Estate planning, often viewed as a complex legal task, holds particular significance for members of the LGBTQ+ community. This necessity stems from unique familial, legal, and social circumstances that can impact the way assets and end-of-life wishes are managed and honored. Understanding Living Trusts vs. Wills Though there are other types of trusts, the decision between a revocable living trust and a will as an asset transfer vehicle is usually at the core of the process. A living trust … [Read more...] about LGBTQ+ Estate Planning: Navigating Challenges
10 Reasons Why Hiring an Estate Planning Attorney Is a Must
Planning your estate is a crucial step to ensure your assets and loved ones are taken care of after you are gone. However, the process is not as straightforward as you might think, and there are many reasons to consider hiring an estate planning attorney to guide you. Below are ten compelling reasons why this decision can make all the difference for your future and your peace of mind. Gain Expert Advice Tailored to Your Situation Every individual’s estate is different, requiring a tailored … [Read more...] about 10 Reasons Why Hiring an Estate Planning Attorney Is a Must
Take These Six Steps to Create Your Estate Plan
Many people understand the importance of having an estate plan but often delay because they’re unsure how to start. Tackling something unfamiliar can feel daunting, but here are six straightforward steps to help you get started on creating your estate plan. Step 1: Assess Your Assets Although estimating the future value of your assets isn’t an exact science, you can still make a reasonable projection about what you’ll pass on to your loved ones. Start by identifying the property, investments, … [Read more...] about Take These Six Steps to Create Your Estate Plan
Tread Carefully with Specific Bequests
Parents often decide to leave one child a specific asset and provide an equalizing cash bequest to the other. This article explores how specific bequests may provide unintended results. Read on to learn more. … [Read more...] about Tread Carefully with Specific Bequests
Pet Ownership, Seniors, and Pet Planning
The idea of estate planning for pets might initially seem like something reserved for the rich and famous. Celebrities like Oprah Winfrey are rumored to have set aside millions for their pets. However, upon closer examination, pet planning is not only for the wealthy—it can be incredibly practical for everyday people as well. Companionship and Purpose As an estate planning and elder care law firm, we often assist clients who have lost loved ones and face isolation. … [Read more...] about Pet Ownership, Seniors, and Pet Planning
Who Can You Turn to When Your Brother Doesn’t Do His Job?
Most Estate Planning attorneys will tell you that creating an Estate Plan helps prevent litigation after death. That statement needs a caveat. Most of the time, a properly created Estate Plan will prevent litigation. As this article demonstrates, sometimes, even with an Estate Plan, the family ends up in litigation. Read on to learn more. … [Read more...] about Who Can You Turn to When Your Brother Doesn’t Do His Job?
2024 Inherited IRA New Regulations (VIDEO)
In this vlog, LKA Attorney Justin M. Kennedy discusses the impact of the final regulations issued on July 19, 2024, by the Department of the Treasury updating the required minimum distribution rules in response to the SECURE and SECURE 2.0 Acts. New IRS Rules Clarify Required Distributions from Inherited Retirement Accounts If you inherit an IRA or other retirement account, when and how you take distributions from that account can have significant tax consequences. On July 19, 2024, the … [Read more...] about 2024 Inherited IRA New Regulations (VIDEO)
Avoiding an Audit
The Internal Revenue Service recently released its Strategic Operating Plan. In that plan, the Service indicated that it planned to conduct more audits, especially on the wealthiest taxpayers. Hearing that you are facing an audit is enough to strike fear into even the most stoic of individuals. No one is immune from audit; however, taxpayers following certain steps are less likely to be audited than those who don’t. Read on to learn more. … [Read more...] about Avoiding an Audit
Is There a California Estate Tax?
A lot of people have questions about the taxes that enter the picture when someone dies. In this post, we will provide some answers to estate tax questions, starting with the California estate tax myth. State-Level Estate Taxes You may have heard about the families of high-profile celebrities who lived in California facing estate tax responsibility. This can lead to the assumption that there is a California estate tax, but this is simply untrue. There are 12 states in the union that have … [Read more...] about Is There a California Estate Tax?
Litherland, Kennedy & Associates Attend Exclusive Legal Conference in Minneapolis
Silicon Valley estate planning and elder care law firm Litherland, Kennedy & Associates attended one of the nation’s leading legal education conferences in Minneapolis, MI from May 2 to May 5. The American Academy of Estate Planning Attorneys hosted their 31st annual Spring Summit which included top estate planning law firms from around the country. The American Academy is committed to helping its Member attorneys innovate the way they approach their law practice. The conference focused … [Read more...] about Litherland, Kennedy & Associates Attend Exclusive Legal Conference in Minneapolis
