A lot of people without estate plans do not take action because they don’t know where to begin. With this in mind, let’s look at five tips that should provide some insight and motivation. Focus on Your Family Estate planning can seem like a somber responsibility that is easy to put off, and the years of inaction can start to add up. You may know that you should put a plan in place, but it is easy to convince yourself that there is time to do it later. Indeed, you may live a long and full … [Read more...] about Five Tips for Planning Your Estate Effectively
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
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
Show Your Love by Creating an Estate Plan
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Estate Planning offers a practical and easy way to show your loved ones that you care. Simply put, an Estate Plan serves as a set of instructions regarding how you want your assets to pass, to whom you want them to pass, and when you want them to pass. The plan sends a message to your loved ones that you care enough to leave your affairs in order and protect … [Read more...] about Show Your Love by Creating an Estate Plan
The Importance of Having an Estate Plan
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. The headline read “Battle Over Anne Heche’s Estate Settled” when it should have read “Yet Another Celebrity Dies Without an Estate Plan.” Anne Heche was a well-known actress who died unexpectedly following a fiery car crash in August 2022. Anne left behind two sons, one of whom is 20, the other of whom is 13, and no estate plan. Her case was tragic and the … [Read more...] about The Importance of Having an Estate Plan
What You Need to Know About SECURE Act 2.0
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. It might be appropriate to say that Christmas came early for retirement advisors and consumers in 2022 when Congress passed, and President Biden signed into law, the $1.7 trillion omnibus spending bill that included Setting Every Community Up for Retirement Enhancement (“SECURE”) Act 2.0 (the “Act”). President Trump enacted the original SECURE Act in December … [Read more...] about What You Need to Know About SECURE Act 2.0
Tax Planning for 2023
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. As we start off the New Year, we need to think of…tax planning! Some years Congress tweaks the laws more than in other years. While 2022 held plenty of events: the war in Ukraine, an improved “bivalent” coronavirus vaccine addressing new coronavirus variants, the U.S. midterms elections, etc., it was a relatively quiet year for legislative changes impacting planning. … [Read more...] about Tax Planning for 2023
2023 Estate Tax Exemption and Gift Tax Exclusion Update (Video)
In this Vlog, Attorney Maggie A. LaBranch-Gonzales discusses the 2023 Estate Tax Exemption and the 2023 Gift Tax Exclusion. … [Read more...] about 2023 Estate Tax Exemption and Gift Tax Exclusion Update (Video)
Litherland, Kennedy & Associates Attend Exclusive Legal Conference in San Diego, California
Leading Silicon Valley estate planning and elder care law firm Litherland, Kennedy & Associates was invited to attend one of the nation’s premier legal educational conferences held in San Diego, California from November 3 – 6, 2022. The American Academy of Estate Planning Attorneys hosted their 29th annual Fall Summit, which included attendees from over 90 qualified estate planning law firms around the country. The American Academy of Estate Planning Attorneys is committed to providing … [Read more...] about Litherland, Kennedy & Associates Attend Exclusive Legal Conference in San Diego, California
Discharge of Indebtedness Income and Student Loan Forgiveness
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Shortly after signing the Inflation Reduction Act into law, President Biden announced his plan to use executive action to cancel up to $10,000 of student loan debt for borrowers under certain income thresholds and an additional $10,000 for borrowers who received Pell Grants. Some support this action, while others condemn it and threaten lawsuits. While nothing is … [Read more...] about Discharge of Indebtedness Income and Student Loan Forgiveness
Do I Pay Income Taxes on Living Trust Payouts?
The revocable living trust is a very versatile estate planning tool that can be the ideal choice for a wide range of people. Before we look at the taxation question, we will explain a few of the benefits so you understand why living trusts are so effective. Probate Avoidance Some people assume that the executor of a will can act independently without supervision, but this is not the case. The will must be admitted to probate, and a court would provide supervision during the administration … [Read more...] about Do I Pay Income Taxes on Living Trust Payouts?
