Keeping the Peace (and the Holidays) in a Blended Family: The Importance of Estate PlanningHey there, Casey Connealy here from Gaughan & Connealy Estate Planning Attorneys! Let’s talk about a topic that might sound a little dry but trust me, it’s more important than knowing which side of the family is bringing the green bean casserole to Thanksgiving this year. If you’re part of a blended family, estate planning isn’t just a "nice to have"—it’s essential.Why, you ask? Well, here’s … [Read more...] about Keeping the Peace (and the Holidays) in a Blended Family
Estate Planning
Pumpkin Kisses and Harvest Wishes
As the cool breeze of October rolls in, it brings with it the season of fall, pumpkin spice lattes, and of course, all things spooky. But as November looms, it’s time to swap out our ghosts, skeletons, and witches for leaves, turkeys, and those delightful cornucopias. Personally, I love this shift from the eerie to the cozy, and this year, I propose a similar transition in our personal lives—going from the terrifying (dying without an Estate Plan) to the wickedly wise (finally creating … [Read more...] about Pumpkin Kisses and Harvest Wishes
Estate Planning: There’s Something Here for Everyone – Part II
Recently, this blog examined the benefits of creating an Estate Plan and made the point that while many individuals think that they need only a “simple plan” because they don’t have significant assets or have few beneficiaries, that’s simply not true, see Estate Planning – There’s Something Here for Everyone Part I. This second part of the series will examine the most common mistakes that occur in an Estate Plan and how to avoid them.Of course, any individual who fails to create an Estate … [Read more...] about Estate Planning: There’s Something Here for Everyone – Part II
Tread Carefully with Specific Bequests
Even those individuals who have not yet created an Estate Plan have certain goals in mind regarding their legacy. They may have had conversations with their loved ones regarding what they want to happen, including discussing detailed disposition of their assets upon death. Often, these goals reflect long-standing plans to reward a beneficiary for their devotion to the business or even to follow through on a promise to gift a particular asset to a beneficiary. When an individual creates a plan … [Read more...] about Tread Carefully with Specific Bequests
Who Can You Turn to When Your Brother Doesn’t Do His Job?
Grammy Award winner, Tony Bennett, died on July 21, 2023, at the age of 96. Bennett had a prolific career releasing more than 70 albums and winning over 19 Grammys. He enjoyed a resurgence in popularity late in his career when he partnered with Lady Gaga to release two albums. He devoted his life to music amassing an impressive music catalog, image rights, and memorabilia, along with paintings and artwork. Rolling Stone reported that Bennett earned more than $100 million from live performances … [Read more...] about Who Can You Turn to When Your Brother Doesn’t Do His Job?
Avoiding an Audit
The Internal Revenue Service (“IRS”) recently released its Strategic Operating Plan outlining priorities which include its plan to increase audits on the wealthiest taxpayers. According to the plan, audit rates will rise more than 50% for those with income over $10 million. While this may be unwelcome news for those taxpayers, there are certain strategies that these taxpayers should avoid to lower their chance of triggering an audit.First, taxpayers facing audits need to remember that an … [Read more...] about Avoiding an Audit
What Taylor Swift Can Teach Us About Estate Planning
In the days preceding and following the Super Bowl, Taylor Swift seemed to be everywhere. I read numerous articles ranging in topic from her love life to conspiracy theories to her societal influence and back again. As I read, it occurred to me that blogs must exist about Taylor Swift and Estate Planning. Several authors have written on the interrelationship of those topics and it’s easy to see why. Arguably, 2023 was the year of Taylor Swift’s “Wildest Dreams.” Time magazine named her Person of … [Read more...] about What Taylor Swift Can Teach Us About Estate Planning
Do You Want to Discuss Dynasty Trusts?
January 1, 2024, marked exactly two years until the planned reduction by half of the current Applicable Exclusion Amount (“AEA”). The AEA is the amount that an individual can pass to anyone either during their life or at death before imposition of a transfer tax. For those needing a refresher, the Tax Relief Act of 2010 set the AEA at $5 million (adjusted for inflation) and the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount to $10 million per person ($20 million per couple), as … [Read more...] about Do You Want to Discuss Dynasty Trusts?
The View from Heckerling 2024
Last week, I attended the 58th Annual Heckerling Institute on Estate Planning (“Heckerling”) held in Orlando, Florida. Nationally renowned speakers take the stage and give attendees legislative updates, tips on estate planning techniques, and answers to their submitted questions. As the Associate Director of Education for the American Academy of Estate Planning Attorneys (“Academy”), I attend this annual conference so that I can share what I learned there with the Members of the Academy. The … [Read more...] about The View from Heckerling 2024
There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
Matthew Perry was probably best known for his role as the sarcastic, neurotic, and always witty, Chandler Bing on the hit-tv show, Friends. He died suddenly at the age of 54. He was unmarried, had no children, and was survived by his parents, five half-siblings, and legions of fans. His Estate Plan differs from many of the cases that this blog examines because there likely won’t be a huge fight in court over his substantial fortune at least in part because he created a Revocable Trust and, as of … [Read more...] about There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
