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...] about Planning for Step-Children
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...] about Disinheritance
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...] about Your Planning Can Help Your Loved Ones
The Importance of Communicating Your Plans
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, IncWhether 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 next article in the … [Read more...] about The Importance of Communicating Your Plans
Clarity is Key to Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, IncWhen problems arise in an estate plan, often the source is a lack of clarity.Tom Petty died in 2017 and left a fortune estimated by Newsweek to be around $38 million. Petty did some things right, but he could have done better.What did Tom Petty do right? First, he planned. Most people just let nature take its course and fail to plan. There’s an old adage: when … [Read more...] about Clarity is Key to Planning
How Much is Too Much?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, IncWe all want to help our kids financially, but how much is too much? Businessman billionaire Warren Buffet was quoted in a 1986 Fortune article that, even if you had ample wealth, one should leave your kids “enough money so that they would feel they could do anything, but not so much that they could do nothing.”Bill Gates, Warren Buffett, and other philanthropists … [Read more...] about How Much is Too Much?
Many Reasons to Plan
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 first of a series on the ways we can ease the transition through planning. This first article focuses on privacy. The next article will focus on how you leave assets to your loved … [Read more...] about Many Reasons to Plan
What is a GST Trust?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.What if you could give your children assets in a trust and they could use them and yet they’d avoid estate taxation at their death? That’s what a “Generation-Skipping Transfer” Trust, or “GST” trust does. It is a trust which is designed to avoid estate taxation at the death of the beneficiary.During the life of the beneficiary, the assets in the trust are used … [Read more...] about What is a GST Trust?
Kiddie Tax is Worse Than Ever
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The “Kiddie Tax” is a tax on the “unearned” income of a child. In other words, it applies to the child’s income from interest and dividends, but not from wages from a job like their paper route or McDonald’s. The Kiddie Tax has been around since 1986 and applies to the unearned income of a child over a certain small amount. In 2019, that amount is $2,200. Prior to … [Read more...] about Kiddie Tax is Worse Than Ever
Staying Current on Estate Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Estate planning is a complicated area of the law. It’s the nexus of several substantive areas of law, including taxation, property law, family law, and other substantive areas. The American Academy of Estate Planning Attorneys held its semi-annual conference in May in Atlanta. The members of the Academy learned the latest developments in the law and estate planning … [Read more...] about Staying Current on Estate Planning
