Loaning Family Money – What You Need To Know Written By: The American Academy of Estate Planning Attorneys People lend money to family members for a variety of reasons. For example, lending your son money to buy his first home, or lending your daughter money to start a new business. At some point, you may find yourself in a similar situation. Therefore, it is important to know how this will impact you from a tax standpoint. Are you charging the borrower interest on the loan? If so, you must pay … [Read more...] about Loaning Family Money – What You Need To Know

What Does it Mean to Leave a Legacy? Written By: The American Academy of Estate Planning Attorneys Every individual needs to create an effective estate plan describing their wishes as to the disposition of assets, care of minor children, and burial arrangements. However, even people who meticulously prepare their estate plans often overlook their personal property. When you create a Will or Trust, you can make specific provisions for distribution of items of personal property among your … [Read more...] about Include Personal Property When Creating Your Estate Plan

What Does it Mean to Leave a Legacy? Written By: The American Academy of Estate Planning Attorneys Leaving a legacy means more than providing an inheritance for your children. Too often, inheritances are squandered and forgotten. A legacy, on the other hand, means leaving behind not just financial security, but a sense of family history, belonging, and purpose, generation after generation. You’ve spent years diligently saving and carefully planning to build a nest egg, but how do you transform … [Read more...] about What Does it Mean to Leave a Legacy?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys John and Susan have been married for 38 years. Like many couples, early in their marriage, they gravitated toward a division of labor that worked for them. John is an amateur chef, so he handles the grocery shopping, the meal planning, and the cooking. Susan loves the outdoors, so she takes care of the lawn and the garden. Susan, who is a neat freak, does much of the cleaning, while John keeps … [Read more...] about Cross-Training for Financial Fitness

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, will … [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