Estate planning, often viewed as a complex legal task, holds particular significance for members of the LGBTQ+ community. This necessity stems from unique familial, legal, and social circumstances that can impact the way assets and end-of-life wishes are managed and honored. Understanding Living Trusts vs. Wills Though there are other types of trusts, the decision between a revocable living trust and a will as an asset transfer vehicle is usually at the core of the process. A living trust … [Read more...] about LGBTQ+ Estate Planning: Navigating Challenges
10 Reasons Why Hiring an Estate Planning Attorney Is a Must
Planning your estate is a crucial step to ensure your assets and loved ones are taken care of after you are gone. However, the process is not as straightforward as you might think, and there are many reasons to consider hiring an estate planning attorney to guide you. Below are ten compelling reasons why this decision can make all the difference for your future and your peace of mind. Gain Expert Advice Tailored to Your Situation Every individual’s estate is different, requiring a tailored … [Read more...] about 10 Reasons Why Hiring an Estate Planning Attorney Is a Must
Take These Six Steps to Create Your Estate Plan
Many people understand the importance of having an estate plan but often delay because they’re unsure how to start. Tackling something unfamiliar can feel daunting, but here are six straightforward steps to help you get started on creating your estate plan. Step 1: Assess Your Assets Although estimating the future value of your assets isn’t an exact science, you can still make a reasonable projection about what you’ll pass on to your loved ones. Start by identifying the property, investments, … [Read more...] about Take These Six Steps to Create Your Estate Plan
Tread Carefully with Specific Bequests
Parents often decide to leave one child a specific asset and provide an equalizing cash bequest to the other. This article explores how specific bequests may provide unintended results. Read on to learn more. … [Read more...] about Tread Carefully with Specific Bequests
Pet Ownership, Seniors, and Pet Planning
The idea of estate planning for pets might initially seem like something reserved for the rich and famous. Celebrities like Oprah Winfrey are rumored to have set aside millions for their pets. However, upon closer examination, pet planning is not only for the wealthy—it can be incredibly practical for everyday people as well. Companionship and Purpose As an estate planning and elder care law firm, we often assist clients who have lost loved ones and face isolation. … [Read more...] about Pet Ownership, Seniors, and Pet Planning
A Message from the Murdochs
Art often imitates life and the latest drama surrounding 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, Rupert Murdoch filed a petition in Nevada probate court to change the terms of an irrevocable trust that was originally created in 1999. Read on to learn more. … [Read more...] about A Message from the Murdochs
Who Can You Turn to When Your Brother Doesn’t Do His Job?
Most Estate Planning attorneys will tell you that creating an Estate Plan helps prevent litigation after death. That statement needs a caveat. Most of the time, a properly created Estate Plan will prevent litigation. As this article demonstrates, sometimes, even with an Estate Plan, the family ends up in litigation. Read on to learn more. … [Read more...] about Who Can You Turn to When Your Brother Doesn’t Do His Job?
2024 Inherited IRA New Regulations (VIDEO)
In this vlog, LKA Attorney Justin M. Kennedy discusses the impact of the final regulations issued on July 19, 2024, by the Department of the Treasury updating the required minimum distribution rules in response to the SECURE and SECURE 2.0 Acts. New IRS Rules Clarify Required Distributions from Inherited Retirement Accounts If you inherit an IRA or other retirement account, when and how you take distributions from that account can have significant tax consequences. On July 19, 2024, the … [Read more...] about 2024 Inherited IRA New Regulations (VIDEO)
CRUCIAL CONNECTIONS – Social Ties Support Seniors’ Quality of Life
In recognition of International Day of Friendship on July 30, this is a good time to consider how the presence or absence of vibrant social relationships affects well-being. Amid the many challenges of aging, one aspect of seniors’ lifestyles shapes nearly every other dimension of their lives. This essential aspect is simple: social interaction. An older adult’s involvement in social relationships and frequent face-to-face contact with others leads to better physical health, … [Read more...] about CRUCIAL CONNECTIONS – Social Ties Support Seniors’ Quality of Life
Avoiding an Audit
The Internal Revenue Service recently released its Strategic Operating Plan. In that plan, the Service indicated that it planned to conduct more audits, especially on the wealthiest taxpayers. Hearing that you are facing an audit is enough to strike fear into even the most stoic of individuals. No one is immune from audit; however, taxpayers following certain steps are less likely to be audited than those who don’t. Read on to learn more. … [Read more...] about Avoiding an Audit
