Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Many factors go into retirement decisions.Often, people are stressed over whether they’ll have enough money or other resources to retire. That’s certainly one factor in retirement. And, given the savings statistics, this might be a factor contributing to retirement stress. According to a survey done in 2013, the mean amount of retirement savings for a family … [Read more...]
6 Important Estate Planning Considerations – Part 3: Your Kids
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...]
Estate Planning is Too Important to Procrastinate
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Most of us recognize that estate planning is the loving and responsible thing to do. Yet, only 44% of adult Americans even have so much as a simple Will, according to a Gallup poll.Our world is increasingly complex. It seems our lives are busier than ever. Interestingly, this may not be what leads us to procrastinate. According to Psychology Today, there are three … [Read more...]
6 Important Estate Planning Considerations – Part 2: Long-Term Care
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Often, when people think of “estate planning” they think it’s a task only for what happens after death. While an estate plan certainly deals with the distribution of assets at death, it also is about preparing for the complexities of life.The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the … [Read more...]
How Are You Planning for Long-Term Care (LTC) Expenses?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The odds are nearly even that you’ll need long-term care (LTC) after age 65, at least for a while. But, many people haven’t planned for that possibility in their retirement plan. LTC care costs about $86,000 per year nationally, according to a Genworth study. But, the costs vary dramatically from the least expensive state (Texas, about $55,000) to the most expensive … [Read more...]
6 Important Estate Planning Considerations – Part 1: Incapacity
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.Often, when people think of “estate planning” they think it’s a task only for the old, the rich, or the infirm. But, that simply is not true. Estate planning is something you do when you care, regardless of your age, wealth, or … [Read more...]
Retirement is Complicated
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Many factors go into retirement decisions. When should you retire? Where should you retire? Etc. Family and personal factors are perhaps the most important of these considerations. Where do your children, grandchildren, and friends live? Where do you have roots? What location has the weather and scenery you enjoy? How are you feeling?Financial issues are only one … [Read more...]
Age-Related Retirement Milestones
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.There are many milestones in retirement. Financial advisers might advise that you achieve certain financial benchmarks by specific ages or stages in your life. They might advise that you have a certain multiple of your salary by specific ages. Or, they might advise having a nest egg of a particular size before you retire. Here’s a retirement calculator that might help … [Read more...]
Treasury Releases New Inflation Adjustment
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Estate planning attorneys and others in the wealth management community have known since mid-December that the amount clients can pass without taxation is now, temporarily, doubled. The new tax law doubled the exclusion until the end of 2025. On January 1, 2026, the exclusion reverts to $5 million (adjusted for inflation from 2011). Each year we get inflation … [Read more...]
Income Tax Basis in Estate Planning – Part 2
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.When considering different estate planning strategies and which direction to take, it’s important to consider the impact on basis. “Basis” is the benchmark used for income taxation.What does income tax basis have to do with estate planning? Property included in your taxable estate at your death gets a “step-up” in basis to its value at your death. (Certain … [Read more...]
