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  The Schomer Estate & Wealth Advisors, 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 … [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 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 condition … [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?

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys When Sopranos star James Gandolfini died unexpectedly at the young age of 51, his estate plan sparked a media firestorm. Experts have scrutinized and criticized his plan, and news reports have covered its details. What led to this flurry of attention? The fact that he left behind a Will, which made his estate planning choices public record. What can we learn from James Gandolfini’s Will? … [Read more...] about James Gandolfini’s Will: 3 Lessons for You and Yours

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys It is an honor to be named the successor Trustee of a loved one’s Trust. As the name implies, you’ve been given a position of trust and responsibility, and it means that your loved one thinks highly of your skill and ability, not to mention your integrity. So, what does a successor Trustee do? Normally, the person who creates a Trust serves as the initial Trustee. Your job as the successor … [Read more...] about I’m a Trustee! Now What?