Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Those with special needs have unique challenges in life. But, there are special accounts available to individuals who were disabled before age 26. The Achieving a Better Life Experience or “ABLE” Act created ABLE accounts under section 529A. 529 accounts give preferential tax treatment when the accounts are used for educational expenses (this was discussed in our … [Read more...] about Special Accounts for People with Special Needs
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Aretha Franklin was known as the “Queen of Soul.” She was a singer, songwriter, civil rights activist, and so much more. Aretha was a great recording artist, with a career spanning many decades. She received honorary degrees from many prestigious universities, like NYU, Princeton, and Yale. She received the Presidential Medal of Freedom in 2005. In fact, we all owe … [Read more...] about Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Planning for Lottery Winners, Part 2 of 2
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is a two-part series concerning planning for lottery winners. The first part concerns avoiding pitfalls. The second part concerns planning strategies to consider. Now that the lottery winner has avoided some of the possible pitfalls, let’s look at some planning options. Many lottery winners fail to plan properly. As a result, many winners declare bankruptcy … [Read more...] about Planning for Lottery Winners, Part 2 of 2
Planning for Lottery Winners, Part 1 of 2
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is a two-part series concerning planning for lottery winners. The first part concerns avoiding pitfalls. The second part concerns planning strategies to consider. In July, a very lucky individual in San Jose, California, purchased the winning Mega Millions Jackpot ticket, matching all six numbers. The winner was able to choose between payments totaling $543 … [Read more...] about Planning for Lottery Winners, Part 1 of 2
Estate Planning is for You, Not Just Your Parents or Grandparents
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Often, people think estate planning is just for those who are elderly. While the elderly certainly need estate planning, estate planning is for anyone who cares what happens to them, their stuff, or their family. For someone who is young and healthy, estate planning may be the furthest thing from your mind. You may be thinking about how to enjoy autumn by playing … [Read more...] about Estate Planning is for You, Not Just Your Parents or Grandparents
Trusts for Privacy
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. There are many good reasons to use trusts: Trusts avoid the probate process, which is a public process to change title of assets from the deceased person to the new recipient. Trusts may be helpful in tax planning. Specialized irrevocable trusts may be helpful in qualifying for Medicaid/Medi-Cal. Trusts are helpful to manage your assets during your incapacity, … [Read more...] about Trusts for Privacy
New Asset Transfer Look-Back for VA Aid & Attendance Coming Soon: The Window of Opportunity is Closing Quickly!
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. The Veteran’s Administration is beginning asset limits for qualification for the Aid & Attendance benefit. The limit goes into effect on October 18, 2018. If transfers are made prior to October 18, 2018, they will escape penalties on the transfer and the applicant would qualify. Read on for more information on this unique opportunity. Background: The VA offers a … [Read more...] about New Asset Transfer Look-Back for VA Aid & Attendance Coming Soon: The Window of Opportunity is Closing Quickly!
Planning to Avoid Too Much SALT
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Doctors have long said that too much salt isn’t good for you. Now it appears that too much “SALT” isn’t deductible either. December 2017 brought a new federal tax law, The Tax and Jobs Act, which limited the deductibility of state and local taxes (“SALT”) to $10,000 per year. This $10,000 limitation applies for individual taxpayers and even married taxpayers filing a … [Read more...] about Planning to Avoid Too Much SALT
What’s a 529 Plan and What Are the Benefits to Using One?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. A 529 plan is an account in which you can save for educational expenses. There are two types of plans. The first is a pre-paid tuition plan which is typically sponsored by a university. The second type of plan is an investment savings plan, typically sponsored by a state or state agency. The second type of plan is the more common one. Income Tax Benefits: 529 … [Read more...] about What’s a 529 Plan and What Are the Benefits to Using One?
Incapacity Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. People plan to die. We know it’s going to happen. Perhaps we have life insurance to cover our financial responsibilities and care for our loved ones. We may have a Will to divvy up our assets at death. It’s usually not something we look forward to. But, we know it’s going to happen. But, we don’t expect to become incapacitated. Nobody wants to be unable to manage … [Read more...] about Incapacity Planning
