Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Estate Planning is critical to making sure your wishes are carried out. This series focuses on how an Estate Plan could be challenged. This series will show the importance of doing Estate Planning in the right way. The first article in the series looked at formal requirements. This second article focuses on undue influence. Undue influence consists of someone … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 2 – Undue Influence
Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Estate Planning is essential for many reasons, which are set forth in prior articles. Links to these articles are set forth at the end of this article. This series will focus on how an Estate Plan could be challenged. This series will show the importance of doing Estate Planning in the right way. This article will focus on the formalities of an Estate … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements
Tax Planning for 2020
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. As 2019 has drawn to a close and a new decade dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than other years. This was a relatively quiet year for changes. Still, even in a quiet year, some things change due to inflation increases, etc. Estate Tax Planning Applicable Exclusion rises from $11.4 million in 2019 to $11.58 million … [Read more...] about Tax Planning for 2020
The Questions of Estate Planning, Part 6: Why
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. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. Any of us could have a tragedy strike, even early in life. And it’s not just our death that Estate Planning considers, it’s also for our incapacity. Estate Planning can provide sophisticated … [Read more...] about The Questions of Estate Planning, Part 6: Why
The Questions of Estate Planning, Part 5: How
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. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. One of the most frequent points of misunderstanding is that we focus on “who” we want to receive our assets, rather than “how” they should receive them. For some beneficiaries, an outright … [Read more...] about The Questions of Estate Planning, Part 5: How
The Questions of Estate Planning, Part 4: Where
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. Questions often arise regarding “where.” First, where should you go to do your Estate Planning? The answer is simple, an attorney who focuses their practice in Estate Planning (or the related areas of Estate Planning, Elder Law, and Taxation). Estate Planning is far too intricate to rely on a general practitioner. You certainly … [Read more...] about The Questions of Estate Planning, Part 4: Where
The Questions of Estate Planning, Part 3: When
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. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. Any of us could have a tragedy strike, even early in life. And it’s not just our death that Estate Planning considers, it’s also for our incapacity. Estate Planning can provide sophisticated … [Read more...] about The Questions of Estate Planning, Part 3: When
The Questions of Estate Planning, Part 2: What
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...] about The Questions of Estate Planning, Part 2: What
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...] about The Questions of Estate Planning, Part I: Who
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...] about Income Tax Basis
