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
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 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)
IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. Read more to learn more about this Ruling and how to qualify for one of the biggest tax loopholes. … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
Estate Planning Insight: How to Tackle Challenges After a Loss
The passing away of a loved one leaves a void that's difficult to fill. You're suddenly thrust into an emotional rollercoaster, wondering how to go on without that essential person in your life. To help you navigate this challenging chapter, here are some concrete strategies to manage both your emotional and practical needs during this trying time. Embrace Your Emotions Validate Your Feelings: Feelings of loss, sadness, or even anger are natural. Acknowledge them without judgment. Remember … [Read more...] about Estate Planning Insight: How to Tackle Challenges After a Loss
Property Powers of Attorney (VIDEO)
In this vlog, Attorney Maggie A. LaBranch-Gonzales discusses property powers of attorney and answers a number of frequently asked questions pertaining to powers of attorney. … [Read more...] about Property Powers of Attorney (VIDEO)
Gen X – This One’s for You (Really Every Generation Should Read This)
As the Baby Boomer Generation retires and eventually dies, the greatest transfer of wealth will occur and according to many sources, it will dwarf any prior wealth transfer. This transfer gives those anticipated to inherit the wealth a great opportunity to open the lines of communication with their families to plan for the shift that has already started. Read on to learn more. … [Read more...] about Gen X – This One’s for You (Really Every Generation Should Read This)
R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately, the issues that arise from a lack of proper Estate Planning on death don’t care who we are. As this blog demonstrates, even celebrities struggle with creating a comprehensive Estate Plan. Read on to … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Who Will Administer My Living Trust?
If you are under the impression that you should use a will as the foundation of your estate plan, you should understand some differences between a will and a living trust. Drawbacks and Limitations When a will is used, your heirs will receive lump-sum bequests. Creditors or litigants that have judgments against an heir can sweep right in and go after their inheritance. Plus, a person that spends too freely would have free reign to burn through the money without any guidance or … [Read more...] about Who Will Administer My Living Trust?
Aretha Franklin’s Unsettled Estate (VIDEO)
In this vlog, Attorney Justin M. Kennedy discusses Aretha Franklin's unsettled estate, which, five years after her death, is going to trial due to the discovery of two different handwritten wills. Note: A jury in Michigan has ruled that a handwritten will found under Aretha Franklin's couch cushion is valid as her will, according to the Associated Press. … [Read more...] about Aretha Franklin’s Unsettled Estate (VIDEO)
