Proposed Federal Estate, Gift, and Income Tax Legislation May 7, 2021 Travis Woolen John A. Cocklereece, Jr. Estate Planning Blog Since the Democrats took control of the presidency and Congress, questions have abounded regarding potential tax reform. This update summarizes the key changes (among others) of two recently proposed bills that would drastically change federal wealth transfer laws. “For the 99.5% Act”
When Should You Update Your Estate Plan? April 28, 2021 Travis Woolen John A. Cocklereece, Jr. Estate Planning Blog The factors in your life change over time — and so should your estate plan. As a general rule of thumb, you should update your estate plan at least every 5 years and after any major life events. Updating your estate plan ensures that it remains aligned with your goals and complies with current law.
The Top 4 Estate Planning Documents that Everyone Needs July 21, 2020 John A. Cocklereece, Jr. Estate Planning Blog Clients often ask about what documents are needed to create an estate plan. While many people believe a will is an estate plan, there are other critical components of an estate plan, some dealing with issues that arise before your death.
IRS Extends More Tax Deadlines to Cover Individuals, Trusts, Estates, Corporations and Others April 10, 2020 John A. Cocklereece, Jr. Tax Controversy Law COVID-19 Legal Insights The Treasury Department and IRS are providing additional relief to taxpayers, postponing until July 15, 2020 a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020. Associated interest, additions to tax and penalties for late filing or late payment will be suspended until July 15, 2020. Additional time to perform certain time-sensitive actions during this period is also provided.
IRS Announces Additional Steps to Assist Taxpayers in Light of COVID-19 Outbreak March 31, 2020 John A. Cocklereece, Jr. Tax Controversy Law COVID-19 Legal Insights Following up on our recent blog regarding announcements by the IRS on the delay until July 15 of the normal April 15 tax filing and tax payment deadlines, the IRS has announced other steps to attempt to assist taxpayers in light of the corona virus outbreak. A quick summary of the IRS's People First Initiative includes the following:
Handling “group execution” of documents in light of coronavirus concerns March 23, 2020 John A. Cocklereece, Jr. Estate Planning Blog COVID-19 Legal Insights Estate planning documents typically require execution by the principal, as well as two witnesses and a notary. Absent a change in the statutes, there doesn’t appear to any way this can be accomplished “remotely,” with the parties separated at time of signing. Nonetheless, there are some common sense rules that can be followed, in light of the current coronavirus (COVID-19) crisis, to protect the health of parties as best as possible. The following rules were drafted from the perspective of minimizing a notary’s contact with others whose signatures he is notarizing.
How to Prepare for Estate Planning After Your First Baby June 8, 2018 Estate Planning Blog If you’ve just brought home a new baby from the hospital you might be thinking, what do I need to do to protect this little guy or girl and be a responsible parent? Here are a few things to consider before you meet with an attorney to discuss estate planning:
Why Almost Everybody Needs Estate Planning Documents June 4, 2018 John A. Cocklereece, Jr. Estate Planning Blog In urging people to have estate planning documents, a response we often hear is, "I don't need estate planning documents because I don't have an estate." Here are a number of reasons why this response is almost always wrong:
Legal and Financial Tips for New Parents May 4, 2018 Estate Planning Blog Preparing for, and welcoming, a newborn into your home is one of life’s biggest life events. And while it’s full of joy and excitement, it comes with certain adult responsibilities beyond feeding, diaper changing and endless laundry.
4 Life Events that Require Estate Planning February 5, 2018 Estate Planning Blog I often tell clients that estate planning is like a trip to the dentist ... it may not be fun during the initial meeting, but you will always be glad you went. Given that anecdote, it's not surprising that only half of all Americans have estate plans in place. An estate plan provides peace of mind at any stage of life, but there are a few times that truly necessitate creating or revisiting your estate plan.
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