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
6 Important Estate Planning Considerations – Part 6: Taxes
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is part of a series of 6 blogs on important estate planning considerations. I’ll intersperse these blogs with other timely blogs. The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the distribution of assets at death. The second article in the series focused on how an estate plan should take into … [Read more...] about 6 Important Estate Planning Considerations – Part 6: Taxes
How Tax Reform Could Impact Various Families
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. President Trump and Republican lawmakers recently unveiled a Blueprint for tax reform. Here’s a link to a story about this in U.S. News. Here’s a link to a deeper look at the proposal in the Atlantic. As I discussed in last week’s blog, there are many uncertainties in the plan and in the … [Read more...] about How Tax Reform Could Impact Various Families
