Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other … [Read more...] about Estate Planning: The Simplest Plan is Usually Not the Best
Planning for Retirement Plans and IRAs: Asset Protection
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. As I discussed in last week’s blog, retirement assets, including 401(k)s, IRAs, etc., comprise a large portion of the average American’s wealth. Planning for these assets is critical, not just due to their value, but also due to their special nature. Traditional IRAs and 401(k)s and the earnings on them are tax-deferred. Roth IRAs and 401(k)s are tax-free. However, … [Read more...] about Planning for Retirement Plans and IRAs: Asset Protection
Caregiver Burnout
Caregiver Burnout by Dedra Jize, OT, CSA Geriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at Law In California, there are over 4 million ‘informal’ caregivers that provide care for their parents or friends. There are a wide range of responsibilities that caregivers provide. It may be that the older adult wants to remain in their own home and needs occasional assistance, or the caregiving is long distance which can be logistically and emotionally difficult. Perhaps … [Read more...] about Caregiver Burnout
Benefits of a Revocable Living Trust
Living Trusts are an excellent vehicle of asset transfer. They assist you in avoiding probate and legal quagmires, and protect your privacy. It’s important to receive solid estate planning guidance before making final decisions regarding what estate planning documents are appropriate for you, and to carefully weigh the benefits and potential drawbacks. To assist you in learning more about revocable living trusts, we invite you to attend one of our free living trust seminars. Click here to view … [Read more...] about Benefits of a Revocable Living Trust
What is Division of Assets? (An Elder Law Today Blog)
Division of Assets is the name commonly used for the Spousal Impoverishment provisions of the Medicare Catastrophic Act of 1988. It applies only to married couples. The intent of the law was to change the eligibility requirements for Medi-Cal in situations where one spouse needs nursing home care while the other spouse remains in the community (i.e. at home or in an assisted living facility). The law, in effect, recognizes that it makes little sense to impoverish both spouses when only one needs … [Read more...] about What is Division of Assets? (An Elder Law Today Blog)
Donor Advised Funds: IRS Issues New Ruling
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. In prior blogs, I explained how a donor advised fund works in detail. Basically, you make a contribution to the fund now and take a deduction in the year you make the contribution. In future years, you, as the adviser, can direct distributions to the public charity of your choice. A donor advised fund may be useful to aggregate charitable gifts into one year to enable … [Read more...] about Donor Advised Funds: IRS Issues New Ruling
Estate Planning – You Have Choices
You have choices when planning your estate. You are not required to utilize a last will to direct the distribution of your assets after your death. Instruments such as revocable living trusts are viable options and they are not exclusively for the wealthy. Your estate must be probated when you use a last will as your primary asset transfer vehicle. Probate comes with considerable costs. Depending on the overall value of your estate and its relative complexity, the costs associated with … [Read more...] about Estate Planning – You Have Choices
Sager Family Shows Perils of Blended Families
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Blended families require special planning. Sometimes, the children from the prior marriage bond with the new spouse and the family moves forward in a happy, newly modified form. However, frequently, the new marriage brings conflict between the new spouse and the children of the prior marriage. Such is the case with the Sagers. In 1980, sports reporter Craig Sager … [Read more...] about Sager Family Shows Perils of Blended Families
New Tax Law May Affect State Income Tax, Too!
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. As you likely know, in the final days of 2017, Congress passed, and the President signed, a new tax law. It substantially changes the federal income taxation of individuals and couples. As I blogged in December, the biggest changes are the near-doubling of the standard deduction amount and the cap on the state and local income tax deduction. The result is that most … [Read more...] about New Tax Law May Affect State Income Tax, Too!
Home Safety Check: Let’s Tour Your Home, Room by Room
by Dedra Jize, OT, CSA Geriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at Law Let’s go and take a tour of your home and check it out for safety. That’s right…get up and let’s walk outside and stand in front of your home. Out Front: First, are your house numbers highly visible (night and day) for emergency personnel? Do automatic lights on timers or motion detectors brightly light the path to the front door? Do you have steps? Highlight them by painting the edge a … [Read more...] about Home Safety Check: Let’s Tour Your Home, Room by Room
