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 two-part series on Roth IRAs. This first part will look at the basics of Roth IRAs. The second part will look at more advanced planning strategies. An Individual Retirement Account (IRA) is a savings vehicle in which a deduction may be taken upon contribution (with limitations). The maximum contribution in 2021 is $6,000, and those age 50 and … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Basics
Estate Planning Reduces Stress During High Anxiety Times
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Everyone who lived through September 11, 2001, shares a common experience. Although colored by our individual circumstances, we remember looking at the horrific images of destruction and misery and wondering why this tragedy occurred. Since that fateful day, Americans have flocked to churches, synagogues, mosques, and other places of worship seeking answers to … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
Taxation of Nongrantor Trusts
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is the final article in a three-part series on the taxation of trusts. The first part reviewed how a trust can be “substantially owned” by someone, i.e., what is commonly known among Estate Planning or Trusts & Estates attorneys as a “grantor trust.” It also looked at the advantages of using a grantor trust. Here is a link to the first article in the series. … [Read more...] about Taxation of Nongrantor Trusts
Is Your Married Joint Living Trust Too Complicated? (VIDEO)
In this vlog, Litherland, Kennedy & Associates Attorney Maggie A. LaBranch-Gonzales discusses the structure of married joint living trusts and why you should review your plan, especially if it was created prior to 2017. … [Read more...] about Is Your Married Joint Living Trust Too Complicated? (VIDEO)
Tax Reporting with Trusts
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 on the taxation of trusts. The first part reviewed how a trust can be “substantially owned” by someone, i.e., what is commonly known among Estate Planning or Trusts & Estates attorneys as a “grantor trust.” It also looked at the advantages of using a grantor trust. Here is a link to the first article in the series. This … [Read more...] about Tax Reporting with Trusts
Advantages of Using a “Grantor Trust” in Planning
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 on the taxation of trusts. The first part reviews how a trust can be “substantially owned” by someone, i.e., what is commonly known among Estate Planning or Trusts & Estates attorneys as a “grantor trust.” It will also look at the advantages of using a grantor trust. The second article in the series will examine the … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
Dangers of Do-It-Yourself Estate Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Occasionally, those who aren’t Estate Planning attorneys will attempt to do their own Estate Planning. They think they can find a document online or use a friend’s document and can figure it out. Unfortunately, there are many pitfalls one could run across. Let’s look at three of these pitfalls which one must sidestep. Bill and Mary had a house worth $500,000, an … [Read more...] about Dangers of Do-It-Yourself Estate Planning
It’s Important to Have a Coordinated Estate Plan
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. An Estate Plan includes various different moving parts. The Revocable Trust may be the keystone of the plan, but it’s important to consider how the other parts of the plan will work with…or against…the plan. Let’s look at a simple example. John had three children and he wished to leave his assets to them equally. He had $6 million in various assets. John hired an … [Read more...] about It’s Important to Have a Coordinated Estate Plan
Attorneys Justin M. Kennedy and Maggie A. LaBranch-Gonzales Selected as 2021 California Rising Stars
Attorneys Justin M. Kennedy and Maggie A. LaBranch-Gonzales have been selected to the 2021 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 3rd 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 2021 California Rising Stars
Estate Planning Conference Discusses “For the 99.5% Act,” SECURE, 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. Last year’s conference was in January 2020, shortly before the beginning of the COVID-19 pandemic. … [Read more...] about Estate Planning Conference Discusses “For the 99.5% Act,” SECURE, and More
