Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Most estate planners recommend creating a basic estate plan, usually with a revocable trust as the centerpiece. Revocable trusts provide an easy, yet effective way to avoid probate in most states. In those states in which probate is not a concern, Estate Planning attorneys use trusts to provide asset and creditor protection or to protect a beneficiary from … [Read more...] about What Everyone Should Know about the New FDIC Regulations
Cruising During a Pandemic
by Dedra Jize, OT., CSA Geriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at Law My husband and I are those people who have loved cruising for decades. We enjoy getting snippets of foreign lands and only unpacking once. We usually meet fun and interesting people and love the culinary delights both on the ship as well as on land. We had signed up for an Australian cruise for December 2020 but then Covid-19 hit earlier that year and all plans for cruising vanished for … [Read more...] about Cruising During a Pandemic
State Income Taxation of Social Security Benefits
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes … [Read more...] about State Income Taxation of Social Security Benefits
Disaster Scenario Beneficiary
In this Vlog, Attorney Justin M. Kennedy discusses who inherits from an estate if every named beneficiary has passed away. … [Read more...] about Disaster Scenario Beneficiary
Happy Valentine’s Day 2022
Happy Valentine's Day from Litherland, Kennedy & Associates! This year, our office made Valentine's Day cards to share with seniors at Lincoln Glen Assisted Living and Skilled Nursing Facility ❤️ … [Read more...] about Happy Valentine’s Day 2022
Start 2022 the Right Way
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Welcome to 2022! Most of us have left 2021 without hesitation – many had high hopes that 2021 would bring the end of COVID-19 and a return to normalcy and yet we face another variant as we usher in 2022. While things may not have gone the way we hoped in 2021, we can start 2022 prepared for anything by getting our estate plans in order. The tumultuous events … [Read more...] about Start 2022 the Right Way
Double Your Gifting with Spousal Gift-Splitting
As you plan your strategy for 2022, it’s important to consider gifting, including spousal gifts. Your spouse could double your ability to make gifts of “annual exclusions” without being considered to have made a gift for estate tax purposes. Read on to learn more. … [Read more...] about Double Your Gifting with Spousal Gift-Splitting
2022 Important Asset Thresholds (VIDEO)
In this Vlog, Attorney Justin M. Kennedy discusses Important Asset Thresholds to keep in mind for 2022, including the 2022 Federal Estate and Gift Tax Exclusion, the Annual Gift Tax Exclusion, and important Medi-Cal CSRA and MMMNA figures. … [Read more...] about 2022 Important Asset Thresholds (VIDEO)
Neither Age Nor Health Determines Whether You Need an Estate Plan
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. There’s an oft-cited, paraphrased quote attributed to George Bernard Shaw: “Youth is wasted on the young.” In many ways it’s true. When we are young, we rarely appreciate the beautiful gift of youth. We waste our talents and time on unworthy endeavors, at least most of us. There are a select few on whom youth is not wasted. Olympians belong in that select … [Read more...] about Neither Age Nor Health Determines Whether You Need an Estate Plan
Tax Planning for 2022
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. As 2021 draws to a close and the New Year dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than other years. While 2021 held plenty of events: a coronavirus vaccine, new coronavirus variants, a new President, etc., it was a relatively quiet year for legislative changes impacting planning. At first, it seemed as though there could be … [Read more...] about Tax Planning for 2022
