Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. When a decedent dies, a federal estate tax return (IRS Form 706) is not required to be filed unless the decedent’s gross estate exceeds their remaining federal estate tax exclusion. In 2017, for someone who has not used any exclusion during life, this would be $5.49 million. However, this does … [Read more...] about Basics of Estate Planning: Portability
Senior Living Communities (An Elder Law Today Blog)
by Dedra Jize, OT, CSA Geriatric Care Manager, Litherland, Kennedy & Associates, APC, Attorneys at Law “I long, as does every human being, to be at home wherever I find myself.” - Maya Angelou If you or a loved one are considering a move to a senior community, it’s important to start with a conversation to determine the wants, wishes and needs for that new home. Depending on the urgency of the matter, this talk can be done over a cup of coffee or may consist of many discussions over several … [Read more...] about Senior Living Communities (An Elder Law Today Blog)
How Tax Reform Could Impact Various Families
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. President Trump and Republican lawmakers recently unveiled a Blueprint for tax reform. Here’s a link to a story about this in U.S. News. Here’s a link to a deeper look at the proposal in the Atlantic. As I discussed in last week’s blog, there are many uncertainties in the plan and in the … [Read more...] about How Tax Reform Could Impact Various Families
Basics of Estate Planning: Getting the Most out of Charitable Gifts
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Often, an individual wants to make a gift to charity. They don’t want something complicated, but they want to get the most bang for their buck. Estate planning attorneys and other financial professionals know the client could just contribute cash to the charity. Certainly, that would be … [Read more...] about Basics of Estate Planning: Getting the Most out of Charitable Gifts
Basics of Estate Planning: Two Common Mistakes with Trusts
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Trusts are incredibly useful tools. But, like other useful tools, they do not fit every circumstance. They must be used appropriately. For example, a hammer is an exceptional tool to use when looking to drive a nail into a wall. But, if you hit the nail with a glancing blow, the nail will bend and … [Read more...] about Basics of Estate Planning: Two Common Mistakes with Trusts
Basics of Estate Planning: Asset Protection
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. This week, we’ll take a look at asset protection. Much depends upon whose assets you are looking to protect. If the assets are those that are coming to you, the debtor, then typically, those can be protected completely. The debtor could protect their own assets in three general ways: 1) … [Read more...] about Basics of Estate Planning: Asset Protection
Basics of Estate Planning: Selecting Fiduciaries
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Often, one of the most difficult choices for a person to make is the selection of people to make decisions for them. These fiduciaries may have great control over your affairs, typically at times when you would be most vulnerable or already gone. Let’s take a look at the various fiduciaries a … [Read more...] about Basics of Estate Planning: Selecting Fiduciaries
Basics of Estate Planning: Estate Planning for Major Life Events
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Estate planning attorneys do many things. We help people structure their affairs for the various stages of their lives. When the client is starting out, we may help them establish a basic plan. This might include: A Financial General Durable Power of Attorney. This would allow someone to … [Read more...] about Basics of Estate Planning: Estate Planning for Major Life Events
Am I going to owe taxes if I inherit property?
By: Matthew M. Shafae, Attorney Litherland Law Firm Am I going to owe taxes if I inherit property? We get this question all the time. And we don’t blame you. It can get confusing. So, let’s see if we can clear up this issue. Let’s segregate the different taxes that might be owed, and then we can see if anything will be owed. Estate Tax The estate tax—or death tax, as it’s sometimes called—is a transfer tax on assets transferred from someone who died to someone who is living. The tax … [Read more...] about Am I going to owe taxes if I inherit property?
How an Elder Care Law Firm Can Help
Elder Care Law Firms specialize in the issues that affect seniors. They are equipped to address the legal, healthcare, social and psychological needs of seniors and to develop a plan to meet those needs in an economical fashion that protects and preserves the income and assets of the elder to the greatest extent possible. How Can an Elder Care Law Firm Help You? If you are facing legal issues that include planning for Medi-Cal qualification, incapacity planning or end-of-life planning, an … [Read more...] about How an Elder Care Law Firm Can Help
