People often assume that a last will is the right asset transfer vehicle if you are not a multimillionaire. In fact, this assertion is patently false.It is true that there are different types of trusts that are used by high net worth individuals that are concerned about the estate tax. This being stated, there are other trusts that can be used by people of relatively ordinary means. One of them that is the right choice for a wide range of individuals is the revocable living trust, and we … [Read more...]
Planning for the Unexpected
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Often, people think they’ll have a warning before death and they’ll be able to plan once they get the warning. They think of life almost like a traffic signal. They think they are born with a green light. When they get old or get a serious illness it turns yellow. When death is imminent, the light turns red and they die. They think they’ll plan once the light turns … [Read more...]
How Will You Age in Place and Be Able to Die at Home?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.More and more Americans are dying at home rather than in hospitals. According to the New England Journal of Medicine, in 2017 29.8% of deaths by natural causes occurred in hospitals while 30.7% occurred at home. The percentage of people dying in hospitals has been declining for several decades. While in 1912 two-thirds of people died at home, this evened out in the … [Read more...]
The Importance of Funding (Video)
In this video, Attorney Maggie LaBranch-Gonzales defines what funding is, what assets you should fund into your living trust, and why you, more than anyone else, determine the effectiveness of your trust.Litherland, Kennedy & Associates, APC, Attorneys at Law are members of the American Academy of Estate Planning Attorneys. If you would like to learn more about the importance of estate planning, we invite you to attend one of our free estate planning seminars. … [Read more...]
Preparing for Coronavirus
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.There’s a new virus that’s emerging, novel “coronavirus,” also called “COVID-19.” It first appeared in Wuhan, China in late 2019 and reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. At this point, the virus has infected near 100,000 people in 81 countries.There are hundreds of … [Read more...]
Estate Planning: Make Today the Day
Studies are conducted periodically to gain an understanding of the estate planning preparedness of adults in the United States. Unfortunately, the results are never encouraging.Most people that are over 65 have a will or some other estate planning document, but a significant percentage of people in this age group do not. The vast majority of Americans that are under the age of 40 are completely unprepared.If you are a young adult and you are single, you should have a will or a trust, but … [Read more...]
COVID-19 aka the Coronavirus: A Reminder to be Prepared
by Attorney Maggie A. LaBranch-GonzalesLitherland, Kennedy & Associates, APC, Attorneys at Law If you’ve heard me speak in our seminars or workshops, or you’ve had the pleasure of meeting with me at the office, I can imagine you hearing my voice right now (kindly) reminding you that we all die. (Way to be blunt, right, Maggie?) But, seriously, for me, the most important part of Estate Planning is not necessarily what happens when you’ve passed away, but whether you are adequately … [Read more...]
The SECURE Act – How to Limit the Income Tax Hit to Those Inheriting Your IRA (Video)
The SECURE Act, which became law in 2020, greatly restricts inherited IRAs and imposes a ten-year period in which the inherited IRA needs to be completely withdrawn. In this video, Attorney Justin M. Kennedy discusses how to Limit the Income Tax hit to those Inheriting your IRA under the SECURE Act.Litherland, Kennedy & Associates, APC, Attorneys at Law are members of the American Academy of Estate Planning Attorneys. If you would like to learn more about the importance of estate … [Read more...]
Estate Planning Conference Discusses SECURE Act and More
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The Heckerling conference in Estate Planning is the country’s largest professional gathering in Estate Planning. The conference examines many areas of interest to Estate Planning and Elder Law professionals. It pays particular attention to items of current interest.As the SECURE Act passed in late-December 2019, it was discussed in many sessions. The SECURE Act … [Read more...]
Estate Planning: Steps to Take Before Remarriage
Our attorneys always emphasize the fact that estate planning is an ongoing process. If you were to put an estate plan in place today, it would be based on the circumstances of your life at this moment. As we all know, the only constant is change, so the picture will probably look quite a bit different years from now.The divorce rate for first marriages has gone steadily down over the last 30 or 40 years, but it is still rather high. Clearly, many people that get divorced ultimately remarry, … [Read more...]
