by Justin M. Kennedy, Litherland, Kennedy & Associates, APC, Attorneys at LawA Living Trust only has the authority to manage the assets titled in the name of the Trust; assets not titled in the name of the Living Trust cannot be managed by the Trust. Retitling assets into the name of the Living Trust is known as Funding.Funding your assets into the Living Trust is very important to ensure that the Trust has control over those assets. Assets properly titled in the name of the Living … [Read more...]
Prenuptial Agreements Can Provide Remarriage Protection
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Prenuptial agreements are on the rise. Here‘s a Huffington Post article explaining this rise and the reasons behind it. A prenuptial agreement is especially important when it‘s not the first marriage for either or both of the members of the couple or where one or both of them have children from prior relationships. This is the situation when one spouse dies and … [Read more...]
Giving Back
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.There are many ways to give back. Some give back through donations of cash or property. Other people give back by donating their time or expertise. Some people do both.When you give cash to a public charity, for example, you can deduct your contribution up to 60% of your adjusted gross income. For example, Mary Smith had an adjusted gross income of $100,000. She … [Read more...]
Estate Planning is About More Than Taxes
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.The new tax law doubled the amount that can be passed free of federal estate taxation, at least through 2025. In 2018, an individual can pass $11.18 million free from federal estate taxation. But, estate planning was never just about estate taxation. The core of estate planning has always been about protecting your loved ones and the assets you leave them.There … [Read more...]
The Job of a Caregiver
by Dedra Jize, OT, CSAGeriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at LawThe Caregiver job is one of the least understood jobs by other family members and friends who are watching from the outside, regardless if they live near or far. As the Caregiver, you may be pushed to the limit but there is no time to explore options for help. Perhaps there are funds out there to tap into to reduce the financial strain or maybe your loved one is eligible for … [Read more...]
Special Accounts for People with Special Needs
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Those with special needs have unique challenges in life. But, there are special accounts available to individuals who were disabled before age 26. The Achieving a Better Life Experience or “ABLE” Act created ABLE accounts under section 529A.529 accounts give preferential tax treatment when the accounts are used for educational expenses (this was discussed in our … [Read more...]
Medi-Cal Planning and the Family Home
by Justin M. Kennedy, Attorney at LawLitherland, Kennedy & Associates, APC, Attorneys at LawRecently I met with Dorothy and her only daughter Linda. Dorothy was recently hospitalized and may require skilled nursing care in the near future and they were concerned with how they would pay for that level of care. Our office has found that in Santa Clara County a skilled nursing facility costs approximately $8,000 to $16,000 a month. Dorothy has a family home valued at $1,200,000 but $100,000 … [Read more...]
A Thank You to All Caregivers
by Dedra Jize, OT, CSAGeriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at LawNovember is National Family Caregivers Month. It is a time to recognize and honor family caregivers across the country. A special “thank you’ to all you Caregivers. It is something not said often enough, and the words feel insufficient for all that you do to care for someone and for all that you have given up to allow you to be a Caregiver. A “thank you’ feels inadequate to express … [Read more...]
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Aretha Franklin was known as the “Queen of Soul.” She was a singer, songwriter, civil rights activist, and so much more. Aretha was a great recording artist, with a career spanning many decades. She received honorary degrees from many prestigious universities, like NYU, Princeton, and Yale. She received the Presidential Medal of Freedom in 2005. In fact, we all owe … [Read more...]
Planning for Lottery Winners, Part 2 of 2
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.This is a two-part series concerning planning for lottery winners. The first part concerns avoiding pitfalls. The second part concerns planning strategies to consider.Now that the lottery winner has avoided some of the possible pitfalls, let’s look at some planning options. Many lottery winners fail to plan properly. As a result, many winners declare bankruptcy … [Read more...]
