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...] about Income Tax Basis
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...] about Make Your Own Plan
THE TALK: Priorities, Preferences and Wishes
by Magdalena A. LaBranch-Gonzales Litherland, Kennedy & Associates, APC, Attorneys at Law At 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...] about THE TALK: Priorities, Preferences and Wishes
Estate Tax Exemption Amounts to Increase
by Justin M. Kennedy Litherland, Kennedy & Associates, APC, Attorneys at Law The 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...] about Estate Tax Exemption Amounts to Increase
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...] about Continuing Legal Education in San Diego
Thank You for Helping Team Litherland, Kennedy & Associates Reach Our 2019 Walk to End Alzheimer’s Fundraising Goal
On Saturday, October 12th, and Sunday, October 13th, Team Litherland, Kennedy & Associates participated in the Walk to End Alzheimer's. Our combined fundraising goal was $2,200, and we exceeded our goal by $505! Today, as many as 5.4 million Americans are living with Alzheimer’s – and nearly 11 million more act as caregivers for a loved one with the disease. Your donation will help by advancing the Association’s efforts in Alzheimer care, support and research. Thank you again for your … [Read more...] about Thank You for Helping Team Litherland, Kennedy & Associates Reach Our 2019 Walk to End Alzheimer’s Fundraising Goal
Planning for Education Expenses
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is the third in a series focusing on planning for children. The first article was focused on the importance of planning if you have step-children. The second article focused on the importance of planning if you have “special needs” children. This third article focuses on planning for education expenses. You want the most for your child. Above all you want to … [Read more...] about Planning for Education Expenses
New California Law Impacts Caregivers Who Marry a Dependent Spouse
by Justin M. Kennedy Litherland, Kennedy & Associates, APC, Attorneys at Law On June 26, 2019, the Governor signed into law AB 328 - this law is meant to protect dependent adults from being taken advantage of by their caregivers. A dependent adult is defined as a person who is 65 or older and either (1) is unable to provide properly for his or her personal needs for physical health, food, clothing, or shelter, or (2) due to one or more deficits in the mental functions the person had … [Read more...] about New California Law Impacts Caregivers Who Marry a Dependent Spouse
Litherland, Kennedy & Associates – Why We Walk to Help End Alzheimer’s
On Saturday, October 12th, our law firm team will be walking in the 2019 Walk to End Alzheimer's. Following is the story of why our geriatric care manager, Dedra Jize, is walking. I have been working with families who have been afflicted with Alzheimer’s for almost 10 years. I have seen the emotional stress and the financial strain it puts on families, especially for spouses. When families get the support they need, the journey becomes more reasonable, especially for those who desire … [Read more...] about Litherland, Kennedy & Associates – Why We Walk to Help End Alzheimer’s
Planning for Special Needs Children
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 series focusing on planning for children. The first article was focused on the importance of planning if you have step-children. This article focuses on the importance of planning if you have “special needs” children. The next article in the series will focus on planning for education expenses. A “special needs” child is a child who faces a … [Read more...] about Planning for Special Needs Children
