In this vlog, Litherland, Kennedy & Associates Attorney Justin M. Kennedy discusses the 2024 Federal Estate Tax and Gift Tax Exclusion. … [Read more...] about 2024 Federal Estate and Gift Tax Update (VIDEO)
Understanding Estate Tax Portability
When it comes to estate planning, there's a silver lining that often goes unnoticed: the concept of portability. Imagine this – you've spent years of careful planning to pass on your assets to your spouse and loved ones. Then, you find out your spouse can actually make use of any unused estate tax exemptions from your estate. It's like a financial gift that keeps on giving, but how does it work? Let’s dive in. What Is Portability in Estate Tax Law? Portability is a feature in U.S. estate … [Read more...] about Understanding Estate Tax Portability
Tax Planning for 2023
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. As we start off the New Year, we need to think of…tax planning! Some years Congress tweaks the laws more than in other years. While 2022 held plenty of events: the war in Ukraine, an improved “bivalent” coronavirus vaccine addressing new coronavirus variants, the U.S. midterms elections, etc., it was a relatively quiet year for legislative changes impacting planning. … [Read more...] about Tax Planning for 2023
Is a Person Who is Not a US Citizen Subject to the Federal Estate Tax? (VIDEO)
In this vlog, Litherland, Kennedy & Associates Attorney Justin M. Kennedy discusses whether a person who is not a US citizen is subject to the federal estate tax. … [Read more...] about Is a Person Who is Not a US Citizen Subject to the Federal Estate Tax? (VIDEO)
2023 Estate Tax Exemption and Gift Tax Exclusion Update (Video)
In this Vlog, Attorney Maggie A. LaBranch-Gonzales discusses the 2023 Estate Tax Exemption and the 2023 Gift Tax Exclusion. … [Read more...] about 2023 Estate Tax Exemption and Gift Tax Exclusion Update (Video)
Trustee Tax Liability (VIDEO)
In this Vlog, Attorney Justin M. Kennedy discusses the federal priority statutes and how they can create personal tax liability for a Trustee. … [Read more...] about Trustee Tax Liability (VIDEO)
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
New Estate Tax Proposal
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. A new proposal regarding estate taxes has been introduced in the U.S. Senate. S.B. 309, the “For the 99.8% Act,” is sponsored by Senator Bernie Sanders (I-VT). The bill would exempt the first $3.5 million of an individual’s estate from estate taxation. (Under current law, the exemption is $5 million, doubled to $10 million through 2025, and is adjusted for … [Read more...] about New Estate Tax Proposal
Estate Planning is About More Than Taxes
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. The new tax law doubled the amount that can be passed free of federal estate taxation, at least through 2025. In 2018, an individual can pass $11.18 million free from federal estate taxation. But, estate planning was never just about estate taxation. The core of estate planning has always been about protecting your loved ones and the assets you leave them. There … [Read more...] about Estate Planning is About More Than Taxes
Planning for the International Client
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Today’s world is increasingly mobile. It’s increasingly common for estate planning attorneys to have clients who weren’t born in the United States or who own property outside of the United States. How do we meet the needs of these clients? The threshold question is the citizenship of the individual. Is the client a citizen of the United States (whether or not they … [Read more...] about Planning for the International Client
