, owners of short-term rentals on AirBnb and other short-term rental platforms must collect and remit an occupancy tax. Many short-term rentals were exempt from Maryland’s sales and use tax. However, the state legislature eliminated that exemption when it passed HB884/SB533. Owners must now collect the 6% Maryland sales and use tax when the property is booked. The tax must be remitted to the Maryland State Department of Assessments and Taxation (SDAT). Some platforms,

Avoid These Expensive Mistakes on Your Payroll Taxes —

In reality, there are several expensive mistakes you can make regarding your payroll taxes. It is typically in a business owner’s best interest to discuss payroll tax policies with a Maryland tax attorney to ensure the company does not make costly payroll tax mistakes, especially with new business owners. Two Payroll Tax Mistakes You Need to Avoid While there are several payroll mistakes you need to avoid as an employer, let’s look at two payroll mistakes that can be costly to make. Improper

How Will my Cryptocurrency Sales Affect my Taxes? —

Bitcoin, the first form of cryptocurrency, was introduced in 2009 and continues to be one of the most widely recognized forms of digital currency. It was described as a “peer-to-peer electronic cash system” by the creators. Other forms of cryptocurrency include Ripple, Litecoin, and Ethereum. The currency has no physical form. A person does not need a bank or other financial institution to purchase or transfer the currency. All transactions for cryptocurrency are handled online with an encrypti

11 Contract Negotiation Strategies to Get You What You Really Want in Business —

When you negotiate an agreement with another party, you enter into a legally enforceable contractual agreement. If either party breaches the terms of the agreement, the other party may take various legal steps to enforce the agreement. Legal steps may include filing a lawsuit to recover damages or to enforce the other party to comply with the terms of the agreement. Fighting a breach of contract lawsuit can be expensive and time-consuming. Therefore, it is better to take your time and negotiate

9 Things to Consider Before You Sell Your Business —

When selling a business, it’s wise to consult with an experienced Maryland business attorney. Before you schedule an appointment review these nine key things to consider when selling your business. 1. What will someone find when they place your business under a microscope? Your business is profitable and operates efficiently; however, are there areas that need improvement? A seller will place your business under a microscope to meticulously review every aspect of your operation. Therefore, you

4 Estate Planning Secrets of the Wealthy That You Can Use Too —

Wealthy individuals understand the best ways to protect their assets from creditors, courts, and other parties. Asset protection may begin by setting up corporations and family partnerships to protect personal assets being taken involuntarily to satisfy business liabilities. It also may include transferring personal assets into Trusts allowing you to maintain control over your property and receive income and benefits from the property within the trust. Wealthy individuals attempt to reduce the

When Do I Need to File a Non-resident Tax Return? —

Who is a Resident of Maryland for Income Tax Purposes? The status of your residency directly affects whether Maryland requires you to file a state income tax return. The four categories of residency are: • None Resident — A person who has a permanent home in Maryland. You may also be a Maryland resident for tax purposes if you maintained a home in Maryland for at least six months of the tax year and you were physically present in Maryland for at least 183 days or more during the tax year. Even

Parents of Special Needs Children – 5 Estate-Planning Tools That Don’t Risk Your Child’s Benefits —

One of the common estate planning tools used by parents of children with special needs is a Special Needs Trust (SNT) or Supplemental Needs Trust. An SNT has standard rules about the use of the funds in the trust; however, the trust is typically easy to set up and manage. You also have several options for funding a Special Needs Trust. The purpose of an SNT is to supplement any benefits the child might receive from government programs. A correctly drafted and funded Special Needs Trust does not

[Announcement] Free Personal Estate-Planning Inventory App —

Everyone needs estate-planning in one form or another, regardless of your age or stage in life. Part of any estate-plan includes a personal inventory. This is never an easy task, even for the most organized person. Keep Track of Your Important Details and Assets Easily and Securely I’ve taken the guesswork out of the process by creating a Free Personal Estate-Planning Inventory App that will enable you to quickly and easily add your: All of your data is stored and transmitted securely. As lon

Is Your Business Attractive to Hackers? Learn the Facts to Protect Your Company —

What Did the Current Research Reveal? Researchers analyzed data from 41,686 security incidents and 2,013 data breaches. Based on that data, breach victims consisted of: Hacking caused over one-half of the breaches. Business owners may want to review the detailed data provided in the Verizon report breaking down the risk factors for specific industries with a Maryland business attorney. An attorney can help formulate a security plan, policies, and procedures to help reduce the risk that your co

14 Things You Should Know About the ABLE Act —

What is an ABLE Account? President Obama signed the Achieving a Better Life Experience (ABLE) Act into law in 2014. However, it took roughly three years for the various government agencies affected by the ABLE Act to develop and implement regulations. States also had to pass legislation and regulations for ABLE accounts. Maryland is one state that has finalized regulations so families in Maryland can take advantage of the new option for assisting individuals with disabilities. The ABLE account

5 Key Elements for Your NDAs —

There may be instances in which a party must share confidential information in the normal course of business. For instance, an employee must disclose information to a third-party servicer who requires the information to perform an approved job. Information that is already publicly known and information independently developed by the recipient is typically not included in the NDA. Recipients are also typically not held liable when forced to disclose confidential information as part of a legal pro
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