Estate Planning Articles

Sometimes people seem to think that if they don’t plan for death, it just won’t happen. In fact, 58% of American adults have no will, no trust, and no estate plan at all, according to a recent study by Caring.com. Unfortunately, whether you plan for it or not, death is inevitable. If you have no plan, your state of residence has a plan for you,...

A 529 plan, otherwise known as a qualified tuition plan, is a tax-sheltered way of saving for education. 529 plans are sponsored by states, state agencies, or educational institutions. For a helpful guide to the various 529 plans, click here. A contribution to a 529 plan is not federally income tax-deductible, though it may qualify for a state income tax deduction in some states. Assets in...

The Tax Cuts and Jobs Act increased the standard deduction to $12,000 per person and $24,000 per couple (for 2018 and inflation-adjusted thereafter). This was great news for those who don’t itemize their deductions. However, for those itemizing deductions, there was some bad news in the new law, too. The law included a cap of $10,000 (not inflation adjusted) for state and local taxes (“SALT”),...

Representative Alexandria Ocasio-Cortez (D-NY), one of the new class of legislators in the House of Representatives has suggested the rate of income taxation for high-earners be raised. She is suggesting a top rate for those making over $10 million per year be increased to 60% or 70%. She’s suggesting the proceeds could be used for a “Green New Deal” or other programs. Here’s a link to more information....

Often, the smallest things have the most sentimental value. Your grandmother’s silverware or your grandfather’s railroad watch could connect you to them in a special way. Your mother’s ring or your father’s Boyscout bugle could hold a special place in your heart. Your sports memorabilia could connect you to one of your children in a unique way. You may want those items to go to...

The ball has dropped in Times Square and we’ve bid farewell to 2018. But there are still a few things we can do to adjust our tax liability for 2018 before filing tax returns on April 15. First, you’ll need to organize all your tax records. That way, you’ll have some idea of what your tax liability might be. After you’ve organized your tax records,...

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...

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.

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...

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...