Many elders rely on their children, grandchildren, nieces, or nephews to care for them, but for those without family - or whose families predecease them - that is not an option. This set of seniors is a growing population. Often these folks are called "Elder orphans" or "solo-agers" on the internet and in the media. Whatever the moniker, this stage of life presents the same challenges - and some unique ones - for those facing their golden years on their own. Thankfully there are some splendid estate planning techniques and terrific technological ideas out there to help.
Beneficiary designations are meant to clearly define how assets are to be distributed upon the passing of the original asset holder. But there are potential pitfalls than can be encountered as one accumulates different kinds of assets over their lifetime. In this installment of his 6-part series on Estate Planning Considerations, our American Academy of Estate Planning Attorneys colleague, Attorney Steve Hartnett, examines some common snags that can occur, and how best to avoid them. Click HERE to read on
One of the many tremendous benefits of our membership in the American Academy of Estate Planning Attorneys is having a nationwide "brain-trust" filled with talented and knowledgeable attorneys. Director of Education Steve Hartnett is no exception. Part-one of his six-part series on important Estate Planning considerations talks about incapacity. Part two talks about the high cost of long-term-care, which we also detail in this blog (click here to read). The third installment looks at the way your beneficiaries receive their inheritances and why different approaches need to be used for different people. It is critical that you consider the individual needs of your children or other beneficiaries when preparing your estate plan. Effective Estate Planning involves finding solutions that fit - in precisely the right way. We cover this idea in greater detail in our frequent, free Estate Planning Seminars (click here to learn about our next one). To read Attorney Hartnett's take on the importance of how your leave your assets to your heirs see Part Three: Your Kids, (click here).
The controversial Tax Cuts and Jobs Act signed into law in December 2017 has some new benefits for small businesses that are pass-through entities. Many pass-through entities will now have a new benefit of a 20% deduction relative to profits. The law is touted as being complex, and it is, as it raises many new and interesting issues for advisors. For example, it will be interesting to see what, if any, impact this new deduction will have on the number of small businesses that opt for S-Corp status in order to avoid self-employment tax on "distributions" of profit rather than straight pass-through of profits such as occur in LLCs that are Sole proprietorships or partnerships.
Changes to the federal tax law could impact your state taxes in a big way, and even change your mind about whether you want to itemize your deductions! Our Academy colleague, Stephen C. Hartnett, J.D., LL.M. breaks it down in this blog. Learn how the changes may affect your state tax burden...
We have several exciting developments to share with you. We are refining our estate planning services and expanding our reach to better serve you. On December 20, 2017 Solutions Law Group became a licensed member of the American Academy of Estate Planners. Membership requirements are rigorous, allowing only a select few firms in each state entry, after comprehensive vetting. In addition to the prestige of membership, being part of the Academy means access to a deep national network of resources, greatly enhancing how we assist you - including a more streamlined and efficient estate planning system. Stay tuned for announcements regarding our upcoming series of free estate planning educational seminars and other special offers!