People are routinely on high alert when it comes to the potential for mistakes that can have negative financial consequences. Strangely enough, many of the same individuals are not as careful when it comes to inheritance planning matters. In an effort to raise awareness, we will highlight a few estate planning traps that often ensnare the unwitting.Ongoing ProcrastinationA 2019 survey that was conducted by Caring.com underscores the widespread phenomenon of estate planning unpreparedness. … [Read more...] about Avoid These Inheritance Planning Traps
The Basics: “HIPAA” Powers
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.This is the third in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. The second article examined the Healthcare Power of Attorney and Advance Directive. This third article in the series focuses on a “HIPAA” Power of Attorney. These three documents are the keystone in even the most basic estate … [Read more...] about The Basics: “HIPAA” Powers
The Basics: Powers of Attorney for Healthcare
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. The third article in the series will focus on a “HIPAA” Power of Attorney. These three documents are the keystone in even the most basic estate … [Read more...] about The Basics: Powers of Attorney for Healthcare
The Basics: Financial Power of Attorney
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.This is the first in a three-part series of articles on Powers of Attorney. This first article examines the Financial Power of Attorney. The second article will address the Healthcare Powers of Attorney. The third article in the series will focus on a “HIPAA” Power of Attorney. These three documents are the keystone in even the most basic estate plan.First, what’s … [Read more...] about The Basics: Financial Power of Attorney
What Are the Drawbacks of Probate?
If you were to use a will to express your final wishes with regard to your asset distribution choices, you would name an executor in the document. This person or entity would not be able to act independently. The will would be admitted to probate, and the court would provide supervision during the administration process.During probate, final debts are paid, including taxes. The court examines the will to determine its validity, and if anyone wants to issue a challenge, they could make their … [Read more...] about What Are the Drawbacks of Probate?
Avoiding Family Chaos in the Coronavirus Age
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The coronavirus has infected over seven million people around the world, including over 1.9 million in the United States. It has killed over 110,000 people in the United States and disrupted countless lives as the unemployment rate in the United States has soared to levels not seen since the Great Depression.People can shelter-in-place to reduce their chances of … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
Whom Do You Want to Get Your Assets?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.It’s important to consider whom you’d want to get your assets when you die. Most of us have an idea of whom we’d choose. But, it’s also important to consider who should get those assets if your preferred recipient isn’t around. Life is full of odd twists and turns. Unfortunately, sometimes people don’t die in the order you’d expect. (The deaths of Kobe Bryant and his … [Read more...] about Whom Do You Want to Get Your Assets?
Families Gather in Novel Ways in Pandemic
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 nearly two million people, including those on every continent except … [Read more...] about Families Gather in Novel Ways in Pandemic
Joint Tenancy Pros and Cons
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?
