Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys “How likely is that to happen?” You have undoubtedly heard these words spoken many times. You have possibly said them yourself when a well-meaning friend or family member tries to warn you about a risk that you perceive as unworthy of consideration. You may have even used this same logic to explain why … [Read more...] about How Likely Is That To Happen?

 Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys In the past, many same-sex couples never focused on estate planning or even financial planning because they felt it was moot. The ways around those impossible and unfair laws were successful for some couples, in some states, and in some instances. This meant many died intestate, or, without a will. There … [Read more...] about Claiming More Than Marriage: Important Financial and Estate Planning for Same-Sex Marriages

 Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Each year, the IRS excludes from the gift tax certain gifts, including: Gifts to a U.S. citizen spouse; Gifts up to $14,000 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

 Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The reality is that few Americans will ever have to worry about the federal gift tax. The reason is simple: Federal gift taxes are calculated only on very large gifts you make. The exemption for 2015 is $5,430,000. In 2016, it increases to $5,450,000. This means until your collective gifts reach these … [Read more...] about Understanding the Federal Gift Tax and its Implications

 Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Despite living in one of the largest countries in the world, Americans often yearn for the opportunity to own property outside of their homeland. According to the U.S. Department of Commerce’s Bureau of Economic Analysis, American investment abroad reached almost $5 trillion in 2015. If you own property … [Read more...] about Owning Overseas Property Increases the Need for Estate Planning

 Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Jack Kent Cooke is widely regarded as the greatest owner in the history of professional sports. He was also well known for his attention to detail and uncanny business acumen.. When it came time to create his own estate plan, however, he left much to be desired. Although you may never own a professional … [Read more...] about Redskins Owner’s Estate Goes Into Overtime – Lessons from Jack Kent Cooke’s Estate

 Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Thanks to advances in medicine and science, as well as an overall better quality of life, Americans at the beginning of the 21st century have an average life expectancy of almost double what they had at the beginning of the previous century. Despite this, the natural aging process has not changed … [Read more...] about When Roles Reverse and Your Parents Need Your Help

 Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Estate planning isn’t meant to be a “one and done” type of project. Estate planning reflects the totality of a person’s life, and therefore it should reflect changes that occur in our lives. Not only is a periodic review necessary, it also provides peace of mind in knowing your family’s needs are covered … [Read more...] about Top 10 Reasons Why Your Estate Plan Needs Your Attention Now!

 Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys With all of the uncertainty in life, the one common denominator we all share and none escape is death. We go through life with a mindset of “when” things happen: when we graduate college, when we start a family, when we take that vacation in the French Riviera; yet when it comes to planning for end of … [Read more...] about Practical Discussions About Funerals

 Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys For some of us, one reason we earn money is to provide the extras, the “non necessities” to our loved ones. Few things are more exciting than seeing a child or grandchild unwrap an eagerly anticipated gift. The expressions on their faces, the delight in their voices: it’s priceless. But did you know that … [Read more...] about Take Advantage of Gifting to Reduce Your Estate