Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to understand the impact that the taxes imposed by the individual’s state of residence have on the plan as well as the character and type of assets allowed by the state. Estate Planning is complex and requires an expert in these matters to advise clients properly. Read on to learn more. … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part I
The Joy in Joint Trusts
Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether. Read on to learn more. … [Read more...] about The Joy in Joint Trusts
The IRS’ Annual Warning: The 2023 Dirty Dozen
As another tax season closes, it is a good time to review the list of “Dirty Dozen” tax schemes published by the Internal Revenue Service for the year. Many of these schemes peak during tax time and involve fraudsters looking for ways to steal taxpayers’ money, personal information, and data. We feel it is important to alert our clients and community to these scams and to provide advice on how to avoid them. Read on to learn more. … [Read more...] about The IRS’ Annual Warning: The 2023 Dirty Dozen
What Does the Respect for Marriage Act Mean for Estate Planning?
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. On December 14, 2022, President Biden signed the Respect for Marriage Act (the “Act”) repealing the Defense of Marriage Act (“DOMA”). The Act mandates that all states, United States territories and possessions, the District of Columbia, the Commonwealth of Puerto Rico, and the federal government (hereinafter “States” or “State”) must recognize as valid any … [Read more...] about What Does the Respect for Marriage Act Mean for Estate Planning?
What Bruce Willis Can Teach Us About Incapacity Planning
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. America’s favorite tough guy, Bruce Willis, recently received a diagnosis of Frontotemporal Dementia or FTD which destroys the brain’s frontal or temporal lobes. The condition strikes individuals between ages 45 and 64 and is the most common form of dementia for those under 60. His diagnosis brings into sharp focus the importance of planning for incapacity. … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
What’s in President Biden’s Revenue Proposals?
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. The Biden Administration recently released its budget proposals for 2024. Of the fourteen proposals listed, two could impact Trust and Estate practitioners, if signed into law. This article will focus on the first such proposal which relates to distributions from an Individual Retirement Account (“IRA”). The Internal Revenue Code (“Code”) allows taxpayers under … [Read more...] about What’s in President Biden’s Revenue Proposals?
What Is Probate and Why Do People Avoid It?
Probate is the legal process that occurs after someone dies, where their assets are distributed to their heirs or beneficiaries. While probate can be a necessary and important process, it can also be time-consuming, expensive, and stressful for those involved. For this reason, many people choose to avoid probate altogether. In this post, we will explore why you would want to avoid probate. Time-Consuming One of the main reasons people want to avoid probate is because it can be a lengthy … [Read more...] about What Is Probate and Why Do People Avoid It?
The Lessons from Lisa Marie
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Full disclosure – Elvis Presley died the year that I was born yet I feel like I grew up with his music. He was dubbed the King of Rock ‘n’ Roll because of his undeniable musical talent and by all accounts he was a humble, kind, and generous man who died far too young. It’s ironic that as Elvis’s life and career returned to the spotlight, his only daughter, Lisa … [Read more...] about The Lessons from Lisa Marie
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. As we gather with our family, friends, and loved ones to celebrate the Holidays, while year-end obligations may tempt us to rush through the holiday meal and return to “normal,” we should not. Instead, we should stop, savor the moments together, and remember why we choose to spend our time with these individuals. This time of the year offers a special opportunity … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Common Mistakes in Estate Planning – Part V
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Creating an Estate Plan that includes a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, and Health Insurance Portability and Accountability Act Authorization provides numerous benefits during life and at death. During life, the plan provides directions to your family regarding your medical care and finances … [Read more...] about Common Mistakes in Estate Planning – Part V
