Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Traditional Benefits of Home Ownership People purchase a home for both emotional and practical reasons. From an emotional perspective, home is where the heart is. Knowing you own your home turns the simple roof over your head into your own private retreat. Home is where you escape from the rest of the world, where you feel safe and secure. From a practical standpoint, real property has long been … [Read more...] about The Hidden Benefits of Home Ownership

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys In the United States, any federal gift and estate tax due from an estate must be paid during the probate of the estate and prior to assets being distributed to beneficiaries and/or heirs of the estate. The gift and estate tax rules are complex enough for a U.S. citizen; however, when the decedent and/or the surviving spouse is NOT a U.S. citizen, the rules become considerably more difficult to … [Read more...] about U.S. Gift and Estate Tax for Non-Citizens – What You Need to Know

I was Appointed Trustee of a Trust. Now What Do I Do?  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys During the creation of a Trust, a number of decisions must be made. One of the most important of those decisions is who the Trustor (the person who establishes creator of the Trust) will appoint as the Trustee. Ideally, the Trustor will discuss the appointment with the prospective Trustee at the time the Trust is created; however, that does not … [Read more...] about I was Appointed Trustee of a Trust. Now What Do I Do?

Is a Health Savings Account (HSA) Right for You?  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The American health care system has gone through some significant changes in recent years. One thing that did not change, however, is the potential to save both money and taxes by opening a Health Savings Account, or HSA. For those who qualify, an HSA allows you to save money tax-free that can be used for health care related expenses. Who Qualifies … [Read more...] about Is a Health Savings Account (HSA) Right for You?

Estate Planning Lessons – Wesley Snipes and the “Pure Trust” Argument  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys You have likely heard the old adage “The only sure things in life are death and taxes.” In the United States, the adage certainly applies. Without a doubt, most Americans pay their share of taxes. Americans also like to find creative ways to reduce their tax burden. Using legitimate tax reduction strategies is perfectly legal; … [Read more...] about Estate Planning Lessons – Wesley Snipes and the “Pure Trust” Argument

How to Lend a Hand and Save Taxes  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys With the proliferation of 24-hour news, it seems impossible to turn on the television, chat on social media, or pick up a newspaper without hearing about yet another natural disaster that has left people hurt, hungry, homeless, or worse. Whether the cause is a tsunami in Indonesia, a deadly disease epidemic in Africa, or a hurricane here in the United States, the pleas … [Read more...] about How to Lend a Hand and Save Taxes

Passing Down the Family Farm or Ranch  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Family-owned farms and ranches were once the backbone of the American economy. Just a century ago those farms and ranches were still going strong throughout the U.S. Over the last few decades of the 20th century, however, most family-owned farms and ranches struggled to survive, much less compete with corporate farming and ranching. However, in recent years, small … [Read more...] about Passing Down the Family Farm or Ranch

How Likely Is That To Happen?  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys “How likely is that to happen?” You have undoubtedly heard these words spoken many times. You have possibly said them yourself when a well-meaning friend or family member tries to warn you about a risk that you perceive as unworthy of consideration. You may have even used this same logic to explain why you have yet to create a comprehensive estate plan. After all, what are … [Read more...] about How Likely Is That To Happen?

Owning Overseas Property Increases the Need for Estate Planning  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Despite living in one of the largest countries in the world, Americans often yearn for the opportunity to own property outside of their homeland. According to the U.S. Department of Commerce’s Bureau of Economic Analysis, American investment abroad reached almost $5 trillion in 2015. If you own property abroad extra care must be taken in … [Read more...] about Owning Overseas Property Increases the Need for Estate Planning

Redskins Owner’s Estate Goes Into Overtime – Lessons from Jack Kent Cooke’s Estate  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Jack Kent Cooke is widely regarded as the greatest owner in the history of professional sports. He was also well known for his attention to detail and uncanny business acumen.. When it came time to create his own estate plan, however, he left much to be desired. Although you may never own a professional sports team or the … [Read more...] about Redskins Owner’s Estate Goes Into Overtime – Lessons from Jack Kent Cooke’s Estate