What's Up? Magazine

What is your primary practice area?

Estate & Tax Planning; Estate & Trust Administration and related litigation.

What do you offer your clients?

Complex Estate Planning; Preparation of Wills & Trusts; Coordinated Income, Gift, Estate & GST Tax Planning; Probate Administration & Litigation; Trust Administration & Litigation.

What inspired you to become a financial professional?

As my estate planning practice became more sophisticated, I developed relationships with financial planners and analysts, and with certified public accountants. So, as it turns out, I simply evolved into becoming a part of a financial planning team.

What is your professional background?

Juris Doctorate from Boston College Law School, 11 years with IRS (Office of Chief Counsel), 25 years in Private Practice.

What are the most important services you offer your clients?

Efficient, courteous, professional service that is responsive to the needs and wishes of the client. Follow up with clients when warranted by changes in the law.

Q: If my net worth is safely under $5 million ($10 million if married), isn’t a simple Will sufficient?

A: No. Because current federal law expires on December 31, 2012, rigid long term planning is risky. Lifetime gifts can lock in favorable tax consequences before 2013. Post-death estate planning provides flexibility. To jettison what may later become unnecessary parts of an estate plan is desirable. The disconnect between federal and Maryland estate tax law makes it essential to defer Maryland estate taxes in estates under $5 million but over $1 million. - Thomas M. Hennessy

Thomas M. Hennessy
Buck, Migdal & Myers
23 West Street, Annapolis, MD 21401
410-263-8855 • www.bmmlaw.com