Compliments of Lee Law Office Written By: The American Academy of Estate Planning Attorneys The New Year brings with it a renewed outlook and fresh resolutions. We vow to get organized, eat healthier, and lose those last stubborn 10 pounds. But many of us overlook one simple and practical resolution that could have a profound effect on our lives, not to mention the lives of those we love. What’s that resolution? Create a basic estate plan. It’s not hard to get started. First, call to make … [Read more...] about This New Year, Resolve to Plan Your Estate

Written By: The American Academy of Estate Planning Attorneys If you have money in an Individual Retirement Account (IRA), you know you can’t take out distributions without paying taxes on the money you withdraw. For many older people with large portions of their personal wealth tied up in IRAs and other tax-advantaged retirement accounts, the tax implications of taking money out of an IRA can impede their ability to give large sums to the charity of their choice. If you want to give money to … [Read more...] about Gifting Your IRA to Your Favorite Charity

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Although considering the event of one’s own death can be uncomfortable, it’s imperative to start planning ahead and set up an estate plan that will guarantee security for your loved ones. Meeting with a qualified estate planning attorney will ensure you’re informed about the choices available to you, and help relieve some stress knowing your affairs will be in order after your death. For some, this could … [Read more...] about Common Estate Planning Terms You’ll Want To Know

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys “It’s not fair!”   Parents hear this protest all the time, and it often comes from children who confuse being treated fairly with being treated equally.   One of the challenges of parenting is figuring out how to be fair to your children when, often, that doesn’t mean treating them exactly the same. Here’s an example:   Andy is ten years old and Emma is sixteen. Emma has her driver’s … [Read more...] about Fair Does Not Always Mean Equal

Written By: The American Academy of Estate Planning Attorneys Every year thousands go on vacation. And they’ve likely planned it to a tee – which hotel to stay at, which sights to see, and they’ve maybe even scouted the local restaurants that are a “must-try” on their trip. But, when it comes to planning, one of the most important, often-overlooked items is making sure your “what if’s” are in order. For example, what if something happens to the house while you are gone? What if something happens … [Read more...] about Planning for a Stress-Free Vacation

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys When hiring an estate planning attorney, you expect this person to help you get all your ducks in a row. It is essential to work with a local attorney who will be able to set up a plan for you that is tailored to your particular concerns and needs. One specific area that requires attention when creating your plan is your service providers. What is a “service provider?” This covers a wide range of … [Read more...] about How to Include Service Providers in your Estate Plan

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

What Does it Mean to Leave a Legacy? Written By: The American Academy of Estate Planning Attorneys Every individual needs to create an effective estate plan describing their wishes as to the disposition of assets, care of minor children, and burial arrangements. However, even people who meticulously prepare their estate plans often overlook their personal property. When you create a Will or Trust, you can make specific provisions for distribution of items of personal property among your … [Read more...] about Include Personal Property When Creating Your Estate Plan

Compliments of Lee Law Office, Written By: The American Academy of Estate Planning Attorneys An effective estate plan is not just a stack of well-drafted documents, it’s an arrangement designed to take care of you and your family during the most challenging moments of your lives. It takes a team of advisors to pull together all the details to be sure that your plan is ready to spring into action when you need it. Most people need these core players on their team: Experienced Estate Planning … [Read more...] about Estate Planning is a Team Effort

Compliments of Lee Law Office, 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 April to begin gathering the … [Read more...] about Four Tips for a Pain-Free Tax Season