Sometimes “No” is the Best Answer Sometimes “No” is the Best Answer Written By: The American Academy of Estate Planning Attorneys When receiving an inheritance, few people consider that there may be a big decision looming. You are still mourning the passing of someone dear to you when you learn about the inheritance. While you continue with your daily life, numb from the emotional loss, the estate or Trust Administration process continues, which eventually leads to the distribution of your … [Read more...] about Sometimes “No” is the Best Answer

Choosing a Trustee: The Relationship Matters   Written By: The American Academy of Estate Planning Attorneys   There are many factors to consider when selecting someone to serve as your trustee. This includes but is not limited to: age, maturity, responsibility, location, and of course, financial acumen. However, many people overlook that the relationship with that person matters as well. A trustee is staffed with the responsibility of managing and distributing assets in accordance with your … [Read more...] about Choosing a Trustee: The Relationship Matters

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

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 … [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 You might not realize it, but you already have an estate plan. Even if you’ve  never created a Will, never set foot inside an estate planning attorney’s office, and never given estate planning a second thought. Here’s why: each state provides every citizen with a default estate plan. This estate plan comes in the form of intestacy law – a set of basic, one-size-fits-all rules for what happens to property … [Read more...] about Estate Planning is Essential for Same-Sex Couples

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys www.aaepa.com • blog.aaepa.com Your first meeting with an estate planning attorney may seem a little daunting, especially if you’ve never consulted an attorney before. There’s no need to worry, however. This meeting is just a conversation in which your attorney will find out about you, your family, and your goals. After you’ve shared this information, your attorney will be able to recommend a range of … [Read more...] about What to Expect at Your First Estate Planning Consultation

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Not long ago, wives were “silent partners” when it came to estate planning. Husbands were the ones in charge of long-term planning and major financial decisions. In fact, estate planning attorneys often advised wealthy men to leave their assets in trust for their wives, so that a trustee other than their wife could manage and preserve the family fortune. It was assumed that a widow would not have … [Read more...] about Five Things Every Woman Should Know About Estate Planning

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys With the fiscal cliff looming, Congress passed the American Taxpayer Relief Act of 2012 on January 1, 2013. This law averts a number of the automatic tax increases set to take effect at the beginning of this year. If you’re among the 77% of Americans who are affected by the end of the Payroll Tax Cut, you’ve likely noticed a slight decrease in your paycheck. The social security payroll tax returned to 6.2% … [Read more...] about How the American Taxpayer Relief Act Will Affect You

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys One of the biggest myths about estate planning is that it is something only wealthy people need because the only reason for having an estate plan is to minimize estate taxes. The truth is, estate taxes are only a tiny piece of the estate planning puzzle – and every adult needs an estate plan. Here are just a few non-tax reasons to plan: Put the Appropriate People in Charge. An estate plan allows you to … [Read more...] about Five Non-Tax Reasons You Need an Estate Plan

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys The holiday whirlwind is over, you’ve packed up the decorations, and life is settling into its familiar routine. Your thoughts are likely turning to the coming year, and the things you’d like to accomplish over the next twelve months. Maybe you have ten pounds to lose. Perhaps you want to learn a new language, or set aside more time for family and friends. No matter what your resolutions are this New Year, … [Read more...] about This New Year, Resolve to Review Your Estate Planning Options