There are many ways to give back. Some give back through donations of cash or property. Other people give back by donating their time or expertise. Some people do both. When you give cash to a public charity, for example, you can deduct your contribution up to 60% of your adjusted gross income. For example, Mary Smith had an adjusted gross income of $100,000. She made a contribution of $60,000 to her alma mater. This resulted in Mary being taxed on $40,000 instead of $100,000, which cut her … [Read more...]
Join us for a Christmas Connection – this Thursday!
Carrie Wintle is trying to save the treats for the Christmas Connection event while Carolyn is up to shenanigans.RSVP today for the Christmas Connection event on December 20 at Thompson Law. … [Read more...]
‘Tis the Season
As the holidays approach, requests for charitable giving seem to multiply in our mailboxes and inboxes. This year, I am preparing to be a more strategic giver and I would like to share with you what is being refined in my own life. Because I am an estate planning attorney, I often discuss with clients their resources and opportunities for giving. At times I make the case that charitable giving will minimize estate and income taxes, make an impact during one’s lifetime, and teach children to see … [Read more...]
Being Thankful and Sharing Your Blessings
As we gathered around the Thanksgiving table last week, we saw the faces of our loved ones and probably contemplated how grateful we are for them and for all our blessings. “We must find the time to stop and thank the people who make a difference in our lives.” – John F. Kennedy, 35th President of the United States. “If you are really thankful, what do you do? You share.” — W. Clement Stone, businessman, philanthropist, and author. There are different ways we can share. We can share … [Read more...]
Join us for a Christmas Connection
You're invited top stop by our office to enjoy the music and charity of Christmas. You'll find tasty treats, hot drinks and the warmth of family and friends. Thursday, December 20th 11am - 2pm at Thompson Law. … [Read more...]
Estate Planning is About More Tan Taxes
The new tax law doubled the amount that can be passed free of federal estate taxation, at least through 2025. In 2018, an individual can pass $11.18 million free from federal estate taxation. But, estate planning was never just about estate taxation. The core of estate planning has always been about protecting your loved ones and the assets you leave them. There are many different ways you can protect your loved ones. Here are a few ways, depending upon the needs of your loved … [Read more...]
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Aretha Franklin was known as the “Queen of Soul.” She was a singer, songwriter, civil rights activist, and so much more. Aretha was a great recording artist, with a career spanning many decades. She received honorary degrees from many prestigious universities, like NYU, Princeton, and Yale. She received the Presidential Medal of Freedom in 2005. In fact, we all owe her much “R-E-S-P-E-C-T,” just like the song for which she’s most famous. Aretha died on August 13, 2018, at age 76, without any … [Read more...]
Special Accounts for People with Special Needs
Those with special needs have unique challenges in life. But, there are special accounts available to individuals who were disabled before age 26. The Achieving a Better Life Experience or “ABLE” Act created ABLE accounts under section 529A. As discussed in the last blog, 529 accounts give preferential tax treatment when the accounts are used for educational expenses. ABLE accounts are similar in structure to the 529 educational accounts. The income earned on the assets in ABLE accounts is … [Read more...]
Estate Planning is for You, Not Just Your Parents or Grandparents
Often, people think estate planning is just for those who are elderly. While the elderly certainly need estate planning, estate planning is for anyone who cares what happens to them, their stuff, or their family. For someone who is young and healthy, estate planning may be the furthest thing from your mind. You may be thinking about how to enjoy autumn by playing in the leaves or about an upcoming ski vacation. How could you need estate planning when you have such an active lifestyle? … [Read more...]
What’s a 529 Plan and What Are the Benefits to Using One?
A 529 plan is an account in which you can save for educational expenses. There are two types of plans. The first is a pre-paid tuition plan which is typically sponsored by a university. The second type of plan is an investment savings plan, typically sponsored by a state or state agency. The second type of plan is the more common one. Income Tax Benefits: 529 accounts are specialized accounts with a great tax benefit. Income earned in the account is not taxed currently. If the money is used … [Read more...]
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