Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. As 2021 draws to a close and the New Year dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than other years. While 2021 held plenty of events: a coronavirus vaccine, new coronavirus variants, a new President, etc., it was a relatively quiet year for legislative changes impacting planning. At first, it seemed as though there could be … [Read more...] about Tax Planning for 2022
It Can Be Scary to Die Without an Estate Plan…the Horrors of Intestacy
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Dealing with holiday shopping crowds, ordering holiday gifts online wondering if they will arrive on time, and traveling for the holidays during a pandemic can be scary; however, when I think of something truly terrifying, it’s dying without an estate plan. Although the pandemic encouraged people to consider what would happen at their death, many folks believe … [Read more...] about It Can Be Scary to Die Without an Estate Plan…the Horrors of Intestacy
Living in a Digital World and the Importance of Planning for Cryptocurrency
Cryptocurrency has become increasingly popular as a form of investment in recent years. More and more established financial institutions recognize cryptocurrency and allow its use. As cryptocurrency becomes mainstream, it’s important to consider estate planning implications for holding this digital asset. Read on to learn more. … [Read more...] about Living in a Digital World and the Importance of Planning for Cryptocurrency
How Estate Planning Documents Help Prevent Elder Abuse
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. With age comes wisdom and often, vulnerability. While aging is inevitable, it’s often hard to face as previously routine tasks become more difficult or require the assistance of another. Suddenly, keeping up with the latest technology overwhelms an individual who abandons the project in frustration. Minds become addled and scam artists more creative making … [Read more...] about How Estate Planning Documents Help Prevent Elder Abuse
Roth IRAs Can Be a Great Planning Strategy: Advanced
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 two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. (Click here for the first article in the series.) This second part looks at two advanced planning strategies. The first advanced planning strategy is to use a Roth IRA to maximize the deferral on an inherited IRA. Prior to the SECURE Act, beneficiaries could … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Advanced
Roth IRAs Can Be a Great Planning Strategy: Basics
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 two-part series on Roth IRAs. This first part will look at the basics of Roth IRAs. The second part will look at more advanced planning strategies. An Individual Retirement Account (IRA) is a savings vehicle in which a deduction may be taken upon contribution (with limitations). The maximum contribution in 2021 is $6,000, and those age 50 and … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Basics
Estate Planning Reduces Stress During High Anxiety Times
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Everyone who lived through September 11, 2001, shares a common experience. Although colored by our individual circumstances, we remember looking at the horrific images of destruction and misery and wondering why this tragedy occurred. Since that fateful day, Americans have flocked to churches, synagogues, mosques, and other places of worship seeking answers to … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
Taxation of Nongrantor Trusts
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is the final article in a three-part series on the taxation of trusts. The first part reviewed how a trust can be “substantially owned” by someone, i.e., what is commonly known among Estate Planning or Trusts & Estates attorneys as a “grantor trust.” It also looked at the advantages of using a grantor trust. Here is a link to the first article in the series. … [Read more...] about Taxation of Nongrantor Trusts
Tax Reporting with Trusts
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 three-part series on the taxation of trusts. The first part reviewed how a trust can be “substantially owned” by someone, i.e., what is commonly known among Estate Planning or Trusts & Estates attorneys as a “grantor trust.” It also looked at the advantages of using a grantor trust. Here is a link to the first article in the series. This … [Read more...] about Tax Reporting with Trusts
Advantages of Using a “Grantor Trust” in Planning
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 three-part series on the taxation of trusts. The first part reviews how a trust can be “substantially owned” by someone, i.e., what is commonly known among Estate Planning or Trusts & Estates attorneys as a “grantor trust.” It will also look at the advantages of using a grantor trust. The second article in the series will examine the … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
