2019 Walk to End Alzheimer's - Silicon Valley, CASaturday, October 12, 2019Alzheimer’s disease is relentless. So are we.Alzheimer's disease touches so many people; It affects our clients, our family members and our friends. It can feel lonely and isolating to be facing it, or to be supporting someone who has been diagnosed with it. But we're not alone.Our office is walking for all of our clients, our family members, and our friends who have been affected by this unforgiving … [Read more...]
American Academy Awards Fellow Designation to Justin M. Kennedy – Kennedy Recognized for Outstanding Achievement in Experience and Service
SAN DIEGO, CA – [August 16, 2019] – The American Academy of Estate Planning Attorneys [AAEPA] announced that Estate Planning Attorney Justin M. Kennedy of Litherland, Kennedy & Associates, APC, Attorneys at Law, has been awarded the Academy Fellow designation. The Fellow program recognizes Academy Members who demonstrate advanced expertise and significant practical experience in the total estate planning, trust, tax planning, probate and estate administration fields.“Our Members already … [Read more...]
Clarity is Key to Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, IncWhen problems arise in an estate plan, often the source is a lack of clarity.Tom Petty died in 2017 and left a fortune estimated by Newsweek to be around $38 million. Petty did some things right, but he could have done better.What did Tom Petty do right? First, he planned. Most people just let nature take its course and fail to plan. There’s an old adage: when … [Read more...]
How Much is Too Much?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, IncWe all want to help our kids financially, but how much is too much? Businessman billionaire Warren Buffet was quoted in a 1986 Fortune article that, even if you had ample wealth, one should leave your kids “enough money so that they would feel they could do anything, but not so much that they could do nothing.”Bill Gates, Warren Buffett, and other philanthropists … [Read more...]
Many Reasons to Plan
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Whether or not we plan to do so, each of us will face death eventually. However, by planning, we can make our passing easier and better in many ways for those we leave behind. This is the first of a series on the ways we can ease the transition through planning. This first article focuses on privacy. The next article will focus on how you leave assets to your loved … [Read more...]
What is a GST Trust?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.What if you could give your children assets in a trust and they could use them and yet they’d avoid estate taxation at their death? That’s what a “Generation-Skipping Transfer” Trust, or “GST” trust does. It is a trust which is designed to avoid estate taxation at the death of the beneficiary.During the life of the beneficiary, the assets in the trust are used … [Read more...]
Kiddie Tax is Worse Than Ever
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The “Kiddie Tax” is a tax on the “unearned” income of a child. In other words, it applies to the child’s income from interest and dividends, but not from wages from a job like their paper route or McDonald’s. The Kiddie Tax has been around since 1986 and applies to the unearned income of a child over a certain small amount. In 2019, that amount is $2,200. Prior to … [Read more...]
Staying Current on Estate Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Estate planning is a complicated area of the law. It’s the nexus of several substantive areas of law, including taxation, property law, family law, and other substantive areas. The American Academy of Estate Planning Attorneys held its semi-annual conference in May in Atlanta. The members of the Academy learned the latest developments in the law and estate planning … [Read more...]
Modifying an Irrevocable Trust
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.In the past, trusts often were drafted with little flexibility. Now, more and more, trusts tend to be drafted with increased flexibility and there are even ways to change “irrevocable” trusts. This is the third part of a three-part series. The first part examined ways of building flexibility into a trust. The second part examined using Trust Protectors to add … [Read more...]
Trust Protectors Add Flexibility
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.In the past, trusts often were drafted with little flexibility. Now, more and more, trusts tend to be drafted with increased flexibility and there are even ways to change “irrevocable” trusts. This is the second part of a three-part series. The first part examined ways of building flexibility into a trust. This second part examines using Trust Protectors to add … [Read more...]
