Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys We all want to do our very best to provide for our families, both during our lifetimes and after we're gone. That is why we work hard, manage our finances carefully, and take estate planning seriously. The estate planning landscape has changed significantly in just a few years, and the opportunities are better than ever for those of us who want to leave a true legacy … [Read more...] about Your Family Deserves More Than an Estate Plan
Helping Your Parents Age Gracefully
Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys As you look back over your life, you realize just how much your parents' support has meant to you. They were there as you took your first faltering baby steps, they supported you with advice and encouragement as you navigated adolescence, and, even as you ventured into adulthood, you knew your parents would be there to help you face life's unending questions and … [Read more...] about Helping Your Parents Age Gracefully
What to Expect When You’re Inheriting
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys Who hasn't daydreamed about what they'd do with an inheritance? We imagine a sudden windfall from a long-lost relative and think about the new car we'd buy, the long vacation we'd take, or the beautiful new home we'd move into. In reality, inheriting money can be a little more complicated, and it can give rise to unanticipated questions and concerns. Here are answers to … [Read more...] about What to Expect When You’re Inheriting
Five Estate Planning Myths
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys Estate planning. It's on everyone's "should do" list, but it rarely seems to make it to the top of the "to do" list. Maybe that's because estate planning is surrounded by myths and misconceptions. People think it's only for the wealthy, or only for the elderly. The truth is, everyone needs some form of estate planning, because estate planning is life planning. Let's do … [Read more...] about Five Estate Planning Myths
Does a Roth Make Sense for You?
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys Since Congress introduced the Roth IRA in 1997, certain retirement account owners have been able to choose between two kinds of accounts with very different features. Whether a Roth is the right option for you depends on a number of factors, including your income and your savings goals. Traditional IRA A traditional IRA is a tax-deferred account. Contributions to … [Read more...] about Does a Roth Make Sense for You?
The Estate Tax Is Not the Only Consideration in Estate Planning
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys According to the Center on Budget and Policy Priorities, only the wealthiest one out of every 400 estates owed an estate tax in 2009. For those who may be subject to estate tax, a properly-drafted estate plan can help reduce or eliminate estate taxes. It can also help to minimize capital gains and income taxes. But estate planning is about more than reducing taxes - it's … [Read more...] about The Estate Tax Is Not the Only Consideration in Estate Planning
Getting Value Out of Giving with Charitable Trust
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys Americans are givers. In 2010, we gave more than $290 billion to our favorite causes, with the vast majority of charitable giving, $212 billion, donated by individuals or household donors. Federal tax laws regarding cash gifts to individuals support this generosity and can have a big impact on your estate taxes. A taxpayer can give as much as $13,000 per year to … [Read more...] about Getting Value Out of Giving with Charitable Trust
Leaving a Ranching Legacy
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys No day is typical on a ranch. Things always seem to come up that force you to change your priorities, whether it's a cow in trouble as she gives birth, an implement that needs repairs, or harvesting a crop before the weather turns. Ranching is not an easy life, but if it's your life, there's probably no other way you'd rather make a living. You've paid your dues, and … [Read more...] about Leaving a Ranching Legacy
There’s No Time Like the Present to Review your Plans
Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys As we retire and get ready for the next stage of our lives, many of us have a plan in place outlining what we wish to leave to our sons, daughters, grandchilden, or other loved ones, or perhaps to charity. It's imperative to review your estate plan periodically, especially if you or your spouse are getting on in years, or if your health is failing, to ensure that it … [Read more...] about There’s No Time Like the Present to Review your Plans
Make Sure Your Dreams Don’t Turn Into Nightmares
Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law By: The American Academy of Estate Planning Attorneys Parents dream many dreams for their children. These dreams often incorporate hopes that their kids will get a good education, embrace fulfilling careers, keep their good health, and find happy, stable marriages. Sometimes reality can play out more like a nightmare in this last instance, however, as more and more marriages end in divorce. Even when our children … [Read more...] about Make Sure Your Dreams Don’t Turn Into Nightmares
