Category: Financial Planning

Acquisition Expands CBM Financial Planning and Investment Management Services CBM – Councilor, Buchanan & Mitchell, P.C. (CBM) has acquired May Barnhard Investments, LLC (MBI) effective November 1, 2018. MBI, a fee-only financial management firm, provides comprehensive financial planning and investment management services to help clients pursue their life goals with confidence. MBI was founded in 2013 by Debora May, CPA, CFP®, CDFA®, Judith Barnhard, CPA, CFP®, CDFA®, Jeff May, CPA and Alex Seleznev, MBA, CFP®, CFA. Ms. May, Ms. Barnhard… Read more ›

September 6, 2018 (Bethesda, MD & Washington, DC) – Jenny Wang, CFA®, CFP®, senior investment analyst at CBM – Councilor, Buchanan & Mitchell, P.C. has earned her certified financial planner (CFP®) designation from the CFP Board, the organization recognized for fostering professional standards for personal financial planning. She joins Debora E. May, Judith P. Barnhard, Jane Ochsman Rowny, Wendy M. Moyers and Aleksandr S. Seleznev as CBM’s sixth certified financial planner, deepening the firm’s expertise in this area. In her… Read more ›

Debora May, CPA, CFP®, CDFA®, Executive Vice President at CBM, was recognized by Washingtonian Magazine as a 2018 Top Financial Advisor. This award, whose winners are selected by peers throughout the Washington metropolitan region and compiled by the magazine, is the seventh such recognition for Ms. May who has been listed by the Washingtonian for financial advisory expertise multiple times in the past. Ms. May has more than 30 years of experience in public accounting with significant experience in tax,… Read more ›

If you own life insurance policies at your death, the proceeds will be included in your taxable estate. Ownership is usually determined by several factors, including who has the right to name the beneficiaries of the proceeds. The way around this problem is to not own the policies when you die. However, don’t automatically rule out your ownership either. And it’s important to keep in mind the current uncertain future of the estate tax. If the estate tax is repealed… Read more ›

Top: John Comunale, Jeff May, Judy Barnhard, Dan Weaver, Holly Caporale, Keith Laudenberger Seated: Peter Reilly, Patricia Drolet, Debbie May, Richard Morris May & Barnhard, P.C., a tax and financial consulting firm based in Bethesda, MD, has become Councilor, Buchanan & Mitchell, P.C. (CBM) effective November 1. CBM, an accounting and advisory firm with offices in Bethesda, MD and Washington, DC, now has 82 client service and operations professionals. For 96 years, CBM has delivered high-quality financial management solutions to… Read more ›

Councilor, Buchanan & Mitchell, P.C. (CBM), a full-service accounting and advisory firm based in Bethesda, MD, will merge in the tax and financial consulting expertise of May & Barnhard, P.C., effective November 1. The expansion will create a team of 82 team members including 10 partners. “I am pleased to welcome the professionals of May & Barnhard to CBM as we continue to enhance our breadth of services,” said Peter B. Reilly, CPA, CVA, President and Managing Partner of CBM…. Read more ›

If your estate plan calls for making noncash gifts in trust or outright to beneficiaries, you need to know the value of those gifts and disclose them to the IRS on a gift tax return. For substantial gifts of noncash assets other than marketable securities, it’s a good idea to have a qualified appraiser value the gifts at the time of the transfer. Adequately disclosing a gift A three-year statute of limitations applies during which the IRS can challenge the… Read more ›

A primary goal of your estate plan is to transfer wealth to your family according to your wishes and at the lowest possible tax cost. However, if you have creditors, be aware of fraudulent transfer laws. In a nutshell, if your creditors challenge your gifts, trusts or other strategies as fraudulent transfers, they can quickly undo your estate plan. 2 fraud types Most states have adopted the Uniform Fraudulent Transfer Act (UFTA). The act allows creditors to challenge transfers involving… Read more ›

Fall is a good time to pause and review your financial planning strategy. A lot can happen in a year. If your personal life, market conditions or tax laws have changed, you may need to revise your long-term financial plans. Here are some retirement and estate planning considerations that may be worthwhile. IRS Proposal Threatens Discounts on Transfers of Family-Owned Business For years, proactive taxpayers have used family limited partnerships (FLPs) and other family-owned business entities in estate planning. If… Read more ›

On June 26, the U.S. Supreme Court issued a much-anticipated ruling that legalizes same-sex marriage nationwide. This landmark case will have significant tax, estate planning, immigration, employee benefits, and other financial and legal implications for individuals and businesses that reside in states that didn’t recognize same-sex marriages. (Obergefell, et al v. Hodges, No. 14-556) Although Obergefell isn’t a tax case, it will affect the taxes of many same-sex married couples who have been subject to conflicting treatment of their marital… Read more ›