Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc When deciding how to split your assets among your children at death, there are many different factors to consider. Equality is certainly one of those factors. But it’s not the only factor. Fair doesn’t always mean equal and vice versa. Here are some situations in which some parents might think an equal division isn’t necessarily the fairest result: One of the … [Read more...] about Fair Isn’t Always Equal and Vice Versa
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. It’s important to consider whom you’d want to get your assets when you die. Most of us have an idea of whom we’d choose. But, it’s also important to consider who should get those assets if your preferred recipient isn’t around. Life is full of odd twists and turns. Unfortunately, sometimes people don’t die in the order you’d expect. (The deaths of Kobe Bryant and his … [Read more...] about Whom Do You Want to Get Your Assets?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. The “Kiddie Tax” is a tax on the “unearned” income of a child. In other words, it applies to the child’s income from interest and dividends, but not from wages from a job like their paper route or McDonald’s. The Kiddie Tax has been around since 1986 and applies to the unearned income of a child over a certain small amount. In 2019, that amount is $2,200. Prior to … [Read more...] about Kiddie Tax is Worse Than Ever