Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Who hasn't daydreamed about what they'd do with an inheritance? We imagine a sudden windfall from a long-lost relative and think about the new car we'd buy, the long vacation we'd take, or the beautiful new home we'd move into. In reality, inheriting money can be a little more complicated, and it can give rise to unanticipated questions and concerns. Here are answers to four common concerns about … [Read more...] about What to Expect When You’re Inheriting

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Estate planning. It's on everyone's "should do" list, but it rarely seems to make it to the top of the "to do" list. Maybe that's because estate planning is surrounded by myths and misconceptions. People think it's only for the wealthy, or only for the elderly. The truth is, everyone needs some form of estate planning, because estate planning is life planning. Let's do away with five common estate planning … [Read more...] about Five Estate Planning Myths

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Since Congress introduced the Roth IRA in 1997, certain retirement account owners have been able to choose between two kinds of accounts with very different features. Whether a Roth is the right option for you depends on a number of factors, including your income and your savings goals. Traditional IRA A traditional IRA is a tax-deferred account. Contributions to the account are made with pre-tax dollars, … [Read more...] about Does a Roth Make Sense for You?

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys According to the Center on Budget and Policy Priorities, only the wealthiest one out of every 400 estates owed an estate tax in 2009. For those who may be subject to estate tax, a properly-drafted estate plan can help reduce or eliminate estate taxes. It can also help to minimize capital gains and income taxes. But estate planning is about more than reducing taxes - it's about planning for life. When you … [Read more...] about The Estate Tax Is Not the Only Consideration in Estate Planning

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Americans are givers. In 2010, we gave more than $290 billion to our favorite causes, with the vast majority of charitable giving, $212 billion, donated by individuals or household donors. Federal tax laws regarding cash gifts to individuals support this generosity and can have a big impact on your estate taxes. A taxpayer can give as much as $13,000 per year to separate individuals, gift and estate tax-free. … [Read more...] about Getting Value Out of Giving with Charitable Trust

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys No day is typical on a ranch. Things always seem to come up that force you to change your priorities, whether it's a cow in trouble as she gives birth, an implement that needs repairs, or harvesting a crop before the weather turns. Ranching is not an easy life, but if it's your life, there's probably no other way you'd rather make a living. You've paid your dues, and you gladly cope with the ups and downs of … [Read more...] about Leaving a Ranching Legacy

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys As we retire and get ready for the next stage of our lives, many of us have a plan in place outlining what we wish to leave to our sons, daughters, grandchilden, or other loved ones, or perhaps to charity. It's imperative to review your estate plan periodically, especially if you or your spouse are getting on in years, or if your health is failing, to ensure that it continues to meet your goals. Time usually … [Read more...] about There’s No Time Like the Present to Review your Plans

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Parents dream many dreams for their children.  These dreams often incorporate hopes that their kids will get a good education, embrace fulfilling careers, keep their good health, and find happy, stable marriages. Sometimes reality can play out more like a nightmare in this last instance, however, as more and more marriages end in divorce. Even when our children have grown into the independent adults we have … [Read more...] about Make Sure Your Dreams Don’t Turn Into Nightmares

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Divorce is a fact of modern American life.  Approximately half of all first marriages fail, and the divorce rate for subsequent marriages can be as high as 73 percent. While divorce is commonplace, it’s not uncommon to overlook some important legal ramifications of splitting from your spouse. For instance, suppose you have been divorced for several years, are happily remarried, and have children with your new … [Read more...] about Is Your Ex-Spouse Really Out of Your Life?

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys What comes to mind when you think of estate planning? Perhaps the ideal image is a family relying on an experienced, trusted attorney to guide them through the ups and downs of life, helping them work out the legal issues surrounding illnesses, deaths, and other major life events. What most of us don’t think about when we consider estate planning is an unqualified, or even unlicensed, individual producing … [Read more...] about Choose Your Estate Planning Practitioner Wisely