Litherland, Kennedy & Associates, APC, Attorneys at Law

Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Every time you turn on the news, it seems like there is a new scam making headlines. By now, we’re all familiar with Bernie Madoff and his infamous Ponzi scheme. Many people have also heard about the “grandparent scam.” In this swindle, the scammer calls posing as the victim’s grandchild, claiming to be traveling in a foreign country and in distress. The … [Read more...] about How to Avoid an Estate Planning Scam

Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys There is no question that a Living Trust allows you to avoid probate – if, of course, the Trust is properly drafted and funded. But does this mean a Living Trust is more cost-effective than a Will? Some people say that a Living Trust offers no net savings over a Will. In their opinion, the cost of preparing a Living Trust plus the cost of Trust Administration … [Read more...] about Which Costs More: Probate or Trust Administration?

Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys June 26, 2013 was a landmark day for LGBTQ couples across the United States. With two much-anticipated rulings, U.S. v Windsor and Hollingsworth v. Perry, the U.S. Supreme Court made federal benefits available to spouses in same-sex marriages and cleared the way for same-sex marriage in California. DOMA In U.S. v. Windsor, the Supreme Court struck … [Read more...] about DOMA’s Impact on Estate Planning for LGBTQ Couples

Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys Many people might think it is beyond their means to leave a testamentary charitable gift (a gift made after you die) and would be surprised to learn that you don’t have to be wealthy to leave behind a substantial charitable legacy. One way to accomplish this is with an Irrevocable Life Insurance Trust (ILIT). All you need is enough income to set aside a little … [Read more...] about How Life Insurance Can Fund Your Charitable Legacy

Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys John and Susan have been married for 38 years. Like many couples, early in their marriage they gravitated toward a division of labor that worked for them. John is an amateur chef, so he handles the grocery shopping, the meal planning, and the cooking. Susan loves the outdoors, so she takes care of the lawn and the garden. Susan, who is a neat freak, does much … [Read more...] about Cross-Training for Financial Fitness

Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys A brand new baby brings a special kind of chaos to your home. In the midst of sleep deprivation, midnight feedings, and seemingly endless diaper changes, estate planning is likely the last thing on your mind. And yet, making an estate plan is a relatively simple task that can bring an immense sense of security to your growing family. Here are the … [Read more...] about Peace of Mind for New Moms and Dads

A New Paradigm: Planning for State Estate Taxes Not much more than a decade ago, taxpayers would flock to estate planning seminars to learn about ways to reduce or eliminate the federal estate tax. With the rise of the federal estate tax applicable exclusion amount (the amount that can pass free of estate tax) to $5,340,000 ($10,680,000 for married couples) in 2014, fewer than two out of every thousand deceased individuals will pay a federal estate tax. Many more estates, however, will be … [Read more...] about A New Paradigm: Planning for State Estate Taxes

Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys An effective estate plan is not just a stack of well-drafted documents, it’s an arrangement designed to take care of you and your family during the most challenging moments of your lives. It takes a team of advisors to pull together all the details to be sure that your plan is ready to spring into action when you need it. Most people need these core … [Read more...] about Estate Planning is a Team Effort

Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys New Year’s Day has come and gone, and April 15th looms in the immediate future. While it’s true that many of the big tax planning decisions – like deferring income or bunching deductions – should be made before December 31st, there is still plenty you can do to save money and hassles this tax season. Here are a few simple suggestions: Get Organized. Don’t … [Read more...] about Four Tips for a Pain-Free Tax Season

Compliments of The Litherland, Kennedy & Associates, APC, Attorneys at Law Written By: The American Academy of Estate Planning Attorneys The New Year brings with it a renewed outlook and fresh resolutions. We vow to get organized, eat healthier, and lose those last stubborn 10 pounds. But many of us overlook one simple and practical resolution that could have a profound effect on our lives, not to mention the lives of those we love. What’s that resolution? Create a basic estate plan. It’s not … [Read more...] about This New Year, Resolve to Plan Your Estate