You want your estate planning to be handled by an attorney who stays current on the law. The American Academy of Estate Planning Attorneys is holding its semi-annual conference providing education and learning for its Members. Read on to learn more. … [Read more...] about Academy’s Fall Summit Virtually Perfect
Estate Planning
Retirement Planning and Estate Taxes
As a firm with an elder law focus, we help people prepare for their senior years, and legacy planning will also be part of this equation. The golden years are highly awaited, and if you take the right financial steps along the way, you can be prepared to enjoy the fruits of your labor. You can spend quality time with your family, cross things off your bucket list, and enjoy recreational and leisure activities. These years can be a lot of fun, and you should also plan for the twilight years … [Read more...] about Retirement Planning and Estate Taxes
Staying Current is Especially Important in the Pandemic
A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. During the COVID-19 pandemic, it’s important to have them up-to-date. Read on to learn more. … [Read more...] about Staying Current is Especially Important in the Pandemic
Planning Is Important
Planning is important. End-of-year tax planning is one part of that planning. This year you should also consider whether you’ve had any payroll tax withholdings deferred. If your employer deferred those withholdings, you’ll have more money withheld next year than usual. That means you’ll have less money for other things, like IRA contributions. Read on to learn more. … [Read more...] about Planning Is Important
Put a Personal Stamp on Your Legacy
Some people view estate planning in a rather cold and clinical manner. They know they have to leave instructions with regard to the way they want their monetary assets to be transferred when the time comes. These folks do not look beyond the impersonal slicing of a pie into different sizes. There is another way to approach the process that is commonly described as legacy planning. When you embrace this concept, you shape the way that you will be remembered in certain ways. Passing Along … [Read more...] about Put a Personal Stamp on Your Legacy
Puerto Ricans are Unique, as Is Estate Planning for Them
Puerto Ricans hold a unique position under U.S. law. U.S. estate taxation treats those from Puerto Rico different from other U.S. citizens or citizens from other countries. Read on to learn more. … [Read more...] about Puerto Ricans are Unique, as Is Estate Planning for Them
Important Facts About the New York Estate Tax
New York is a great place to live for a multitude of different reasons, but there is a significant tax burden. From an inheritance planning perspective, there is a state level estate tax in our state. In this post, we will share some important details about the New York estate tax, and we will also give you a brief overview of the federal transfer taxes that can impact high net worth individuals. New York Estate Tax Parameters The exclusion is the amount that can be transferred before the … [Read more...] about Important Facts About the New York Estate Tax
Inheritance Planning for a Spendthrift Heir
There are ideal approaches to every estate planning situation, and they can often be quite elegant in their simple efficiency. This would definitely apply to inheritance planning for someone that has a tendency to spend money too freely. With this in mind, let's look at the ways a revocable living trust can be used to protect a spendthrift heir. You Maintain Control A lot of people assume that you can no longer access assets that you convey into a trust, and for this reason, they never … [Read more...] about Inheritance Planning for a Spendthrift Heir
Chadwick Boseman Demonstrates the Importance of Planning
Chadwick Boseman played many heroic American roles and the superhero role of the Black Panther. His death at age 43 demonstrated how it’s important to have at least a basic estate plan in place even if you’re young. Read on to learn more. … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning
Do I Pay Capital Gains Taxes on an Inheritance?
Most of the laws that apply to taxation and inheritances are friendly to the taxpayer. You do not have to report an inheritance on your federal or state income tax returns, and this applies to insurance policy proceeds along with direct bequests. If you are the beneficiary of a Roth individual retirement account, the distributions would not be taxed, because the account would have been funded with after-tax earnings. The reverse situation applies to traditional accounts, so beneficiaries of … [Read more...] about Do I Pay Capital Gains Taxes on an Inheritance?
