As year-end approaches, many individuals look for ways to lower their income tax burden. Charitable contributions allow individuals to offset a portion of their income, but not all charitable contributions are created equally, and each has certain requirements to obtain the charitable deduction. Certain charitable-giving vehicles allow a donor to get more bang for their buck. Read on to learn more. … [Read more...] about Now is a Good Time for a Donor Advised Fund
10 Essential End-of-Year Estate Planning Steps to Complete Before the New Year
As the year draws to a close, it presents an ideal opportunity to review and update your existing estate plan. Estate planning is not a one-time event but an ongoing process that ensures your assets are distributed according to your wishes and that your loved ones are provided for in the event of your passing. Completing a few essential estate planning steps before the new year arrives can provide peace of mind and ensure that your affairs are in order as you ring in the new year. With that in … [Read more...] about 10 Essential End-of-Year Estate Planning Steps to Complete Before the New Year
Essential Estate Planning Steps for New Parents
Becoming a parent is a life-changing event that brings with it unparalleled joy and a profound sense of responsibility. Alongside changes to your daily routine and financial priorities, the birth or adoption of a child requires a fresh look at your estate plan. Whether you are building a plan for the first time or updating an existing one, your child’s needs should now be central to your decisions. With that in mind, the attorneys at Legacy Care Law Firm share some important estate planning … [Read more...] about Essential Estate Planning Steps for New Parents
Understanding How Inheritance Taxes Could Impact Your New Hampshire Estate Plan
During the creation or revision of your estate plan, it is crucial to consider the impact that various taxes will have on your plan. Most people are aware that their estate is subject to federal gift and estate taxes and that some states also impose a state gift and estate tax. One tax that is often overlooked when estate planning is the inheritance tax. Although New Hampshire does not collect an inheritance tax, the attorneys at Legacy Care Law Firm explain why it is important to understand how … [Read more...] about Understanding How Inheritance Taxes Could Impact Your New Hampshire Estate Plan
5 Reasons to Establish an Irrevocable Trust
A trust is an extremely popular addition to the average estate plan given the numerous and varied goals that can be furthered using a trust. An irrevocable trust can be a wise choice if your estate planning goals include things such as asset protection, tax avoidance, and long-term control over assets. Unlike a revocable trust, which can be altered or revoked during the Grantor’s lifetime, an irrevocable trust generally cannot be modified once created. This characteristic is often the primary … [Read more...] about 5 Reasons to Establish an Irrevocable Trust
Bridging the Past and Future
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning Attorneys held its semi-annual conference providing education on selected topics designed to inspire excellence in its Members. Read on to learn more about the unique experience at the Fall Summit 2024 Conference. … [Read more...] about Bridging the Past and Future
How Do I Know If I Need an Elder Law Attorney?
In recent decades, the number of older Americans has increased to historic proportions. By 2050, older Americans (those aged 65 and older) are expected to outnumber their younger counterparts (those aged 21 and younger) for the first time in recorded history. The increase in the senior population has caused us to pay more attention to all issues that impact on the elderly, including legal concerns. An elder law attorney focuses on legal issues that affect seniors and their families, providing … [Read more...] about How Do I Know If I Need an Elder Law Attorney?
Pumpkin Kisses and Harvest Wishes
As the spooky season transitions into the season of Thanksgiving, it’s important to remember our why. Most of us do what we do for our families and loved ones. As the holiday season approaches, do something that will have a lasting impact on your family. Create a comprehensive Estate Plan. Make sure that you take the time to consult a qualified Estate Planning attorney who can provide advice regarding all the elements necessary to complete your plan. Read on to learn more. … [Read more...] about Pumpkin Kisses and Harvest Wishes
Understanding Beneficiary Designations in Your Estate Plan
Although frequently overlooked, beneficiary designations are an essential aspect of any comprehensive estate plan that can significantly impact how your assets are distributed after your death. Beneficiary designations allow you to specify who will receive certain assets, such as life insurance policies, retirement accounts, and payable-on-death accounts, without the need for probate. Ensuring that your beneficiary designations are current and consistent with your broader estate plan is crucial … [Read more...] about Understanding Beneficiary Designations in Your Estate Plan
Reasons for a Trustee to Hire an Attorney for Trust Administration
Have you recently learned that a family member or close friend appointed you as the Trustee of a trust? If this is your first time serving in this role, you may feel overwhelmed or uncertain about managing the trust. These reactions are entirely normal but remember that the Settlor (the person who established the trust) clearly had great confidence in your abilities when selecting you for this important responsibility. To protect yourself and the trust, however, the attorneys at Legacy Care Law … [Read more...] about Reasons for a Trustee to Hire an Attorney for Trust Administration
