People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
How Tax and Non-Tax Considerations Impact Estate Planning – Part I
Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to understand the impact that the taxes imposed by the individual’s state of residence have on the plan as well as the character and type of assets allowed by the state. Estate Planning is complex and requires an expert in these matters to advise clients properly. Read on to learn more. … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part I
2023 Community Shred Day to Benefit the Alzheimer’s Association
Thank you to everyone who participated in our Community Shred Day to benefit the Alzheimer's Association. Together we raised more than $3,400 to help the Alzheimer's Association provide 24/7 care and support and advance research toward methods of prevention, treatment and, ultimately, a cure. #ALZ #LitherlandKennedy #ENDALZ #Walk2EndAlz Join our Walk to End Alzheimer's Team here: http://act.alz.org/goto/LitherlandKennedy … [Read more...] about 2023 Community Shred Day to Benefit the Alzheimer’s Association
Litherland, Kennedy & Associates Attends Exclusive Conference and Celebrates Legal Milestone
Leading Silicon Valley estate planning and elder care law firm Litherland, Kennedy & Associates attended one of the nation’s premier legal education conferences in Chicago, IL from April 27 through April 30. The American Academy of Estate Planning Attorneys hosted their 30th annual Spring Summit which included over 90 estate planning law firms from around the country. The American Academy is committed to helping its Member attorneys innovate the way they practice law. The conference focused … [Read more...] about Litherland, Kennedy & Associates Attends Exclusive Conference and Celebrates Legal Milestone
The Joy in Joint Trusts
Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether. Read on to learn more. … [Read more...] about The Joy in Joint Trusts
The IRS’ Annual Warning: The 2023 Dirty Dozen
As another tax season closes, it is a good time to review the list of “Dirty Dozen” tax schemes published by the Internal Revenue Service for the year. Many of these schemes peak during tax time and involve fraudsters looking for ways to steal taxpayers’ money, personal information, and data. We feel it is important to alert our clients and community to these scams and to provide advice on how to avoid them. Read on to learn more. … [Read more...] about The IRS’ Annual Warning: The 2023 Dirty Dozen
What Does the Respect for Marriage Act Mean for Estate Planning?
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. On December 14, 2022, President Biden signed the Respect for Marriage Act (the “Act”) repealing the Defense of Marriage Act (“DOMA”). The Act mandates that all states, United States territories and possessions, the District of Columbia, the Commonwealth of Puerto Rico, and the federal government (hereinafter “States” or “State”) must recognize as valid any … [Read more...] about What Does the Respect for Marriage Act Mean for Estate Planning?
What Bruce Willis Can Teach Us About Incapacity Planning
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. America’s favorite tough guy, Bruce Willis, recently received a diagnosis of Frontotemporal Dementia or FTD which destroys the brain’s frontal or temporal lobes. The condition strikes individuals between ages 45 and 64 and is the most common form of dementia for those under 60. His diagnosis brings into sharp focus the importance of planning for incapacity. … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
Artificial Intelligence Voice Scams (VIDEO)
In this vlog, Attorney Justin M. Kennedy discusses artificial intelligence voice scams and suggest steps you can take to avoid being scammed. … [Read more...] about Artificial Intelligence Voice Scams (VIDEO)
What’s in President Biden’s Revenue Proposals?
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. The Biden Administration recently released its budget proposals for 2024. Of the fourteen proposals listed, two could impact Trust and Estate practitioners, if signed into law. This article will focus on the first such proposal which relates to distributions from an Individual Retirement Account (“IRA”). The Internal Revenue Code (“Code”) allows taxpayers under … [Read more...] about What’s in President Biden’s Revenue Proposals?
