As we welcome 2025, it's the perfect time to reflect on our goals and priorities. One crucial task that often gets overlooked is estate planning. Setting up an estate plan ensures that your assets are distributed according to your wishes and that your loved ones are taken care of. Let's explore why 2025 is the ideal year to put an estate plan in place. Why 2025 Is the Year to Prioritize Estate Planning Estate planning isn't just for the wealthy or the elderly. It's a vital step for anyone … [Read more...] about Put an Estate Plan in Place in 2025
Why Do People Use Living Trusts?
Many people think that trusts are only useful for wealthy people with estate tax concerns, but this is not the case at all. In fact, the revocable living trust is a versatile estate planning tool that can be ideal for a wide range of people. In this post, we will look at four reasons why you may want to use a living trust as the centerpiece of your estate plan. Streamlined Estate Administration Process When you establish a living trust, you make the trust the owner of your personally held … [Read more...] about Why Do People Use Living Trusts?
Estate Planning Considerations for 2025
Estate planning is essential for safeguarding your legacy and ensuring your wishes are honored. As you prepare for 2025, new laws, tax adjustments, and evolving family dynamics may affect your estate plan. Keeping your documents up-to-date and tailored to your circumstances is vital. This guide highlights key considerations for your estate plan in the coming year. Review Your Beneficiary Designations Beneficiary designations on retirement accounts, life insurance policies, and … [Read more...] about Estate Planning Considerations for 2025
2025 Federal Estate and Gift Tax Update (VIDEO)
In this vlog, Litherland, Kennedy & Associates Attorney Justin M. Kennedy discusses the 2025 Estate and Gift Tax Exemptions. Transcript: Hello, I'm attorney Justin M. Kennedy with Litherland, Kennedy and Associates, a California estate planning and elder care law firm. I want to let you know that the IRS has recently released the updated Federal Estate and Gift tax values for 2025. Currently, in 2024, the federal estate and gift tax exemption is $13.61 million … [Read more...] about 2025 Federal Estate and Gift Tax Update (VIDEO)
Corporate Transparency Act – Filing Deadline is December 31, 2024
If you own or have an interest in a business (corporation, partnership, LLC, etc.) then you need to file beneficial ownership information at the following website: https://www.fincen.gov/boi. For businesses established before 2024, the deadline for filing is 12/31/2024. For those established in 2024, you have a 90-day window. Businesses founded in 2025 and beyond must file within 30 days. This Act was created to prevent money laundering. The Act requires anyone who owns 25% of a business or has … [Read more...] about Corporate Transparency Act – Filing Deadline is December 31, 2024
The Different Stages of Estate Planning
Estate planning is an essential part of financial management. It ensures that your financial and healthcare decisions can be made as you see fit should you become incapacitated, and that your assets are distributed according to your wishes after your death. The ideal approach to estate planning evolves as you age, reflecting changes in your financial situation, family dynamics, and personal goals. Here's a guide to understanding the different stages of estate planning through various life … [Read more...] about The Different Stages of Estate Planning
Pumpkin Kisses and Harvest Wishes
As the spooky season transitions into the season of Thanksgiving, it’s important to remember our why. Most of us do what we do for our families and loved ones. As the holiday season approaches, do something that will have a lasting impact on your family. Create a comprehensive Estate Plan. Make sure that you take the time to consult a qualified Estate Planning attorney who can provide advice regarding all the elements necessary to complete your plan. Read on to learn more. … [Read more...] about Pumpkin Kisses and Harvest Wishes
Estate Planning: There’s Something Here for Everyone – Part II
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part II
Estate Planning Awareness Month: Protect Your Loved Ones
October is Estate Planning Awareness Month, and it offers a reminder to protect your loved ones with a well-structured plan. Regardless of your age, having an estate plan in place is a crucial step toward ensuring your family’s future is secure. Estate planning is not just for the elderly or the wealthy; it’s a responsible decision that everyone should consider. Let’s look at the subject from an overview. The Misconception of Youth and Estate Planning Many people believe that estate … [Read more...] about Estate Planning Awareness Month: Protect Your Loved Ones
Estate Planning: There’s Something Here for Everyone – Part I
Despite knowing that they should have an estate plan, many individuals give excuses for failing to create an Estate Plan. They may rely upon advice from seemingly well-intentioned individuals that if they do not have a taxable estate, they don’t need a plan, or that each state has its own set of rules regarding distribution that gives assets to beneficiaries upon death. Some folks go so far as to suggest methods to avoid probate without truly considering the impact of those suggestions. This … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part I
