Monthly Archives:: October 2023

Estate Planning for Expatriates

by Tara Cheever ~ Attorney at Law October 27, 2023 Estate Planning, Trusts, Wills

The United States has the highest number of immigrants globally, but more and more Americans are considering relocating to another country permanently. Many wealthy Americans are also interested in buying property overseas and spending at least part of their time there.

However, moving abroad has practical implications, such as taxation and estate planning. Even when living outside the U.S., Americans still have financial obligations to the U.S. government. They should also have someone legally authorized to make financial decisions on their behalf. READ MORE

Year-End Tax Planning Starts Now: 8 Things To Do Now to Lower Your 2023 Taxes – Part 2

by Tara Cheever ~ Attorney at Law October 25, 2023 Estate Planning, Tax

Last week, we explored four methods to reduce your 2023 tax burden, ranging from tweaking your withholding to smart medical planning. In this week’s blog, we’ll cover four additional ways you can employ to minimize your tax bill in April 2024.

Supporting causes you care about and giving back to your community is not only fulfilling but can also offer tax benefits, especially if your family’s deductions are approaching the standard deduction threshold. READ MORE

Year-End Tax Planning Starts Now: 8 Things To Do Now to Lower Your 2023 Taxes – Part 1

by Tara Cheever ~ Attorney at Law October 20, 2023 Estate Planning, Tax

While it may feel premature to consider your 2023 taxes, now that the year is wrapping up, it’s an ideal moment to examine your finances and make strategic decisions that could reduce your tax burden in April.

Don’t wait until the last minute for year-end tax planning. You can begin taking thoughtful steps now. In this blog series, we’ll outline eight important actions you can take in this final quarter of the year to cut down on your 2023 taxes. READ MORE

Estate Planning Awareness Week: Reasons You Need an Up-to-Date Estate Plan

by Tara Cheever ~ Attorney at Law October 17, 2023 Estate Planning, Trusts, Wills

In today’s digital age, information is readily available online. However, there remain misconceptions about estate planning. Many of us don’t invest time in understanding it, possibly because we underestimate its necessity and the advantages it offers. There are common misunderstandings about estate planning: assuming a will bypasses probate, thinking that marriage ensures automatic inheritance, and believing that minimal assets mean no need for an estate plan.

Being educated about estate planning is crucial to avoiding potential complications in terms of time, money, and emotional distress. Take a moment to grasp the significance of an updated estate plan – it not only addresses post-mortem matters but also provides protection in the event of incapacitation for both you and your loved ones. READ MORE

What Do I Do If I Want to Undo My Revoked Will?

by Tara Cheever ~ Attorney at Law October 13, 2023 Estate Planning, Wills

When life circumstances change, you may alter the decisions you have made in your estate planning documents. You might choose to revoke your will at some point. But what if you have a change of heart and want to reinstate it? There are different ways to revive a revoked will.

Depending on the laws of your state, you may have several choices for legally reinstating a previously revoked will. This can be done by either revoking the new will that cancelled the old one, expressing your intention to revive the old will, or re-executing the originally revoked will. READ MORE

Flu Season Fundamentals: How to Keep Seniors Safe This Fall 

by Tara Cheever ~ Attorney at Law October 10, 2023 Estate Planning, Trusts, Wills

The fall season is a beautiful time of year, yet it signals the start of flu season, potentially endangering your elderly loved ones. Thankfully, there are ways to guarantee their safety in the colder days ahead, such as being prepared to assist with their health and financial matters.

A Healthcare Power of Attorney (POA), also known as a Medical Power of Attorney, is a legally binding document that grants authority to a trusted individual to make medical decisions on your behalf in the event that you are unable to do so. If your elderly loved one has yet to establish a Healthcare POA, it is advisable to take the necessary steps to create one promptly. READ MORE

How Far in Advance Can I Begin My Estate Planning?

by Tara Cheever ~ Attorney at Law October 6, 2023 Estate Planning, Trusts, Wills

You can make your estate plan whenever you’d like, but many opt to start earlier. Why? Because unexpected health or financial crises might arise, necessitating someone to handle your affairs while you’re alive. When Should You Start?  The right time to begin estate planning depends on your aims and the extent of your assets. If READ MORE

Key Considerations for Including a Kids Protection Plan in Your Estate Plan for Minor Children

by Tara Cheever ~ Attorney at Law October 3, 2023 Estate Planning, Guardians for Minor Children, Trusts, Wills

As a responsible parent, you may have contemplated the crucial task of designating permanent legal guardians for your child in the event of unforeseen circumstances. If you have not yet taken this step, consider this a timely reminder to do so, ensuring your child’s well-being and security should the unexpected occur.

However, there are situations where designating permanent legal guardians for your child may not suffice to ensure that your children receive the care and upbringing you desire from the individuals you trust. In some instances, there may even be a potential risk of your children coming under the care of unfamiliar or undesirable individuals. READ MORE