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
How Estate Planning Documents Help Prevent Elder Abuse
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. With age comes wisdom and often, vulnerability. While aging is inevitable, it’s often hard to face as previously routine tasks become more difficult or require the assistance of another. Suddenly, keeping up with the latest technology overwhelms an individual who abandons the project in frustration. Minds become addled and scam artists more creative making … [Read more...] about How Estate Planning Documents Help Prevent Elder Abuse
Adopt-a-Family Gift Drive
We Invite You to Join Us in Helping Two Families this Holiday Season We understand that there are lingering and lasting impacts brought on by COVID and other socioeconomic forces out of our control. Fortunately, we all find ourselves in a position to be able to give back to our community. To that end, this year, Litherland, Kennedy & Associates will be participating in the Adopt-a-Family Holiday Gift Drive supported by the Bill Wilson Center. We have chosen two families to sponsor this … [Read more...] about Adopt-a-Family Gift Drive
Roth IRAs Can Be a Great Planning Strategy: Advanced
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is the second in a two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. (Click here for the first article in the series.) This second part looks at two advanced planning strategies. The first advanced planning strategy is to use a Roth IRA to maximize the deferral on an inherited IRA. Prior to the SECURE Act, beneficiaries could … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Advanced
Roth IRAs Can Be a Great Planning Strategy: Basics
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is the first in a two-part series on Roth IRAs. This first part will look at the basics of Roth IRAs. The second part will look at more advanced planning strategies. An Individual Retirement Account (IRA) is a savings vehicle in which a deduction may be taken upon contribution (with limitations). The maximum contribution in 2021 is $6,000, and those age 50 and … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Basics
