Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. The new tax law doubled the amount that can be passed free of federal estate taxation, at least through 2025. In 2018, an individual can pass $11.18 million free from federal estate taxation. But, estate planning was never just about estate taxation. The core of estate planning has always been about protecting your loved ones and the assets you leave them. There … [Read more...] about Estate Planning is About More Than Taxes
The Job of a Caregiver
by Dedra Jize, OT, CSA Geriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at Law The Caregiver job is one of the least understood jobs by other family members and friends who are watching from the outside, regardless if they live near or far. As the Caregiver, you may be pushed to the limit but there is no time to explore options for help. Perhaps there are funds out there to tap into to reduce the financial strain or maybe your loved one is eligible for … [Read more...] about The Job of a Caregiver
Special Accounts for People with Special Needs
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Those with special needs have unique challenges in life. But, there are special accounts available to individuals who were disabled before age 26. The Achieving a Better Life Experience or “ABLE” Act created ABLE accounts under section 529A. 529 accounts give preferential tax treatment when the accounts are used for educational expenses (this was discussed in our … [Read more...] about Special Accounts for People with Special Needs
Medi-Cal Planning and the Family Home
by Justin M. Kennedy, Attorney at Law Litherland, Kennedy & Associates, APC, Attorneys at Law Recently I met with Dorothy and her only daughter Linda. Dorothy was recently hospitalized and may require skilled nursing care in the near future and they were concerned with how they would pay for that level of care. Our office has found that in Santa Clara County a skilled nursing facility costs approximately $8,000 to $16,000 a month. Dorothy has a family home valued at $1,200,000 but $100,000 … [Read more...] about Medi-Cal Planning and the Family Home
A Thank You to All Caregivers
by Dedra Jize, OT, CSA Geriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at Law November is National Family Caregivers Month. It is a time to recognize and honor family caregivers across the country. A special “thank you’ to all you Caregivers. It is something not said often enough, and the words feel insufficient for all that you do to care for someone and for all that you have given up to allow you to be a Caregiver. A “thank you’ feels inadequate to express … [Read more...] about A Thank You to All Caregivers
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Aretha Franklin was known as the “Queen of Soul.” She was a singer, songwriter, civil rights activist, and so much more. Aretha was a great recording artist, with a career spanning many decades. She received honorary degrees from many prestigious universities, like NYU, Princeton, and Yale. She received the Presidential Medal of Freedom in 2005. In fact, we all owe … [Read more...] about Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Planning for Lottery Winners, Part 2 of 2
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is a two-part series concerning planning for lottery winners. The first part concerns avoiding pitfalls. The second part concerns planning strategies to consider. Now that the lottery winner has avoided some of the possible pitfalls, let’s look at some planning options. Many lottery winners fail to plan properly. As a result, many winners declare bankruptcy … [Read more...] about Planning for Lottery Winners, Part 2 of 2
Planning for Lottery Winners, Part 1 of 2
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is a two-part series concerning planning for lottery winners. The first part concerns avoiding pitfalls. The second part concerns planning strategies to consider. In July, a very lucky individual in San Jose, California, purchased the winning Mega Millions Jackpot ticket, matching all six numbers. The winner was able to choose between payments totaling $543 … [Read more...] about Planning for Lottery Winners, Part 1 of 2
Estate Planning is for You, Not Just Your Parents or Grandparents
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Often, people think estate planning is just for those who are elderly. While the elderly certainly need estate planning, estate planning is for anyone who cares what happens to them, their stuff, or their family. For someone who is young and healthy, estate planning may be the furthest thing from your mind. You may be thinking about how to enjoy autumn by playing … [Read more...] about Estate Planning is for You, Not Just Your Parents or Grandparents
Trusts for Privacy
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. There are many good reasons to use trusts: Trusts avoid the probate process, which is a public process to change title of assets from the deceased person to the new recipient. Trusts may be helpful in tax planning. Specialized irrevocable trusts may be helpful in qualifying for Medicaid/Medi-Cal. Trusts are helpful to manage your assets during your incapacity, … [Read more...] about Trusts for Privacy
