Progeny Law Firm

As another tax season closes, it’s a good time to review the list of “Dirty Dozen” tax schemes published by the Internal Revenue Service for the year. Many of these schemes peak during tax time and involve fraudsters looking for ways to steal taxpayers’ money, personal information, and data. Attorneys can help their clients by alerting them to these scams and providing advice on how to avoid them. The post The IRS’ Annual Warning: The 2023 Dirty Dozen appeared first on Progeny Law Firm. http://dlvr.it/SpTt62

Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether. The post The Joy in Joint Trusts appeared first on Progeny Law Firm. http://dlvr.it/Sp6pFp

People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of this series continues by exploring the various non-tax reasons to create a comprehensive Estate Plan. The post How Tax and Non-Tax Considerations Impact Estate Planning – Part II appeared first on Progeny Law Firm. http://dlvr.it/SnmPqZ

This article will help families deal with an important, but too often neglected, reality of estate planning: thinking ahead to what might happen to their children should the parents pass away before they are of age. It includes the discussion of: What Happens To My Minor Children In The Event Of Our Demise If No […] The post Probate Orphans: Establishing Guardianship For Minors During Estate Planning appeared first on Progeny Law Firm. http://dlvr.it/SnhGRM

Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to understand the impact that the taxes imposed by the individual’s state of residence have on the plan as well as the character and type of assets allowed by the state. Estate Planning is complex and requires an expert in these matters to advise clients properly. The post How Tax and Non-Tax Considerations Impact Estate Planning – Part I appeared first on Progeny Law Firm. http://dlvr.it/SnPnbS