Litherland, Kennedy & Associates recently returned from the American Academy of Estate Planning Attorneys’ exclusive Spring Summit, held May 1–5 in Savannah, Georgia. This annual gathering brought together top estate planning professionals from across the country for a week of learning, collaboration, and innovation. This year’s theme, “Reflect. Refuel. Reimagine.”, encouraged attorneys to look back on their successes, recharge their professional skills, and explore forward-thinking … [Read more...] about Litherland, Kennedy & Associates Gains Fresh Insight at Exclusive Estate Planning Legal Summit in Savannah
In Loving Memory of All the Pets Who Have Crossed the Rainbow Bridge
The grief of putting my dog down got me wondering about how animals process grief and how much harder it may be for them since they lack the ability to put their feelings into words the way that humans can. Thus, the idea for this blog focusing on options for pets upon the death of their owners was born. Read on to learn more. … [Read more...] about In Loving Memory of All the Pets Who Have Crossed the Rainbow Bridge
The Big Lesson from Tony Bennett’s Embattled Estate and Troubled Trust
When one child occupies a position of trust with a parent to the exclusion of other siblings, that causes friction. Extending that position of power after death exacerbates that friction and may cause irreparable harm. It seems that happened upon the death of beloved singer, Tony Bennett. His daughters have sued their brother on two different occasions leveling some unflattering allegations. Read on to learn more. … [Read more...] about The Big Lesson from Tony Bennett’s Embattled Estate and Troubled Trust
Do I Have to Report Living Trust Income to the IRS?
Many people assume a will is the best way to pass on their assets—but in many cases, a revocable living trust offers greater flexibility, control, and protection. In this article, we’ll answer a common question: Do beneficiaries have to report living trust income to the IRS? But first, we'll explain how these trusts work and the broader benefits they offer. Total Control and Flexibility One common misconception is that creating a trust means giving up control of your assets. That concern … [Read more...] about Do I Have to Report Living Trust Income to the IRS?
Refresh Your Estate and Financial Plans this Spring – Smart Strategies to Protect Your Legacy
With the arrival of spring, many experience a sense of renewal. This can inspire a desire to tackle some spring-cleaning projects and take satisfaction in the resulting sense of accomplishment. Refreshing your estate and financial plans can deliver a similar feeling of reassurance by ensuring that your documents align with your wishes. Getting started can be the most challenging part of any spring-cleaning project. If you are looking to protect your wealth and legacy for the future, consider … [Read more...] about Refresh Your Estate and Financial Plans this Spring – Smart Strategies to Protect Your Legacy
Everything You Need to Know About Taxes on Inheritances
You may have heard conflicting information about taxes on inheritances. Some claim you can inherit assets tax-free, while others warn of significant tax burdens. The truth is more nuanced. While most heirs do not pay direct taxes on what they receive, certain tax obligations can arise depending on the type of asset and how you handle it. Understanding these rules can help you avoid financial surprises. Inheritance Tax vs. Estate Tax: What’s the Difference? One of the biggest … [Read more...] about Everything You Need to Know About Taxes on Inheritances
Are Irrevocable Trusts Really Irrevocable – Part III
Estate Planning attorneys include irrevocable trusts as part of a comprehensive Estate Plan to achieve both tax and non-tax goals. As the use of Irrevocable Trusts has evolved, so have the ideas about changing them. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more flexibility and opportunity than ever. Read on to learn more. … [Read more...] about Are Irrevocable Trusts Really Irrevocable – Part III
A Message from the Murdochs – Part II
Art often imitates life and the latest chapter unfolding for Rupert Murdoch demonstrates that. Most of the time, when an individual creates an irrevocable trust, they part with dominion and control over the assets, and it is difficult to change the terms. Not long ago, the probate commissioner issued his order in response to Rupert Murdoch’s petition to amend the 1999 trust that controls his empire. It didn’t go the way Rupert hoped. Read on to learn more. … [Read more...] about A Message from the Murdochs – Part II
Protect Yourself: How to Combat Identity Theft
Identity theft cost Americans $23 billion in 2023, up 13% from 2022, and the scams are becoming increasingly difficult to unravel. On average, consumers spent 10 hours resolving issues caused by identity fraud in 2023, up from six hours in 2022, according to the 2024 Identity Fraud Study. Understanding Identity Theft Identity theft can strike anyone. Criminals often pose as representatives from government agencies, utility companies, or banks, demanding sensitive information via phone, email, … [Read more...] about Protect Yourself: How to Combat Identity Theft
Estate Planning and Baseball
Every state that recognizes trusts as legal entities imposes fiduciary duties upon the Trustee of such trusts. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee failed to fulfill their duties as expressed in the trust instrument and under local law. This article examines a case ripped from the headlines that demonstrates the importance of choosing the right individuals to serve as fiduciaries. Read on to learn … [Read more...] about Estate Planning and Baseball
