Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Shortly after signing the Inflation Reduction Act into law, President Biden announced his plan to use executive action to cancel up to $10,000 of student loan debt for borrowers under certain income thresholds and an additional $10,000 for borrowers who received Pell Grants. Some support this action, while others condemn it and threaten lawsuits. While nothing is … [Read more...] about Discharge of Indebtedness Income and Student Loan Forgiveness
Do I Pay Income Taxes on Living Trust Payouts?
The revocable living trust is a very versatile estate planning tool that can be the ideal choice for a wide range of people. Before we look at the taxation question, we will explain a few of the benefits so you understand why living trusts are so effective. Probate Avoidance Some people assume that the executor of a will can act independently without supervision, but this is not the case. The will must be admitted to probate, and a court would provide supervision during the administration … [Read more...] about Do I Pay Income Taxes on Living Trust Payouts?
The Inflation Reduction Act
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. After more than a year of debate over the provisions of the “Build Back Better Act,” President Biden signed the newly titled “Inflation Reduction Act” (the “Act”) into law on Tuesday, August 16, 2022. While the Act represents a scaled back version of the Build Back Better Act, it embodies the goal of reshaping the U.S. economy after the pandemic. Fortunately for … [Read more...] about The Inflation Reduction Act
How Do I Trust Thee…Part III
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Many Estate Plans rely upon a revocable trust as one of the foundational documents in the plan to avoid probate. Sometimes, plans include irrevocable trusts to achieve tax-driven results or for other reasons. No matter which kind of trust a client considers, of the many decisions that clients make when creating an Estate Plan, naming a trustee tops the list in … [Read more...] about How Do I Trust Thee…Part III
How Do I Trust Thee…Part II
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Many Estate Plans rely upon a revocable trust as one of the foundational documents in the plan to avoid probate. Sometimes, plans include irrevocable trusts to achieve tax-driven results or for other reasons. No matter which kind of trust a client considers, of the many decisions that clients make when creating an Estate Plan, naming a trustee tops the list in … [Read more...] about How Do I Trust Thee…Part II
How Do I Trust Thee…Part I
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Many Estate Plans use a revocable trust as the foundational document in the plan to avoid probate. Probate can be an expensive, time-consuming, and public process. Some plans include irrevocable trusts to achieve tax-driven results or for other reasons. No matter which kind of trust we consider, of the many decisions that clients make when creating an Estate … [Read more...] about How Do I Trust Thee…Part I
Litherland, Kennedy & Associates is Walking in the 2022 Walk to End Alzheimer’s. Join Us!
2022 Walk to End Alzheimer's - San Jose, CA Saturday, October 15, 2022 DONATE OR WALK WITH US! Location: Excite Ballpark, The San Jose Giants Stadium 588 E Alma Ave San Jose, CA 95112 Walk Start Time: 9:30 amAlzheimer’s disease is relentless. So are we. Alzheimer's disease touches so many people; It affects our clients, our family members and our friends. It can feel lonely and isolating to be facing it, or to be supporting someone who has been diagnosed with it. But we're not … [Read more...] about Litherland, Kennedy & Associates is Walking in the 2022 Walk to End Alzheimer’s. Join Us!
Establishing Health Care Documents for Young Adults – A Mock Interview (VIDEO)
In this Vlog, Attorney Justin M. Kennedy conducts a mock interview with young adult Lauren regarding establishing important estate planning documents for health care. … [Read more...] about Establishing Health Care Documents for Young Adults – A Mock Interview (VIDEO)
How Do I Title Thee…Part II
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Assets owned by an individual provide the landscape for an Estate Plan. A qualified estate planning attorney might recommend certain techniques because of the type of assets a client owns. In addition, the attorney may recommend the use of various entities, like a trust, to hold title to those assets. This is the second part of a two-part series exploring the … [Read more...] about How Do I Title Thee…Part II
How Do I Title Thee…Part 1
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. It’s impossible to fully understand Estate Planning without considering the goals of the clients, along with their underlying assets. After all, many of the more advanced Estate Planning techniques depend upon obtaining discounts for assets and considering which technique to recommend based on a client’s assets. Some clients lack specific knowledge regarding not … [Read more...] about How Do I Title Thee…Part 1
