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
Do I Pay Income Taxes on Living Trust Payouts?
The revocable living trust is a very versatile estate planning tool that can be the ideal choice for a wide range of people. Before we look at the taxation question, we will explain a few of the benefits so you understand why living trusts are so effective. Probate Avoidance Some people assume that the executor of a will can act independently without supervision, but this is not the case. The will must be admitted to probate, and a court would provide supervision during the administration … [Read more...] about Do I Pay Income Taxes on Living Trust Payouts?
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)
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