In this vlog, Litherland, Kennedy & Associates Attorney Justin M. Kennedy discusses the 2024 Federal Estate Tax and Gift Tax Exclusion. … [Read more...] about 2024 Federal Estate and Gift Tax Update (VIDEO)
National Long-Term Care Awareness Month (VIDEO)
In this Vlog, Litherland, Kennedy & Associates Geriatric Care Manager Dedra Jize discusses National Long-Term Care Awareness Month and Five (5) Activities of Daily Living that determine the level of care one may need at home or in a community. … [Read more...] about National Long-Term Care Awareness Month (VIDEO)
Proposition 19 and Repeal the Death Tax Act (VIDEO)
In this vlog, Litherland, Kennedy & Associates Attorney Maggie LaBranch-Gonzales discusses the Repeal the Death Tax Act, a project of the Howard Jarvis Taxpayers Association to repeal the negative effects of Proposition 19. Please note that the direct link to sign the petition is: https://reinstate58.hjta.org/. … [Read more...] about Proposition 19 and Repeal the Death Tax Act (VIDEO)
The Horrors of Dying Intestate
Many souls believe that if they lack means, they do not need an Estate Plan. Nothing could be further from the truth. If you die without an Estate Plan, it’s like opting for a trick on Halloween and the results of both can be downright scary. Read on to learn more. … [Read more...] about The Horrors of Dying Intestate
Litherland, Kennedy & Associates Attend Exclusive Legal Conference in San Diego, California
Silicon Valley estate planning and elder care law firm Litherland, Kennedy & Associates attended one of the nation’s premier legal education conferences in San Diego, CA from October 5 to October 8. The American Academy of Estate Planning Attorneys hosted their 30th annual Fall 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 on … [Read more...] about Litherland, Kennedy & Associates Attend Exclusive Legal Conference in San Diego, California
Understanding Estate Tax Portability
When it comes to estate planning, there's a silver lining that often goes unnoticed: the concept of portability. Imagine this – you've spent years of careful planning to pass on your assets to your spouse and loved ones. Then, you find out your spouse can actually make use of any unused estate tax exemptions from your estate. It's like a financial gift that keeps on giving, but how does it work? Let’s dive in. What Is Portability in Estate Tax Law? Portability is a feature in U.S. estate … [Read more...] about Understanding Estate Tax Portability
Step-Up in Basis (VIDEO)
In this vlog, Litherland, Kennedy & Associates Attorney Maggie A. LaBranch-Gonzales discusses the "step-up in basis". Home. Purchase Value: $100K. Sold: $1M. $900K in appreciation. Capital Gains taxes based on the appreciation. BUT if you didn’t sell the home and the kids inherited it at your death and then sold it, they would get an AUTOMATIC step-up in basis. This means that the new basis for the house would be it’s value at the date of your death, which is $1M in this … [Read more...] about Step-Up in Basis (VIDEO)
A Real-Life Look at the Application of the Slayer Statute
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article isn’t about a lawsuit over the right to an elective … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
The SECURE Act – the Gift That Keeps On Giving
The SECURE Act of 2019 altered the landscape for IRAs significantly when signed into law. Just when advisors gained a level of comfort with the SECURE Act, the United States Treasury Department issued Regulations in early 2022 requiring RMDs under the 10-year Rule in years 1-9. After realizing that many individuals were unaware of that requirement, the Internal Revenue Service responded by issuing Notice 2022-53 suspending the requirement to take RMDS in 2021 and 2022. SECURE 2.0 came at the end … [Read more...] about The SECURE Act – the Gift That Keeps On Giving
The Importance of Hiring a Probate Attorney (VIDEO)
In this vlog, Litherland, Kennedy & Associates Attorney Maggie A. LaBranch-Gonzales discusses the Estate of Sanchez, Sixth Appellate District. In the Estate of Sanchez, the appeals court upheld that a personal representative may not represent the estate in propria persona (without the assistance of an attorney) even in the probate action on claims pursued for the benefit of the estate’s beneficiaries. Maggie discusses some elements of the case and the importance of hiring a probate attorney … [Read more...] about The Importance of Hiring a Probate Attorney (VIDEO)
