Privacy is important, especially in today’s world. Learn how estate planning can enhance or reduce your privacy. Read on to find out more. Basics of Estate Planning: Privacy and Estate Planning … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning
A Special Option for Special Kids
When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read on to learn more about this new tool in planning for those who were disabled by age 26. A Special Option for Special Kids … [Read more...] about A Special Option for Special Kids
No Charitable Deduction in 2018?
The tax bills passed by the House and Senate would eliminate deductibility of state income tax and nearly double the standard deduction, dramatically reducing the number of people who would benefit from itemizing their deductions. As a result, most people would get no tax benefit from their charitable contributions. This article examines how a Donor Advised Fund could allow donors to make a contribution this year, getting a tax benefit, and then release the funds to charities in the … [Read more...] about No Charitable Deduction in 2018?
Would You Prefer a Charitable Deduction This Year?
Perhaps you would prefer to take a charitable deduction this year. Maybe you have higher income this year, or the reduced ability to take a deduction next year. A donor advised fund may make sense for you. A donor advised fund allows a deduction this year, even though distributions will be made to public charities in future years. Read on to learn more about a donor advised fund. Would You Prefer a Charitable Deduction This Year? … [Read more...] about Would You Prefer a Charitable Deduction This Year?
Basics of Estate Planning: Asset Protection
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. This week, we’ll take a look at asset protection. Much depends upon whose assets you are looking to protect. If the assets are those that are coming to you, the debtor, then typically, those can be protected completely. The debtor could protect their own assets in three general ways: 1) … [Read more...] about Basics of Estate Planning: Asset Protection
Basics of Estate Planning: Choosing a Roth or Traditional IRA (or 401k)
Roth and Traditional accounts each have their merits. This blog examines the differences between the two. Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. In this blog, we’ll look at the differences between a Roth and a traditional IRA (or 401k). We’ll also look at considerations in choosing between them. With a traditional IRA (or 401k), … [Read more...] about Basics of Estate Planning: Choosing a Roth or Traditional IRA (or 401k)
How Tax Reform Could Impact Various Families
Learn how the Republican blueprint for tax reform would impact different families from an estate planning perspective. Read on to learn more. … [Read more...] about How Tax Reform Could Impact Various Families
Basics of Estate Planning: Getting the Most out of Charitable Gifts
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Often, an individual wants to make a gift to charity. They don’t want something complicated, but they want to get the most bang for their buck. Estate planning attorneys and other financial professionals know the client could just contribute cash to the charity. Certainly, that would be fine with the charity. But, there are ways which would be just as good for … [Read more...] about Basics of Estate Planning: Getting the Most out of Charitable Gifts
Basics of Estate Planning: Two Common Mistakes with Trusts
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Trusts are incredibly useful tools. But, like other useful tools, they do not fit every circumstance. They must be used appropriately. For example, a hammer is an exceptional tool to use when looking to drive a nail into a wall. But, if you hit the nail with a glancing blow, the nail will bend and you’ll end up with a difficult situation. Here are a couple common … [Read more...] about Basics of Estate Planning: Two Common Mistakes with Trusts
Basics of Estate Planning: Estate Planning for Major Life Events
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Estate planning attorneys do many things. We help people structure their affairs for the various stages of their lives. When the client is starting out, we may help them establish a basic plan. This might include: A Financial General Durable Power of Attorney. This would allow someone to make financial decisions for them if they were unable to make them for … [Read more...] about Basics of Estate Planning: Estate Planning for Major Life Events
