Taylor Kaspar Law

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  • By: Taylor Kaspar
  • Published: October 11, 2021

On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion and new restrictions on Grantor Trusts that would basically eliminate such trust’s ability to be used as planning vehicles.   While the proposed legislation is still under consideration and far from being finalized, given the broad-reaching impact these changes stand to have, we strongly encourage you to contact us now if you would be affected by the proposed…Read More

  • By: Taylor Kaspar
  • Published: October 6, 2021

  As the host of the wildly popular The Joy of Painting TV series on PBS, Bob Ross became a pop-culture icon, who was equally famous for his giant head of hair, soothing baritone voice, and folksy demeanor as he was for his iconic landscape paintings. And like so many other artists, Bob’s artwork and image would become even more popular following Bob’s death in 1995.   Bob’s philosophy in both painting and life was that there “were no mistakes in life… just happy little accidents.” Sadly, as detailed in the recent Netflix documentary Bob Ross: Happy Accidents, Betrayal & Greed, Bob’s failure to coordinate his business agreements with his estate plan was anything but happy, leaving his only son largely unable to benefit from his father’s fame and fortune. …Read More

  • By: Taylor Kaspar
  • Published: October 4, 2021

  On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats have proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion and new restrictions on Grantor Trusts that would basically eliminate such trust’s ability to be used as planning vehicles.   While the proposed legislation is still under consideration and far from being finalized, given the broad-reaching impact these changes stand to have, we strongly encourage you to take action now if you would be affected by…Read More

  • By: Taylor Kaspar
  • Published: October 1, 2021

  If you are a single parent, life for you right now probably couldn’t get any busier. You are likely being pulled between work, school activities, and home - and the inevitable emergencies that fill the lives of single parents everywhere.   Being a single parent is a huge responsibility, even if you do share time with a parenting partner, and especially so if you don’t. Regardless, as a single parent, your children’s lives are now largely in your hands.  So what would happen to them if something happened to you?  Who would take care of them?  Who would pay for their housing and food?  Who would pay for their education?  These are questions you need to get answered, and the best way to do that is through estate planning.…Read More

  • By: Taylor Kaspar
  • Published: September 15, 2021

Whether you are married or not, if you are involved in a committed partnership with another individual, estate planning is about so much more than planning for death—it’s about planning for life and ensuring your beloved will be protected and provided for no matter what happens to you. And if you are a member of the LGBTQ+ community, estate planning is even more critical, especially if you have complex family relationships. Although same-gender marriage is legally recognized in all 50 states, long-held prejudice at both the political and family level continues to create complications for both married and unmarried same-gender couples. Indeed, while the federal government recognizes same-gender marriage, there are plenty of cities, businesses, and people who still refuse to recognize these unions. Moreover, a recent survey found that…Read More

  • By: Taylor Kaspar
  • Published: September 13, 2021

Recent advances in digital technology have made many aspects of our lives exponentially easier and more convenient. But at the same time, digital technology has also created some serious complications when it comes to estate planning. In fact, if you haven’t properly addressed your digital assets in your estate plan, there’s a good chance that most of those assets will be lost forever when you die. Without the proper estate planning, just locating and accessing your digital assets can be a major headache—or even impossible—for your loved ones following your incapacity or death. And even if your loved ones can access your digital property, in some cases, doing so may violate privacy laws or the terms of service governing your accounts. Plus, you may also have certain digital assets that…Read More

  • By: Taylor Kaspar
  • Published: September 10, 2021

Though you are technically allowed to name a minor child as beneficiary of your 401(k), IRA, or other employment-sponsored retirement account, it’s never a good idea. Minor children cannot inherit the account until they reach the age of majority—which can be as old as 21 in some states. If a minor is listed as the beneficiary, upon your death your retirement account would be distributed to a court-appointed custodian, who will be in charge of managing the funds (often for a fee) until the age of majority. If you want your child to inherit your retirement account, you should set up a trust to receive those assets instead. You can then name a trustee to manage the account until your child comes of age. By doing so, you get to…Read More

  • By: Taylor Kaspar
  • Published: September 7, 2021

Whether you are married or in a committed partnership, estate planning is about much more than planning for death—it's about planning for life. It's the way to ensure your beloved will be protected and provided for in the event of your death or incapacity. Especially if you are a member of the LGBTQ+ community, estate planning is even more critical. Although same-gender marriage is legally recognized in all 50 states, long-held prejudice at both the political and family level continues to create complications for both married and unmarried same-gender couples. For example, suppose you have family members who are opposed to your marriage. In that case, your estate plan may be more likely to be disputed or even sabotaged by unsupportive relatives. This could mean that family members are more…Read More

  • By: Taylor Kaspar
  • Published: September 5, 2021

Recent advances in digital technology have made many aspects of our lives exponentially easier and more convenient. But at the same time, digital technology has also created some serious complications when it comes to estate planning. In fact, if you haven’t properly addressed your digital assets in your estate plan, there’s a good chance that most of those assets will be lost forever when you die. Without the proper estate planning, just locating and accessing your digital assets can be a major headache—or even impossible—for your loved ones following your incapacity or death. And even if your loved ones can access your digital assets, in some cases, doing so may violate privacy laws or the terms of service governing your accounts. Plus, you may also have certain digital assets that…Read More

  • By: Taylor Kaspar
  • Published: September 3, 2021

  It’s sad but true that many pets end up in shelters after their owner dies or becomes incapacitated. In fact, the Humane Society estimates that between 100,00 to 500,000 pets are placed in shelters each year for exactly this reason, and a large number of these animals are ultimately euthanized. Unfortunately, the law considers pets to be nothing more than personal property just like cars, furniture, and electronic devices. So unless you take the proper steps to include your pet in your estate plan, your beloved companion could end up in a shelter or worse following your death or incapacity. In light of this cold reality, here we’ll detail how you can use estate planning to ensure your pets receive the best possible care when you’re no longer able…Read More

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