I just received an email letting me know that the IRS will no longer accept checks for more than $100 million beginning in 2017. While I doubt this will affect many Americans (the IRS received only 14 checks of this size in 2015), this was just one of the many updates the attorneys at Kinghorn Heritage Law Group, PLC receive on a weekly basis. As members of the American Academy of Estate Planning Attorneys and the National Academy of Elder Law Attorneys, we receive updates every time a law … [Read more...]
Should I hold my property as joint tenants with my children?
Often, parents think the easiest way to pass assets to their children is to simply add the children onto their deed or bank account. “I know this avoids probate because it’s how my parents did their estate plan.” No one wants to go through the public probate process, but not all methods are best for transferring ownership. So why don’t we recommend joint tenancy with children for estate planning purposes? The transfer could trigger gift tax that would otherwise be avoided with an … [Read more...]
Saying Goodbye To A Legend
Growing up in a basketball family, I often watched Coach Pat Summit on TV coaching her Tennessee Lady Volunteers to victory. I remember her intimidating glare and strength as she faced adversity. Who would have thought that one of our country’s greatest coaches, a lady with such high-energy and a sharp mind, would be diagnosed with early onset dementia—Alzheimer’s Disease—at the age of 59? She resigned from coaching the following year despite her desire to continue coaching her players. Coach … [Read more...]
Happy Birthday to Medicare
As Medicare celebrates its 50th birthday on July 1st, there are a few important milestones to recognize. First and foremost, is that for the past 50 years, Medicare has been an important resource for those over age 65 and the disabled. Medicare now provides health insurance for nearly 55 million people, making coverage available to virtually all people over age 65. Prior to Medicare, only 65 of people in this group had health insurance. Here are a few Medicaid fun facts: President Lyndon B. … [Read more...]
To Trust or not to Trust?
If you know me, you understand the passion I have for what I do. It is not uncommon for me to ask my friends about their estate plan and how it is working for them. My friends usually tell me they don’t have an estate plan, or ask me what plan I have in place. When I tell them about my revocable living trust, I usually receive blank stares followed by “Do I need one of those?”, “What the heck is a trust?”, “Do I have enough to have a trust?” or “When should I put a trust into place?” Before … [Read more...]
What Is Arizona’s New Digital Assets Law?
Do you struggle to keep up with the latest technology? Just when you started to understand the internet, social media, smartphones and smart-whatever showed up. Are you ready for AI—artificial intelligence—or VR—virtual reality—the next big technology that is just around the corner? And what comes after that? If you thought you could get away from all of this by dying, think again! Whether you are a technophobe or embrace the most current technology, when you pass away, someone still has to … [Read more...]
Autistic Adult Children Require Careful and Customized Planning
“If you've met one person with autism, you've met one person with autism.” -Stephen Shore For adults on the spectrum, their ability to manage their daily lives greatly varies. Each has unique needs and abilities. Routines for many on the spectrum are extremely important and a disruption of that routine can cause major setbacks in their life. So what happens when a parent dies? Such an event can be devastating when the parent is the primary caregiver. The number of children with autism … [Read more...]
Sending Your Children Off to College? Don’t Forget Their POA!
Congratulations to all the parents of 2016 graduates! Why am I congratulating you? You, the parents, have made it through the trying high school years of adolescence, tears and friendship drama, frustration over last minute homework projects and continual support that may have gone unrecognized! Eighteen years goes by in a blink of an eye, right? Now your child is preparing for the last summer at home before he or she heads out the door to college. Your child is preparing to spend the summer … [Read more...]
Does a Prince Need a Will?
Music lovers around the world mourned the recent death of Prince. Regardless of whether you grew up listening to Prince’s unique style of music or not, you know he had a profound impact on the development of pop music. But what about his legacy? What will happen to his estate? Like so many Americans, it appears Prince died without a will—or in legal terms, he died intestate. There is much we don’t know, such as how much his estate is worth, who will be in charge of handling his affairs, and … [Read more...]
Proper Planning Before it’s Too Late
Today, as I met with a client I’ll call “Lily,” she revealed she was recently diagnosed with dementia, yet you wouldn’t know it for most of our meeting. She spoke clearly, talked about her childhood, her love of cooking and dancing, and how she enjoys eating at nice restaurants. She told me about her assets, who she wants to manage her affairs and how she wants everything to go to her son and his kids after she dies. She wants to avoid court and doesn’t want to pay extra taxes—but who does? As … [Read more...]
