Litherland, Kennedy & Associates, APC, Attorneys at Law

Gifting to Benefit Minor Children  Compliments of Litherland, Kennedy & Associates Written By: The American Academy of Estate Planning Attorneys [last updated February 2023] Each year, the IRS excludes from the gift tax certain gifts, including: Gifts to a U.S. citizen spouse; Gifts up to $17,000 annually to any individual; and Direct payments to an educational provider for tuition or to a medical provider for medical care When it comes to your minor children, … [Read more...] about Gifting to Benefit Minor Children

Preparing for Your First Estate Planning Consultation  Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys You’ve made the decision to focus on your estate plan. It’s an important time and you’re not quite sure what to expect before meeting with an estate planning attorney. Odds are, it’s not nearly as overwhelming as you’re anticipating. There are a few things you can do to ensure you’re well-prepared for your … [Read more...] about Preparing for Your First Estate Planning Consultation

Taking Care of Your Spouse After You Are Gone Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Family often ends up providing the bulk of care to those who suffer from incapacitating illnesses and injuries, with the AARP’s Public Policy Institute estimating that one in five family caregivers is a spouse. These spousal caregivers provide assistance with things like medical and nursing care, wound care and … [Read more...] about Taking Care of Your Spouse After You Are Gone

Estate Planning When You’re Child Free  Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Between 1980 and 2010, the number of women over the age of 40 who opted to forego motherhood doubled from 10 percent to 20 percent. That trend is expected to continue. The reasons for remaining childless are as varied as the men and women who have chosen to skip parenthood. Many are involved in their careers, others may … [Read more...] about Estate Planning When You’re Child Free

The Risk of No Contest Clauses Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys When renowned fashion designer Oscar de la Renta died in late 2014, the assumption of many was his son, widow and her three children would receive similar – if not equal – inheritances. Instead, the designer’s son, Moises de la Renta received a very small inheritance (especially considering the size of his estate). Oscar de la … [Read more...] about The Risk of No Contest Clauses

Your Independence, Rising Medical Costs and Retirement Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Many of us believe we have the “planning for the future” space covered. We’ve worked hard and saved. Our homes are paid off by the time we go into retirement and as far as we’re concerned, life now consists of living well in the way we define. In a perfect world, that’s true. In reality, there are a few … [Read more...] about Your Independence, Rising Medical Costs and Retirement

The Changing Needs of Aging Parents Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Odds are, before your parents retired, they’d already put many plans for the future into place. From contributing to a retirement plan for decades to ensuring proper life insurance policies were in place, there’s a good chance your parents wanted to eliminate some of the obstacles that can plague the aging process. But is it … [Read more...] about The Changing Needs of Aging Parents

A New Approach to Wealth Planning Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Estate Planning is important for passing assets to the next generation. However, is that enough? For many, Legacy Wealth Planning is an important element of their overall Estate Planning efforts. If Estate Planning is the beginning, then Legacy Wealth Planning takes it to the next level: your holistic efforts of protecting and … [Read more...] about A New Approach to Wealth Planning

Estate Planning and Happily Ever After Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys You may have overheard a former classmate at a high school reunion say, “You haven’t changed a bit!” But if you really want to see how much you’ve changed, just take a look through your high school yearbooks. Odds are, any mention of the future from those who signed your yearbook during that rite of passage were … [Read more...] about Estate Planning and Happily Ever After

Life Insurance: Understanding its Many Benefits Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Few things in life are more devastating than watching a loved one struggle with a long-term or terminal illness. It can be one of the most helpless feelings ever experienced. While that’s overwhelming enough, there are medical bills and other costs which must be paid. Fortunately, life insurance policies are one … [Read more...] about Life Insurance: Understanding its Many Benefits