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...]
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...]
How Will You Age in Place and Be Able to Die at Home?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.More and more Americans are dying at home rather than in hospitals. According to the New England Journal of Medicine, in 2017 29.8% of deaths by natural causes occurred in hospitals while 30.7% occurred at home. The percentage of people dying in hospitals has been declining for several decades. While in 1912 two-thirds of people died at home, this evened out in the … [Read more...]
Estate Planning: Make Today the Day
Studies are conducted periodically to gain an understanding of the estate planning preparedness of adults in the United States. Unfortunately, the results are never encouraging.Most people that are over 65 have a will or some other estate planning document, but a significant percentage of people in this age group do not. The vast majority of Americans that are under the age of 40 are completely unprepared.If you are a young adult and you are single, you should have a will or a trust, but … [Read more...]
COVID-19 aka the Coronavirus: A Reminder to be Prepared
by Attorney Maggie A. LaBranch-GonzalesLitherland, Kennedy & Associates, APC, Attorneys at Law If you’ve heard me speak in our seminars or workshops, or you’ve had the pleasure of meeting with me at the office, I can imagine you hearing my voice right now (kindly) reminding you that we all die. (Way to be blunt, right, Maggie?) But, seriously, for me, the most important part of Estate Planning is not necessarily what happens when you’ve passed away, but whether you are adequately … [Read more...]
Estate Planning Conference Discusses SECURE Act and More
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The Heckerling conference in Estate Planning is the country’s largest professional gathering in Estate Planning. The conference examines many areas of interest to Estate Planning and Elder Law professionals. It pays particular attention to items of current interest.As the SECURE Act passed in late-December 2019, it was discussed in many sessions. The SECURE Act … [Read more...]
Estate Planning: Steps to Take Before Remarriage
Our attorneys always emphasize the fact that estate planning is an ongoing process. If you were to put an estate plan in place today, it would be based on the circumstances of your life at this moment. As we all know, the only constant is change, so the picture will probably look quite a bit different years from now.The divorce rate for first marriages has gone steadily down over the last 30 or 40 years, but it is still rather high. Clearly, many people that get divorced ultimately remarry, … [Read more...]
Planning for the SECURE Act
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It is effective January 1, 2020, for most purposes. This is a series of articles on the Secure Act. The first article looked at the basics of the Secure Act. This second article examines planning strategies for dealing with the Secure Act.As laid out in the … [Read more...]
The Year 2020 (Video)
With the year 2020, if you abbreviate the year by only listing the last two numbers, then you are writing 20 – which then leaves your date subject to fraud. Someone could add two extra numbers after your 20 and make a drastically different date. Watch our video as Attorney Justin M. Kennedy explains why it's vital that you list the full year when you are writing the year 2020 on all legal and financial documents.https://youtu.be/raBVIzqFx1kLitherland, Kennedy & Associates, APC, … [Read more...]
The SECURE Act and What It Means for You
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It is effective January 1, 2020, for most purposes. This is a series of articles on the Secure Act. This first article looks at the basics of the Secure Act.What does it do?The Secure Act does many things, but here are a few of the biggest changes. First … [Read more...]
