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
Annual Gift Tax Exemption 2022 (VIDEO)
In this vlog, Attorney Justin M. Kennedy discusses the gift tax exemption. Since 2018 Federal law has allowed you to make gifts of $15,000 per person per year without having to file a gift tax return. In 2022 the gift tax exemption amount will be increasing to $16,000 per person per year. … [Read more...] about Annual Gift Tax Exemption 2022 (VIDEO)
Adopt a Family Holiday Gift Drive (VIDEO)
We understand that there are lingering and lasting impacts brought on by COVID and other socioeconomic forces out of our control. Fortunately, Litherland, Kennedy & Associates found ourselves in a position to be able to give back to our community this holiday season. We are thankful to have been able to sponsor two families this year through the Adopt-a-Family Holiday Gift Drive supported by the Bill Wilson Center. … [Read more...] about Adopt a Family Holiday Gift Drive (VIDEO)
Irrevocable Family Real Property Trusts and the Homeowner Exemption (VIDEO)
In November 2020, the voters of California approved Proposition 19. While Proposition 19 has some good features, it also drastically changed the rules for the transfers of real property from parent to child. These drastic rule changes went into effect in February 2021. In this Vlog, Attorney Justin M. Kennedy addresses the Irrevocable Family Real Property Trust and the Homeowner Exemption. … [Read more...] about Irrevocable Family Real Property Trusts and the Homeowner Exemption (VIDEO)
It Can Be Scary to Die Without an Estate Plan…the Horrors of Intestacy
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Dealing with holiday shopping crowds, ordering holiday gifts online wondering if they will arrive on time, and traveling for the holidays during a pandemic can be scary; however, when I think of something truly terrifying, it’s dying without an estate plan. Although the pandemic encouraged people to consider what would happen at their death, many folks believe … [Read more...] about It Can Be Scary to Die Without an Estate Plan…the Horrors of Intestacy
Living in a Digital World and the Importance of Planning for Cryptocurrency
Cryptocurrency has become increasingly popular as a form of investment in recent years. More and more established financial institutions recognize cryptocurrency and allow its use. As cryptocurrency becomes mainstream, it’s important to consider estate planning implications for holding this digital asset. Read on to learn more. … [Read more...] about Living in a Digital World and the Importance of Planning for Cryptocurrency
Maximize Your Charitable Gifting
The Tuesday after Thanksgiving has become known as Giving Tuesday, when people are encouraged to donate to charitable organizations. If you’d like to take part in this special day, you’ll want to maximize the effectiveness and benefits of your charitable gifts. So, consider these questions: Is the charity reputable? Does it use its resources wisely? Most charitable organizations are honest and dedicated to helping their specific causes. But sometimes there are a few “bad apples” in the … [Read more...] about Maximize Your Charitable Gifting
