Normally, you must itemize your deductions in order to benefit from them. In 2020, the standard deduction amount is $12,400 for individuals and $24,800 for married couples filing jointly. But this year, you can get a charitable deduction even if you don’t itemize. by Steve Hartnett Ordinarily, charitable deductions are only available as an itemized deduction. When you file your federal taxes, you have an option to take itemized deductions or the standard deduction. The standard … [Read more...] about It’s Better to Give, Especially This Year
Legal Education
Preparing for the Unexpected…and the Eventual
The world is an unusual place. Things you’d never expect to happen sometimes actually do happen. There are natural disasters and unusual phenomenon. It’s important to prepare, not just for the unexpected but the eventual. by Steve Hartnett All of us face difficulties and tragedies in our lives. Some of these difficulties are expected and some are unexpected. 2020 has been a year of many unexpected difficulties. While all of us get sick from time to time, nobody anticipated the … [Read more...] about Preparing for the Unexpected…and the Eventual
Getting Together with Family for the Holidays
The holidays are a special time with family and friends. You can take the opportunity to check on elderly loved ones. It’s also a great time to discuss planning. Read on to learn more. by Steve Hartnett The holidays are a special time for friends and family. We gather around the tree recalling past joyful times and we remember loved ones who are no longer with us. While we are gathered is a great time to pull loved ones aside and speak with them about your estate planning. If you’ve … [Read more...] about Getting Together with Family for the Holidays
What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
When you’re deciding to whom to leave assets, most people choose their children or other descendants. However, you also need to decide on the “contingent remainder” beneficiary. In other words, who should get your assets if all your other beneficiaries are gone. Read on to learn more about this often-confusing concept. by Steve Hartnett When you’re planning your estate, among other things, you decide who should inherit your assets. You choose your beneficiaries, typically your … [Read more...] about What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
Planning Is Important
Planning is important. End-of-year tax planning is one part of that planning. This year you should also consider whether you’ve had any payroll tax withholdings deferred. If your employer deferred those withholdings, you’ll have more money withheld next year than usual. That means you’ll have less money for other things, like IRA contributions. by Steve Hartnett As Autumn arrives, it’s not too early to consider end-of-year planning. Fundamental to end-of-year planning is deciding … [Read more...] about Planning Is Important
Staying Current is Especially Important in the Pandemic
A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. During the COVID-19 pandemic, it’s important to have them up-to-date. by Steve Hartnett In the United States alone, the pandemic has infected nearly 7 million people and has killed nearly 200,000 of them. In today’s pandemic, it’s more important than ever to make sure your estate planning … [Read more...] about Staying Current is Especially Important in the Pandemic
Generational Wealth is Key to Leveling the Playing Field
Generational wealth is wealth earned by one generation and passed on to the next. Generational wealth is key to allowing the next generation to be free from the burden of having to live hand-to-mouth and allows them to pursue an education and build a career or business to build a better life for themselves. by Steve Hartnett Even a little bit of a headstart can be extremely helpful in life. Those who start with little economic wealth, including many minorities and recent immigrants, face … [Read more...] about Generational Wealth is Key to Leveling the Playing Field
Fair Isn’t Always Equal and Vice Versa
When you’re deciding how your assets should be divided at death, sometimes dividing them equally is the appropriate choice. But, sometimes it’s not. Fair isn’t always equal or vice versa. Read on to learn more, including how to avoid a challenge if you choose an unequal division among your children. by Steve Hartnett When deciding how to split your assets among your children at death, there are many different factors to consider. Equality is certainly one of those factors. But it’s … [Read more...] about Fair Isn’t Always Equal and Vice Versa
Chadwick Boseman Demonstrates the Importance of Planning
by Steve Hartnett Chadwick Boseman played many heroic American roles and the superhero role of the Black Panther. His death at age 43 demonstrated how it’s important to have at least a basic estate plan in place even if you’re young. The star of multiple films, including the blockbuster superhero film “Black Panther,” died on August 28 of colon cancer. “Black Panther” by Marvel was nominated for 6 Academy Awards, including Best Picture. The film grossed over $1.3 billion … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning
Staying Current is Especially Important in the Pandemic
The President’s bout with COVID-19 demonstrates the importance of keeping planning current. A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. by Steve Hartnett President Trump and First Lady Melania Trump announced they tested positive for COVID-19. Around the same time, numerous others at the White House also tested positive. In the United … [Read more...] about Staying Current is Especially Important in the Pandemic
