by Kathryn A. Flanigan | Nov 20, 2012 | Uncategorized
A life estate is created when a homeowner transfers ownership of his or her home to children but reserves the right to remain in the home for the remainder of his or her lifetime.With a life estate, the parent becomes the “life tenant” of the home, and the...
by Kathryn A. Flanigan | Nov 20, 2012 | Uncategorized
The IRS announced that the 2013 annual gift tax exclusion rate will increase to $14,000 per gift to a non-spouse, from $13,000 in 2012. In addition, the annual gift tax exclusion amount for gifts made to a non-U.S. citizen spouse will increase to $143,000, an increase...
by Kathryn A. Flanigan | Nov 20, 2012 | Uncategorized
The weeks between Thanksgiving and New Year’s Day are the peak time period for getting engaged, and since many people marry more than once, a prenuptial agreement has become an important estate planning tool for those who plan to say “I do” in the...
by Kathryn A. Flanigan | Nov 6, 2012 | Uncategorized
According to the Wall Street Journal, a number of legal experts agree that portability, which allows a surviving spouse to add the unused portion of their deceased spouse’s estate tax exemption ($5.12 million this year) to their own, will be extended or even...
by Kathryn A. Flanigan | Nov 6, 2012 | Uncategorized
According to a recent study by the Investor Protection Trust and Investor Protection Institute, the top three ways that the elderly are financially exploited are:· Theft of funds or property by family members· Theft of funds or property by caregivers· Financial scams...
by Kathryn A. Flanigan | Nov 6, 2012 | Uncategorized
According to a New York Times financial blog, gay married couples may want to file a protective refund claim with the IRS in the event that the U.S. Supreme Court overturns the Defense of Marriage Act (DOMA), which has already been overturned by several federal...
by Kathryn A. Flanigan | Nov 6, 2012 | Uncategorized
With 10,000 baby boomers turning 65 every day, the ranks of new retirees are growing faster than ever before. A recent U.S. News Money column details seven mistakes new retirees need to avoid to ensure a smooth transition:Moving to a new location where you don’t...
by Kathryn A. Flanigan | Nov 6, 2012 | Uncategorized
The Social Security Administration recently announced several changes to the program for 2013, including:Larger monthly checks – Social Security payments will increase by 1.7 percent in 2013, increasing the average monthly check by $21.Expiration of payroll tax...
by Kathryn A. Flanigan | Oct 23, 2012 | Uncategorized
Designating a power of attorney – a trusted person you choose to make health care or financial decisions for you in the event you become incapacitated – is one of the most important decisions you will make when making your California estate plan.While many...
by Kathryn A. Flanigan | Oct 23, 2012 | Uncategorized
A recent issue of Forbes examined the mistakes many celebrities have made in their estate plans (or lack thereof) that caused plenty of pain and suffering for their families and their estates. Here is the list of those celebrity mistakes and what we can learn from...
