Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys Trusts are an incredibly useful estate planning tool, and they’re becoming ever more popular. But, as Trusts gain popularity, a question comes up more and more often: who pays the income tax on a Trust? It seems like a simple inquiry, but the answer can be hard to pin down. As a matter of fact, sometimes even lawyers don’t know. So, who does pay the income tax on a … [Read more...] about Trusts and Income Tax: Who Pays?
A Quick Guide for Basis
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys The word basis can have a lot of different meanings. When we’re talking about taxes, though, it has one very specific definition. Basis is the yardstick used by the Internal Revenue Service to determine how much tax you pay on an asset when you sell or otherwise dispose of it. Sell property for more than your basis, and you have a gain that might result in a tax bill. … [Read more...] about A Quick Guide for Basis
What Does It Mean To Be a Trustee?
Compliments of Roy W. Litherland By: The American Academy of Estate Planning Attorneys What Does It Mean To Be A Trustee? If a family member or friend has chosen you to serve as Trustee of their Living Trust, you’ve been given a great honor. It means they believe you are honest and responsible and they have a great deal of faith in your abilities and your personal integrity. It also means that you have an important, and sometimes complicated, job to do. Basic Duties While no two Trusts … [Read more...] about What Does It Mean To Be a Trustee?
Avoid These Four Asset Protection Pitfalls
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys If you have creditors, you should consider which asset protection strategies might be right for you. Asset protection is the shielding of your property from creditors, potential creditors, and others. While most people don’t realize it, the estate planning process includes a number of opportunities for you to use asset protection strategies to protect yourself and your … [Read more...] about Avoid These Four Asset Protection Pitfalls
Moving? Don’t Forget to Review Your Estate Plan
Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys A move brings with it a sense of expectation, excitement, and maybe a little trepidation. Whether you’re moving across town or across the country, there are countless plans to be made and there’s a lot of work to be done. Although your Will or Trust might be the last thing on your mind at this busy moment in your life, a move is actually an ideal time to review and … [Read more...] about Moving? Don’t Forget to Review Your Estate Plan
Expecting the Unexpected
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys Has your life turned out exactly as you expected? Most of us would answer this question with a resounding “No!” For better or for worse, plans change, surprises arise, and we adapt. Maybe you chose a career that is completely different from the one you envisioned for yourself back in college. Perhaps your children chose very different paths in life than you would have … [Read more...] about Expecting the Unexpected
The Accidental Spouse
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys John Ober may or may not have thought he was married, but a Montana court certainly believed he was – and the fact that he was married determined what happened to his estate. John Ober and Selma Klein had a long-term live-in relationship which lasted for many years. John proposed to Selma in 1987, but they never applied for a marriage license and never had a marriage … [Read more...] about The Accidental Spouse
I Have an Estate Plan: Do I Still Need My Attorney?
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys Your estate plan is prepared. Your Living Trust is in place and properly funded, you have a Pour-Over Will just in case, and your incapacity plan is ready and waiting in the event you need it. Is it time to part ways with your attorney? Not at all! In fact, your relationship with your estate planning attorney has just started, and here's why: Your Estate Plan … [Read more...] about I Have an Estate Plan: Do I Still Need My Attorney?
Why a Trust Makes Sense – Even If Your Child Is Not a Child
Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys Parents of adult children often don't give much thought to the manner in which their children receive their inheritances. They decide how to divide their assets and then distribute their estates directly to their children - end of story. If you want to make sure your children enjoy flexibility in accessing and using their inheritances while minimizing the impact … [Read more...] about Why a Trust Makes Sense – Even If Your Child Is Not a Child
Planning Your Estate With Privacy in Mind
Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys What would you think about your next-door neighbor or your nosy sister-in-law thumbing through the pages of your Will or perusing your financial records? The mere idea probably shocks and outrages you. Maybe it even embarrasses you a little. Would you be surprised to find out that after you pass away, your Will is filed with your local probate court, and your … [Read more...] about Planning Your Estate With Privacy in Mind
