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
Estate Planning Is a Must for Single Parents
There is an expression that is often used with regard to the Vice President of the United States. He or she is said to be "a heartbeat away" from the presidency. The message that this is trying to convey can be applied to a single parent who has young children with regard to what could be waiting just a heartbeat away. If you were to pass away, what would become of your children? As a parent, this is a vital question that you need to address by assuring that you have a solid estate plan in … [Read more...] about Estate Planning Is a Must for Single Parents
Free Living Trust Seminars January 18, 20, 24 and 27
Helping to keep our community informed is important to us. We regularly get out into the community to provide helpful information to people here in the greater Bay Area. To this end, we present an ongoing series of informational workshops covering various elder care and estate planning topics. Our workshops and seminars are free of charge and open to the public. During the next two weeks, we will be offering seminars that focus on living trusts. Why Consider a Living Trust? Some people … [Read more...] about Free Living Trust Seminars January 18, 20, 24 and 27
Proposed Regulations Address “Clawback” Issue
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This … [Read more...] about Proposed Regulations Address “Clawback” Issue
A Special Option for Special Kids
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Planning for beneficiaries with special needs requires unique attention. Public benefits can be an essential way to provide for the specialized care these beneficiaries require to allow them to lead fulfilling lives. When assets are given to such beneficiaries, they must be given in a specially-drafted “special needs” trust in order to keep those assets from … [Read more...] about A Special Option for Special Kids
How the New Tax Law Affects You
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. There are many changes for 2018. Congress passed a last-minute tax law, which the President signed the last business day before the Holidays. Congress Passes New Tax Law In late December, the Senate passed the new tax law, (which had been called the “Tax Cuts and Jobs Act” and due to Senate parliamentarian objections is now ‘An Act to provide for reconciliation … [Read more...] about How the New Tax Law Affects You
The Major Tax Changes: An Overview
The new tax law has dominated political discussion for months and will likely continue to do so well into 2018. Consequences, both intended and otherwise, are still unclear. But for now, these are the big changes for both individuals and companies. In general, the changes to individual provisions expire at the end of 2025, but the corporate changes are permanent. Click here to read more. … [Read more...] about The Major Tax Changes: An Overview
