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 … [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 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 … [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 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 estate … [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 … [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% this … [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 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 … [Read more...] about This New Year, Resolve to Review Your Estate Planning Options

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Avoid Information Overload Estate planning is a complex topic, and it can involve abstract concepts that are only familiar to experienced estate planning attorneys. If you Google “estate planning,” “will” or “living trust,” you’ll likely be faced with information overload. You’ll have mountains of loosely related bits of information, but no real way to connect all the dots to form a clear picture of what … [Read more...] about What You Should Know About Seminars on Wills & Living Trusts

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Giving generously to charity has many advantages, some obvious, and some not so obvious. First and foremost, your donation helps to support your favorite cause. Giving also makes you feel great, and if you itemize deductions on your tax return, gifts to qualified charities may result in an income tax deduction. But what if you want to do a little more, and make a large contribution to your alma mater, … [Read more...] about Three Ways the IRS Rewards Your Generosity

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys We’ve all dreamed of suddenly becoming wealthy by winning a lottery jackpot, receiving an unexpected inheritance, or some other happy accident. However, few of us consider what steps we would take to manage a windfall. Without careful management, your dream come true could quickly turn into your worst nightmare. What steps should you take to ensure that you stay out of trouble – and that your windfall is … [Read more...] about Three Simple Steps for Managing a Windfall

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys If you think only the super-rich need to worry about estate and gift taxes, you may want to think again. As of January 1, 2013, individuals with estates larger than $1 million might once again be subject to these federal taxes. A Little Background In December 2010, Congress passed a set of laws known as TRA 2010. These laws extended the Bush tax cuts until midnight on December 31, 2012. Under TRA … [Read more...] about Tax Alert! Special Gifting Opportunities Expire December 31, 2012