Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Estate Planning is often misunderstood. Some people think it only involves preparing a simple Will. Some think it only involves preparing a Will or a trust. How hard could that be? But it entails so much more than that. It involves coordinating all the various aspects of a person’s assets so they achieve the goals of the person. Typically, this involves a Will and / … [Read more...]
The Questions of Estate Planning, Part I: Who
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Estate Planning considers many factors. But when most people think of Estate Planning, they just think it answers the question of who gets what. Certainly, it should answer that question. But it is so much more. This is the first in a series of articles on the Questions of Estate Planning.While Estate Planning is about more than just who gets what, it does include … [Read more...]
Income Tax Basis
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.When we think of income taxes, we think of how much we earn. But, another aspect of income tax is the gain or loss on assets. Income tax basis is central to how assets are taxed in the United States. This is the first of a series on income tax basis. This blog will examine income tax basis, how you get it, and how it gets adjusted. The next article will look at how … [Read more...]
Make Your Own Plan
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Some people plan their estates carefully. Some people don’t have an estate plan at all. That’s called dying intestate. In that situation, the state in which they live at their death has a default plan for them which determines who gets their assets. The state’s plan might suit them, or it might not suit them at all.For example, Fred was unmarried and had a … [Read more...]
Continuing Legal Education in San Diego
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Staying up-to-date is important, especially in Estate Planning and Elder Law. Many states have an annual Continuing Legal Education (“CLE”) requirement of 12 hours. Though some states have no CLE requirement at all. Even in those states with a CLE requirement, it does not need to be focused in the attorney’s field of practice. By comparison, the American Academy of … [Read more...]
Planning for Education Expenses
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.This is the third in a series focusing on planning for children. The first article was focused on the importance of planning if you have step-children. The second article focused on the importance of planning if you have “special needs” children. This third article focuses on planning for education expenses.You want the most for your child. Above all you want to … [Read more...]
Planning for Special Needs Children
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 series focusing on planning for children. The first article was focused on the importance of planning if you have step-children. This article focuses on the importance of planning if you have “special needs” children. The next article in the series will focus on planning for education expenses.A “special needs” child is a child who faces a … [Read more...]
Planning for Step-Children
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 series focusing on planning for children. This first article will focus on the importance of planning if you have step-children. The next article in the series will focus on the importance of planning if you have special needs children.If you have married someone and your spouse has children from a different relationship, those are your … [Read more...]
Disinheritance
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Whether or not we plan to do so, each of us will face death eventually. However, by planning we can make our passing easier and better in many ways for those we leave behind. The first article in the series demonstrated how you could gain privacy from the public by planning and using a trust rather than going through the public probate process. The second article in … [Read more...]
Your Planning Can Help Your Loved Ones
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Whether or not we plan to do so, each of us will face death eventually. However, by planning, we can make our passing easier and better in many ways for those we leave behind. This is the third of a series on the ways we can ease the transition through planning. This article focuses on the importance of the way in which you leave assets to your loved ones.When we … [Read more...]
