When Roles Reverse and Your Parents Need Your Help  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Thanks to advances in medicine and science, as well as an overall better quality of life, Americans at the beginning of the 21st century have an average life expectancy of almost double what they had at the beginning of the previous century. Despite this, the natural aging process has not changed significantly during the last 100 years. We are simply … [Read more...] about When Roles Reverse and Your Parents Need Your Help

Top 10 Reasons Why Your Estate Plan Needs Your Attention Now!  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Estate planning isn’t meant to be a “one and done” type of project. Estate planning reflects the totality of a person’s life, and therefore it should reflect changes that occur in our lives. Not only is a periodic review necessary, it also provides peace of mind in knowing your family’s needs are covered today in case the unthinkable were to … [Read more...] about Top 10 Reasons Why Your Estate Plan Needs Your Attention Now!

It was four days before Christmas and Marianne was completing her last minute shopping. As she pulled her car into the mall parking lot, she quickly ran a list through her head: video game for grandson, photo frame for Aunt Sue, crystal vase for daughter-in-law. Upon opening the door to her favorite department store, her eyes fell on a beautiful Christmas tree. The tree towered over the nearby jewelry cases and it shimmered with tinsel. Drawn to the tree, Marianne soon saw construction paper … [Read more...] about Charitable Giving and the Holiday Spirit

Understanding the Federal Gift Tax and its Implications  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The reality is that few Americans will ever have to worry about the federal gift tax. The reason is simple: Federal gift taxes are calculated only on very large gifts you make. The exemption for 2015 is $5,430,000. In 2016, it increases to $5,450,000.  In 2017, it increases to $5,490.000. This means until your collective gifts reach these dollar … [Read more...] about Understanding the Federal Gift Tax and its Implications

Gifting to Benefit Minor Children  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Each year, the IRS excludes from the gift tax certain gifts, including: Gifts to a U.S. citizen spouse; Gifts up to $14,000 annually to any individual; and Direct payments to an educational provider for tuition or to a medical provider for medical care When it comes to your minor children, grandchildren, or other important minors in your life, a few considerations … [Read more...] about Gifting to Benefit Minor Children

Take Advantage of Gifting to Reduce Your Estate  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys For some of us, one reason we earn money is to provide the extras, the “non necessities” to our loved ones. Few things are more exciting than seeing a child or grandchild unwrap an eagerly anticipated gift. The expressions on their faces, the delight in their voices: it’s priceless. But did you know that gift giving also one of the time-tested strategies … [Read more...] about Take Advantage of Gifting to Reduce Your Estate

Practical Discussions About Funerals  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys With all of the uncertainty in life, the one common denominator we all share and none escape is death. We go through life with a mindset of “when” things happen: when we graduate college, when we start a family, when we take that vacation in the French Riviera; yet when it comes to planning for end of life and funerals, we tend to insert an “if” factor. It’s human … [Read more...] about Practical Discussions About Funerals

Taking Care of Your Spouse After You Are Gone Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Family often ends up providing the bulk of care to those who suffer from incapacitating illnesses and injuries, with the AARP’s Public Policy Institute estimating that one in five family caregivers is a spouse. These spousal caregivers provide assistance with things like medical and nursing care, wound care and medication management. For example, there are more … [Read more...] about Taking Care of Your Spouse After You Are Gone

Claiming More Than Marriage: Important Financial and Estate Planning for Same-Sex Marriages  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys In the past, many same-sex couples never focused on estate planning or even financial planning because they felt it was moot. The ways around those impossible and unfair laws were successful for some couples, in some states, and in some instances. This meant many died intestate, or, without a will. There was a … [Read more...] about Claiming More Than Marriage: Important Financial and Estate Planning for Same-Sex Marriages

Practical Discussions About Funerals  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys With all of the uncertainty in life, the one common denominator we all share and none escape is death. We go through life with a mindset of “when” things happen: when we graduate college, when we start a family, when we take that vacation in the French Riviera; yet when it comes to planning for end of life and funerals, we tend to insert an “if” factor. It’s human … [Read more...] about Practical Discussions About Funerals