Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Every year, about 6,000 babies with Down syndrome are born in the United States. Over their lifetimes, many of these children will contend with serious medical conditions including heart defects, gastrointestinal problems, visual or hearing impairment, dementia, and early-onset Alzheimer’s disease. As a result, the costs associated with Down syndrome can be … [Read more...] about Special Needs Trusts for Children with Down Syndrome
My Will and Trust are Complete, Do I Still Need an Attorney?
Compliments of the Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Most people are under the impression that once they’ve created a Will or Trust they no longer require the expertise of an estate planning attorney. Even though you think the initial work is complete, there are many instances down the road when the services of a legal professional may be needed. Periodic Review of Your Estate Plan From time to time, especially … [Read more...] about My Will and Trust are Complete, Do I Still Need an Attorney?
Choosing a Trustee: The Relationship Matters
Compliments of the Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys There are many factors to consider when selecting someone to serve as your trustee. This includes but is not limited to: age, maturity, responsibility, location, and of course, financial acumen. However, many people overlook that the relationship with that person matters as well. A trustee is staffed with the responsibility of managing and distributing assets … [Read more...] about Choosing a Trustee: The Relationship Matters
How to Include Service Providers in your Estate Plan
Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys When hiring an estate planning attorney, you expect this person to help you get all your ducks in a row. It is essential to work with a local attorney who will be able to set up a plan for you that is tailored to your particular concerns and needs. One specific area that requires attention when creating your plan is your service providers. What is a “service … [Read more...] about How to Include Service Providers in your Estate Plan
Loaning Family Money – What You Need To Know
Loaning Family Money – What You Need To Know Written By: The American Academy of Estate Planning Attorneys People lend money to family members for a variety of reasons. For example, lending your son money to buy his first home, or lending your daughter money to start a new business. At some point, you may find yourself in a similar situation. Therefore, it is important to know how this will impact you from a tax standpoint. Are you charging the borrower interest on the loan? If so, you must pay … [Read more...] about Loaning Family Money – What You Need To Know
Include Personal Property When Creating Your Estate Plan
What Does it Mean to Leave a Legacy? Written By: The American Academy of Estate Planning Attorneys Every individual needs to create an effective estate plan describing their wishes as to the disposition of assets, care of minor children, and burial arrangements. However, even people who meticulously prepare their estate plans often overlook their personal property. When you create a Will or Trust, you can make specific provisions for distribution of items of personal property among your … [Read more...] about Include Personal Property When Creating Your Estate Plan
Common Estate Planning Terms You’ll Want To Know
Compliments of Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Although considering the event of one’s own death can be uncomfortable, it’s imperative to start planning ahead and set up an estate plan that will guarantee security for your loved ones. Meeting with a qualified estate planning attorney will ensure you’re informed about the choices available to you, and help relieve some stress knowing your affairs will be … [Read more...] about Common Estate Planning Terms You’ll Want To Know
Next Generation Planning for Your Family Business
Compliments of the Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys If you’re like many small business owners, you’ve poured your heart and soul into launching your business and making sure it thrives. The idea of allowing your enterprise to fade away after you die may be unthinkable. After all, in many ways, your business is your legacy. As is often the case, you may have focused a lot of your time and energy on day-to-day … [Read more...] about Next Generation Planning for Your Family Business
Proper Planning Protects Your Vacation Home
Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys A vacation home is a special place for a family. You buy a beach house or a cabin at the lake with visions of the long, lazy summer days and holidays you’ll spend with your children…and eventually your grandchildren. You dream of the memories you’ll make, and you look forward to passing the home on to your children and grandchildren so that they can do the … [Read more...] about Proper Planning Protects Your Vacation Home
Fair Does Not Always Mean Equal
Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys “It’s not fair!” Parents hear this protest all the time, and it often comes from children who confuse being treated fairly with being treated equally. One of the challenges of parenting is figuring out how to be fair to your children when, often, that doesn’t mean treating them exactly the same. Here’s an example: Andy is ten years old and Emma is sixteen. … [Read more...] about Fair Does Not Always Mean Equal
