Many souls believe that if they lack means, they do not need an Estate Plan. Nothing could be further from the truth. If you die without an Estate Plan, it’s like opting for a trick on Halloween and the results of both can be downright scary. Read on to learn more. … [Read more...] about The Horrors of Dying Intestate
Litherland, Kennedy & Associates Attend Exclusive Legal Conference in San Diego, California
Silicon Valley estate planning and elder care law firm Litherland, Kennedy & Associates attended one of the nation’s premier legal education conferences in San Diego, CA from October 5 to October 8. The American Academy of Estate Planning Attorneys hosted their 30th annual Fall Summit which included over 90 estate planning law firms from around the country. The American Academy is committed to helping its Member attorneys innovate the way they practice law. The conference focused on … [Read more...] about Litherland, Kennedy & Associates Attend Exclusive Legal Conference in San Diego, California
Understanding Estate Tax Portability
When it comes to estate planning, there's a silver lining that often goes unnoticed: the concept of portability. Imagine this – you've spent years of careful planning to pass on your assets to your spouse and loved ones. Then, you find out your spouse can actually make use of any unused estate tax exemptions from your estate. It's like a financial gift that keeps on giving, but how does it work? Let’s dive in. What Is Portability in Estate Tax Law? Portability is a feature in U.S. estate … [Read more...] about Understanding Estate Tax Portability
A Real-Life Look at the Application of the Slayer Statute
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article isn’t about a lawsuit over the right to an elective … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
The SECURE Act – the Gift That Keeps On Giving
The SECURE Act of 2019 altered the landscape for IRAs significantly when signed into law. Just when advisors gained a level of comfort with the SECURE Act, the United States Treasury Department issued Regulations in early 2022 requiring RMDs under the 10-year Rule in years 1-9. After realizing that many individuals were unaware of that requirement, the Internal Revenue Service responded by issuing Notice 2022-53 suspending the requirement to take RMDS in 2021 and 2022. SECURE 2.0 came at the end … [Read more...] about The SECURE Act – the Gift That Keeps On Giving
The Importance of Hiring a Probate Attorney (VIDEO)
In this vlog, Litherland, Kennedy & Associates Attorney Maggie A. LaBranch-Gonzales discusses the Estate of Sanchez, Sixth Appellate District. In the Estate of Sanchez, the appeals court upheld that a personal representative may not represent the estate in propria persona (without the assistance of an attorney) even in the probate action on claims pursued for the benefit of the estate’s beneficiaries. Maggie discusses some elements of the case and the importance of hiring a probate attorney … [Read more...] about The Importance of Hiring a Probate Attorney (VIDEO)
IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. Read more to learn more about this Ruling and how to qualify for one of the biggest tax loopholes. … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
Estate Planning Insight: How to Tackle Challenges After a Loss
The passing away of a loved one leaves a void that's difficult to fill. You're suddenly thrust into an emotional rollercoaster, wondering how to go on without that essential person in your life. To help you navigate this challenging chapter, here are some concrete strategies to manage both your emotional and practical needs during this trying time. Embrace Your Emotions Validate Your Feelings: Feelings of loss, sadness, or even anger are natural. Acknowledge them without judgment. Remember … [Read more...] about Estate Planning Insight: How to Tackle Challenges After a Loss
Team Litherland, Kennedy & Associates Volunteer Day at Martha’s Kitchen (VIDEO)
On August 30, 2023, the Litherland, Kennedy & Associates Team volunteered at Martha’s Kitchen, whose mission is to provide nearly 250,000 meals monthly. We are thankful for Martha's Kitchen's commitment to upholding the right of access to nutritious food in our community. To learn more about Martha’s Kitchen, visit www.marthas-kitchen.org. … [Read more...] about Team Litherland, Kennedy & Associates Volunteer Day at Martha’s Kitchen (VIDEO)
National Make-a-Will Month
Although many Estate Plans have a Revocable Trust as the foundation for the plan, Wills play an important role in a comprehensive Estate Plan. Alarmingly, most Americans don’t have a Will even though they know it’s important. As National Make-a-Will month comes to a close, let’s explore the often overlooked and neglected Estate Planning document, the Will. Read on to learn more. … [Read more...] about National Make-a-Will Month
