Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover. Giving Back … [Read more...] about Giving Back
The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This issue is the “clawback.” New Proposed Regulations resolve this issue. Read on to learn more. Proposed Regulations Address … [Read more...] about Proposed Regulations Address “Clawback” Issue
Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...] about Aretha Franklin Died Intestate: What Does It Mean for Her Family?
If you’re young and unmarried, do you really need an estate plan? The answer is “yes,” if you care what happens to you and your stuff. Read on to find out how an estate plan can help someone who is young and unmarried. Estate Planning is for You, Not Just Your Parents or Grandparents … [Read more...] about Estate Planning is for You, Not Just Your Parents or Grandparents
In this increasingly mobile world, clients often spend periods of time living in other countries, or even retiring overseas. How does one address estate planning in this situation? This article explains what to do. Planning for the Client Moving Overseas … [Read more...] about Planning for the Client Moving Overseas
Would you be interested in a way to save money for education and get tax benefits simultaneously? A 529 plan might be what you’re seeking. Find out more by reading the benefits of a 529 plan. What’s a 529 Plan and What Are the Benefits to Using One? … [Read more...] about What’s a 529 Plan and What Are the Benefits to Using One?
This article examines the transfer of frequent flyer mile accounts to beneficiaries. It looks at Anthony Bourdain’s will and its disposition of his miles. The article points out that these are contractual rights and you may or may not be able to transfer them at death. Planning for Frequent Flyer Miles … [Read more...] about Planning for Frequent Flyer Miles
Nobody wants incapacity, not for yourself and not for your loved ones. But planning for that possibility can avoid complications and increase options. The article discusses the elements of incapacity planning and the need for flexibility to do Medicaid planning. It discusses how a trust with Medicaid triggers can allow that. Incapacity Planning … [Read more...] about Incapacity Planning
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. 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 … [Read more...] about 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. In some countries, like a dictatorship or a true monarchy (not a constitutional monarchy such as the United Kingdom), people do not really participate in making the law. The law is handed down by fiat. In the United States, our laws are enacted by our elected representatives. Sometimes, those laws may be viewed as violating the fundamental rights guaranteed to all … [Read more...] about Law in the U.S. can be Participatory