In this Vlog, Attorney Justin M. Kennedy discusses Revenue Procedure 2022-32 and how the period for a surviving spouse to elect portability has been increased to five (5) years from the date of death of their deceased spouse. … [Read more...] about Five Years to Elect Portability (VIDEO)
President Biden’s Proposed Tax Plan (VIDEO)
In this Vlog, Attorney Justin M. Kennedy discusses President Biden's Proposed Tax Plan. … [Read more...] about President Biden’s Proposed Tax Plan (VIDEO)
What Everyone Should Know about the New FDIC Regulations
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Most estate planners recommend creating a basic estate plan, usually with a revocable trust as the centerpiece. Revocable trusts provide an easy, yet effective way to avoid probate in most states. In those states in which probate is not a concern, Estate Planning attorneys use trusts to provide asset and creditor protection or to protect a beneficiary from … [Read more...] about What Everyone Should Know about the New FDIC Regulations
Disaster Scenario Beneficiary
In this Vlog, Attorney Justin M. Kennedy discusses who inherits from an estate if every named beneficiary has passed away. … [Read more...] about Disaster Scenario Beneficiary
Neither Age Nor Health Determines Whether You Need an Estate Plan
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. There’s an oft-cited, paraphrased quote attributed to George Bernard Shaw: “Youth is wasted on the young.” In many ways it’s true. When we are young, we rarely appreciate the beautiful gift of youth. We waste our talents and time on unworthy endeavors, at least most of us. There are a select few on whom youth is not wasted. Olympians belong in that select … [Read more...] about Neither Age Nor Health Determines Whether You Need an Estate Plan
Tax Planning for 2022
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. As 2021 draws to a close and the New Year dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than other years. While 2021 held plenty of events: a coronavirus vaccine, new coronavirus variants, a new President, etc., it was a relatively quiet year for legislative changes impacting planning. At first, it seemed as though there could be … [Read more...] about Tax Planning for 2022
It Can Be Scary to Die Without an Estate Plan…the Horrors of Intestacy
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Dealing with holiday shopping crowds, ordering holiday gifts online wondering if they will arrive on time, and traveling for the holidays during a pandemic can be scary; however, when I think of something truly terrifying, it’s dying without an estate plan. Although the pandemic encouraged people to consider what would happen at their death, many folks believe … [Read more...] about It Can Be Scary to Die Without an Estate Plan…the Horrors of Intestacy
How Estate Planning Documents Help Prevent Elder Abuse
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. With age comes wisdom and often, vulnerability. While aging is inevitable, it’s often hard to face as previously routine tasks become more difficult or require the assistance of another. Suddenly, keeping up with the latest technology overwhelms an individual who abandons the project in frustration. Minds become addled and scam artists more creative making … [Read more...] about How Estate Planning Documents Help Prevent Elder Abuse
Roth IRAs Can Be a Great Planning Strategy: Advanced
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 two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. (Click here for the first article in the series.) This second part looks at two advanced planning strategies. The first advanced planning strategy is to use a Roth IRA to maximize the deferral on an inherited IRA. Prior to the SECURE Act, beneficiaries could … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Advanced
Roth IRAs Can Be a Great Planning Strategy: Basics
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
