Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. The advent of websites like “Legal Zoom” may lead you to believe that you can create your own estate plan without the assistance of a qualified Estate Planning attorney. You may believe or have heard that writing your intentions on a piece of paper might suffice as a Will. When you write your testamentary intentions on a piece of paper entirely in your own … [Read more...] about Estate Planning – Something You Shouldn’t Do Yourself
Yes, You Need an Estate Plan! (VIDEO)
In this Vlog, Attorney Justin M. Kennedy discusses his new book "Yes, You Need an Estate Plan!" Justin illustrates in this Vlog that everyone over the age of 18 needs some sort of estate plan, and the documents which should be included in an estate plan can change over the course of someone's life. For more information on Justin's book, visit www.attorneyoffice.com/book. … [Read more...] about Yes, You Need an Estate Plan! (VIDEO)
Death and Your Digital Footprint
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Most individuals understand the need to dispose of their tangible and intangible assets upon their death and use either a Will or Trust to accomplish that. Although it’s clear that these documents govern the disposition of tangible and intangible assets, it’s not as clear that a personal representative or trustee can use the provisions of these documents to … [Read more...] about Death and Your Digital Footprint
Five Years to Elect Portability (VIDEO)
In this Vlog, Attorney Justin M. Kennedy discusses Revenue Procedure 2022-32 and how the period for a surviving spouse to elect portability has been increased to five (5) years from the date of death of their deceased spouse. … [Read more...] about Five Years to Elect Portability (VIDEO)
Pondering Portability
The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years. Read on to learn more. … [Read more...] about Pondering Portability
What Makes a Will or Trust Invalid?
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Attorneys often answer questions relating to the validity of Estate Planning documents. Sometimes, the testator or grantor simply wants to ensure that the documents carry out their last wishes. Other times, a beneficiary questions the terms or amount of their inheritance. Finally, loved ones have concerns that the Estate Plan does not accurately reflect the true … [Read more...] about What Makes a Will or Trust Invalid?
Trustee Tax Liability (VIDEO)
In this Vlog, Attorney Justin M. Kennedy discusses the federal priority statutes and how they can create personal tax liability for a Trustee. … [Read more...] about Trustee Tax Liability (VIDEO)
Application of the Updated Life Expectancy Tables
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Although Individual Retirement Accounts (“IRAs”) have become ubiquitous in the Estate Planning world, they are relatively young having been created in 1974 with the passage of the Employee Retirement Income Security Act. Recently, the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) made significant changes to the rules regarding … [Read more...] about Application of the Updated Life Expectancy Tables
Disaster Scenario Beneficiary
In this Vlog, Attorney Justin M. Kennedy discusses who inherits from an estate if every named beneficiary has passed away. … [Read more...] about Disaster Scenario Beneficiary
Start 2022 the Right Way
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Welcome to 2022! Most of us have left 2021 without hesitation – many had high hopes that 2021 would bring the end of COVID-19 and a return to normalcy and yet we face another variant as we usher in 2022. While things may not have gone the way we hoped in 2021, we can start 2022 prepared for anything by getting our estate plans in order. The tumultuous events … [Read more...] about Start 2022 the Right Way
