Author Archives: Site Administrator
Make the holidays bright for you and your loved ones with annual exclusion gifts
As the holiday season quickly approaches, gift giving will be top of mind. While gifts of electronics, toys and clothes are nice, making tax-free gifts of cash using your annual exclusion is beneficial for both you and your family. Even in a potentially changing estate tax environment, making annual exclusion gifts before year end can still… Read More »
Update your estate plan to reflect your second marriage
If you’re in a second marriage or planning another trip down the aisle, it’s vital to review and revise (if necessary) your estate plan. You probably want to provide for your current spouse and not inadvertently benefit your former spouse. And if you have children from each marriage, juggling their interests can be a… Read More »
The write stuff: A letter of instructions
When you draft an estate plan, the centerpiece is your will or living trust. Such a document determines who gets what, where, when and how, as well as tying up the loose ends of your estate. A valid will or living trust can be supplemented by other legally binding documents, such as trusts (or… Read More »
A charitable remainder trust can provide a multitude of benefits
If you’re charitably inclined but concerned about having sufficient income to meet your needs, a charitable remainder trust (CRT) may be the answer. A CRT allows you to support a favorite charity while potentially boosting your cash flow, shrinking the size of your taxable estate, reducing or deferring income taxes, and enjoying investment planning… Read More »
Who should own your life insurance policy?
If you own life insurance policies at your death, the proceeds will be included in your taxable estate. Ownership is usually determined by several factors, including who has the right to name the beneficiaries of the proceeds. The way around this problem is to not own the policies when you die. However, don’t automatically… Read More »
National Estate Planning Awareness Week
According to a recent AARP survey, 6 out of 10 adults do NOT have Estate Plans. Out of those surveyed, 47% say they simply just “haven’t gotten around to it.” No matter your age, profession, marital status, or whether you have children, EVERYONE needs Estate Plans and should not put it off any longer!… Read More »
Tax law uncertainty means estate plans must roll with the changes
Events of the last decade have taught us that taxes are anything but certain. Case in point: Congress is mulling abolishing gift and estate taxes as part of tax reform. So how can people who hope to still have long lifespans ahead of them plan their estates when the tax landscape may look dramatically… Read More »
Legacy Protection Lawyers Named a 2017 Law Firm 500 Honoree
Legacy Protection Lawyers Named a 2017 Law Firm 500 Honoree for Fastest Growing Law Firms in the United States Since its founding, Legacy Protection Lawyers has been dedicated to providing excellence in customer service resulting in many happy clients. In doing so, our commitment and focus has taken us on a fabulous journey… Read More »
ABCs of HSAs: How an HSA can benefit your estate plan
One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible health plan (HDHP) with a Health Savings Account (HSA). The good news is that not only does an HSA provide a tax-advantaged way to pay for health care costs, but it also can help… Read More »
Charitable giving pièce de résistance: Artwork donations
Charitable giving is a key part of estate planning for many people. If you’re among them and own valuable works of art, they may be ideal candidates for charitable donations during your life. Generally, it’s advantageous to donate appreciated property because, in addition to gaining a valuable tax deduction, you can avoid capital gains… Read More »