Compliments of Our Law Firm, 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 basics: Guardianship Your first order of business … [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, … [Read more...] about A New Paradigm: Planning for State Estate Taxes

Compliments of Our Law Firm, 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 players on their team: Experienced Estate … [Read more...] about Estate Planning is a Team Effort

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys New Year’s Day has come and gone, and April 15th looms in the not-too-distant 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 wait until … [Read more...] about Four Tips for a Pain-Free Tax Season

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys As the year draws to a close, tax season might be the last thing on your mind. But even if you’re more focused on holiday cards than tax returns, it’s worth taking a few moments to consider whether some end-of-year planning could result in a lower income tax bill next spring. For most people, the best strategy is to defer income into the following year and to move as many deductions as … [Read more...] about Be Prepared With Year-End Tax Strategies

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys One way to reduce your estate tax bill is to give money away during your lifetime. If you are a parent or a grandparent, giving to the children in your life is a great way to accomplish this. By doing so, you can help your children or grandchildren build their financial futures, with tax savings as a natural by-product. With a top estate tax rate of 40%, this by-product can be quite significant. IRS … [Read more...] about Gifts to Minors: Sharing Your Wealth the Smart Way

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys As you research your estate planning options, you’re sure to hear a lot about living trusts. In recent years, the living trust has become such a popular tool that it forms the cornerstone of many people’s estate plans. What are the benefits of a living trust and why would you opt for one as part of your estate plan? Protect and Provide for Beneficiaries The foundational goal for any estate plan … [Read more...] about Why Choose a Living Trust?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys College costs have been steadily rising for years, and there does not appear to be an end in sight. If you are a new parent, you might want to grab some smelling salts: according to current estimates, the total cost for a four-year public university education for your little bundle of joy could top $200,000. Faced with this financial reality, parents and grandparents are looking for ways to get the … [Read more...] about More Bang for Your Buck: Education Planning with Deferred Annuities

Compliments of Our Law Firm, 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 astronomical and many of those with the … [Read more...] about Special Needs Trusts for Children with Down Syndrome

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys As we move further into the “electronic age,” we seem to spend more of our lives online. Many of us have an ever-expanding digital footprint using accounts that store sensitive personal and financial information. These may include email accounts, website domain names, online banking accounts and passwords, and countless personal and business documents stored in the cloud. You may also … [Read more...] about Does Your Estate Plan Include Digital Assets?