It’s common knowledge to include bank accounts, retirement accounts, and other standard financial accounts in estate plans. However, did you know it’s essential to have a digital estate plan that accounts for your digital accounts, such as PayPal, Venmo, and Apple Pay? Without a digital estate plan for these accounts, your loved ones may need…
Self-employment often comes with the freedom that many individuals seek. However, there are various added responsibilities that those who are self-employed face. As a matter of fact, here are three important issues that should be addressed by the self-employed and the attorneys helping them plan: Safeguard Your Financial Future While employers typically offer retirement accounts…
Inadequate or outdated estate plans can have detrimental effects on both you and your loved ones. Our July newsletter aims to emphasize the significance of establishing a comprehensive estate plan that safeguards your legacy and facilitates a seamless transition for future generations. Parent-Child Relationship in Estate Planning The parent-child relationship can take many forms, including…
The legendary Queen of Soul, Aretha Franklin, passed away on Aug. 16, 2018, of pancreatic neuroendocrine cancer. Contrary to her lawyer’s advice to establish a will and trust before her death, Aretha Franklin did not leave behind an estate plan for her estimated $80 million estate. Since she was very private, she decided against formal…
The Sixteenth Amendment to the United States Constitution, ratified in 1913, grants Congress the power to levy and collect income taxes. But what becomes of income that hasn’t been received or realized? The Supreme Court will hear arguments in a tax law case addressing such issues. The case arose from a one-time tax on accumulated…
Some businesses could not pull through the increased expenses inflation has brought on over the past few years unscathed. Due to this, companies have put employees out of work or laid off employees to reduce costs. If you are dealing with the stress of recent unemployment, remember you are not alone. You can use this…
We often see books slipping through the cracks of estate plans. The majority of books have little or no market value, so it’s no surprise that they are often discarded or given to charity. However, some old book collections could be housing a hidden treasure due to a book’s rarity or what the owner has…
The Biden administration has released a proposed budget for fiscal year 2024, calling for an increase in federal spending and a series of counterbalancing revenue raisers. “General Explanations of the Administration’s FY2024 Revenue Proposals,” also called the “Greenbook,” outlined the budget. The Greenbook is a comprehensive document prepared by the US Department of the Treasury….