Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Joint tenancy is a form of legal ownership where the property passes automatically at the death of one of the owners to the remaining joint tenants. Typically, there are two joint tenants, though there could be three or more joint tenants. While this form of ownership may be convenient, especially for couples, it can be disastrous when it is used with others.Let’s … [Read more...] about Joint Tenancy Pros and Cons
Are Inheritances Subject to Taxation?
When you are planning your estate, you may wonder about the way that taxes can impact inheritances that you are leaving to your loved ones. We will take a look at the details in this post to shed some light.Income TaxesMany people are pleasantly surprised when they learn that you do not have to claim an inheritance on your federal or state income tax returns. This applies to insurance policy proceeds along with direct bequests.When it comes to revocable living trusts, distributions of … [Read more...] about Are Inheritances Subject to Taxation?
Academy’s Spring Summit Virtually Perfect
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was 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. COVID-19 has impacted the lives of millions of people and countless events around the world.The Academy’s … [Read more...] about Academy’s Spring Summit Virtually Perfect
Avoid These Common Estate Planning Mistakes
In far too many cases, loved ones are left behind to deal with difficult circumstances because of estate planning mistakes that were made by family members. With this in mind, we will look at some common estate planning mistakes in this post so you can steer clear of these scenarios.DIY Estate PlanningThere are websites on the Internet that sell boilerplate, fill in the blanks legal documents. The marketing approach revolves around the idea that anyone can play the role of an attorney and … [Read more...] about Avoid These Common Estate Planning Mistakes
Attorneys Justin M. Kennedy and Maggie A. LaBranch-Gonzales Selected as 2020 California Rising Stars
Attorneys Justin M. Kennedy and Maggie A. LaBranch-Gonzales have been selected to the 2020 California Rising Stars list. This is an exclusive list, recognizing no more than 2.5 percent of the lawyers in the state. This is the 2nd year that Justin and Maggie have received this honor.Super Lawyers, part of Thomson Reuters, is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The annual … [Read more...] about Attorneys Justin M. Kennedy and Maggie A. LaBranch-Gonzales Selected as 2020 California Rising Stars
Coronavirus and Nursing Homes
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was 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 over a quarter million people on every continent except … [Read more...] about Coronavirus and Nursing Homes
Planning for the Sandwich Generation
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.People are living longer and are having children later in life. Due to this combination of demographic factors, many more people are in the “Sandwich Generation.” Someone in the Sandwich Generation has elderly parents while they still have minor children. All too often, they are torn between their caregiving responsibilities for their children and for their parents. … [Read more...] about Planning for the Sandwich Generation
Beneficiary Designations and Other Non-Probate Transfers
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Beneficiary designations and other non-probate transfers are an often-overlooked part of estate planning. They are overlooked by clients and sometimes even by professionals. When planning what would happen to your assets at death, most of us think, “oh, that’s simple, I need to do a Will to take care of that!” But, that’s just part of the process. You almost … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
Living Trusts Provide Multiple Benefits
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...] about Living Trusts Provide Multiple Benefits
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...] about Planning for the Unexpected
