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...]
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...]
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...]
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...]
Litherland, Kennedy & Associates is Hosting a Coat Drive this Winter – Join Us!
Litherland, Kennedy & Associates, APC, Attorneys at Law is hosting a coat drive to collect clean, gently worn or new, warm coats November 18th-January 31st at our Campbell office located at 3425 S. Bascom Avenue, Suite 240, Campbell, CA 95008. Area residents are invited to make a difference in our local community by donating to the coat drive and helping us reach their goal of collecting 50 coats.There are 39 million Americans living in poverty and struggling to pay their bills and … [Read more...]
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...]
Make Your Own Plan
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Some people plan their estates carefully. Some people don’t have an estate plan at all. That’s called dying intestate. In that situation, the state in which they live at their death has a default plan for them which determines who gets their assets. The state’s plan might suit them, or it might not suit them at all.For example, Fred was unmarried and had a … [Read more...]
THE TALK: Priorities, Preferences and Wishes
by Magdalena A. LaBranch-GonzalesLitherland, Kennedy & Associates, APC, Attorneys at LawAt our recent client appreciation event, we recommended that our clients have “The Talk” with their kids or loved ones…I know what you’re thinking; but it’s not that Talk. It’s probably been years since you’ve had to sit through that uncomfortable talk about the birds and the bees only to find yourself facing a new level of uncomfortableness.How do you talk to your kids or loved ones about your … [Read more...]
Estate Tax Exemption Amounts to Increase
by Justin M. KennedyLitherland, Kennedy & Associates, APC, Attorneys at LawThe IRA has announced the new Estate Tax Exemption amount (hereinafter “Exemption amount”) for 2020. The new Exemption amount will be Eleven Million Five Hundred and Eighty Thousand Dollars ($11,580,000). This Exemption amount is per U.S. Citizen – meaning a married couple may pass over Twenty-Three Million dollars Estate Tax free ($23,160,000 in 2020).To provide historical context, in 2002 the Exemption … [Read more...]
Continuing Legal Education in San Diego
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Staying up-to-date is important, especially in Estate Planning and Elder Law. Many states have an annual Continuing Legal Education (“CLE”) requirement of 12 hours. Though some states have no CLE requirement at all. Even in those states with a CLE requirement, it does not need to be focused in the attorney’s field of practice. By comparison, the American Academy of … [Read more...]
