Smith Legacy Law

08/15/2024

Should you choose divorce or legal separation?

Many states allow married individuals to choose legal separation instead of divorce. If you're unhappy in your marriage, it's important to know the differences between the two paths before deciding which to take.

Visit our blog to learn more about the differences between divorce and legal separation and which option is the best for you:

Speaking with a family law attorney can help determine if you need a legal separation or divorce.

07/25/2024

What are the main takeaways from claims made against O.J. Simpson’s estate?

O.J. Simpson's recent passing has raised questions about his estate and unpaid creditors. The Goldman and Brown families, holding civil judgments from wrongful death lawsuits, are among those waiting for their claims. In Nevada, Simpson’s will is under probate for estate distribution and creditor settlement. The executor will need to navigate asset discovery and creditor claims before fulfilling Nevada law requirements.

Click here to learn more about the claims made against O.J. Simpson’s estate and how the lessons learned can help your estate planning:

During the probate process can be complicated especially if credits are filing a claim against the estate.

07/18/2024

What should you know about Connecticut’s prejudgment remedy statute?

Connecticut features a unique law not widely known among states known as the prejudgment remedy statute. This procedural tool aids in safeguarding plaintiffs and efficiently resolving lawsuits before they escalate into complex battles, saving valuable time and resources.

Learn more about Connecticut’s prejudgment remedy statute here:

The Prejudgment Remedy Statute freezes a defendant’s assets before litigation in order to ensure there are assets at the end of the trial.

07/11/2024

What should you be aware of regarding non-compete clauses for employees?

The U.S. Federal Trade Commission (FTC) has introduced regulations banning non-compete clauses in employment contracts. Expected to take effect this summer, these rules would eliminate employer-imposed restrictions on former employees' job choices. While the new ban has sparked controversy, it is already the subject of a federal lawsuit in Texas.

Visit our blog to learn more about the status of non-compete clauses:

The new rule on non-competes may have impacted your business. Contact our attorneys if you need help navigating this new legal landscape.

07/08/2024

What is a split dollar arrangement?

A private split dollar arrangement is an estate planning strategy using an Irrevocable Life Insurance Trust (ILIT) to provide for heirs while minimizing gift and estate taxes. This tool helps wealthy individuals support future generations tax-efficiently.

Visit our latest blog to learn more about split dollar arrangements, how they work, the benefits of a split dollar arrangement, and more:

Our estate planning attorneys can help determine if a split dollar arrangement is a good option to protect your wealth.

06/27/2024

What are the benefits of a contract to make a Will?

A Will is a crucial legal document outlining how you want your assets to be distributed upon your death. In some instances, your beneficiaries may want extra assurances that they will receive what was promised to them, and a contract to make a Will can offer that protection.

Click here to learn more about the benefits of a contract to make a Will, the key components of a valid contract, and how it affects your estate planning:

A contract to making a will makes it legally binding making it easier to divide assets and avoid probate.

06/20/2024

When and why should you decant a trust?

Trusts are commonly used in estate planning, and a key benefit is their potential to last for generations. However, this can also pose challenges. Sometimes, due to the evolution of laws and other changes, the terms of a trust may no longer align with the intentions of its creator or the needs of its beneficiaries. Decanting, if allowed by the trust terms and jurisdiction, can address this issue, even for irrevocable trusts.

Learn more in our latest blog:

Decanting a trust is the process of transferring the assets of the trust to a new trust with new terms.

06/13/2024

How do you include charitable giving in your estate planning?

Few can rival Ruth Gottesman's $1 billion donation to the Albert Einstein School of Medicine, ensuring it remains tuition-free forever. However, incorporating charitable giving into your estate planning offers considerable rewards even at substantially lower amounts. Donating to charity can yield income tax and estate tax deductions if done right.

Visit our latest blog to learn more about including charitable giving in your estate planning:

Charitable planning makes sure that your loved ones and charities receive the maximum benefits.

06/11/2024

What are some of the advantages of using a revocable trust instead of a will?

The first distinction Jason Smith reviews is having an immediate access to funds.

Unlike a will, which may take months to go through probate, a revocable trust allows your named successor to manage and distribute your assets without any court delays. This means your bills get paid on time, and your beneficiaries receive their inheritance without any unnecessary holdups.

Listen to the full video blog here: https://smithlegacylaw.com/resources/insights/5-reasons-to-use-a-revocable-trust-instead-of-a-will/

06/06/2024

Gift tax returns to the IRS report gifts above the annual exemption, which changes yearly. In 2023, it was $17,000, now $18,000 in 2024. As with any tax return, it is important to understand your filing obligations to avoid any possible penalties for noncompliance.

Visit our latest blog to learn more about gift tax returns, what triggers the requirement to file a gift tax return, when you need to pay the gift tax, and more:

Our tax planning attorneys can help with your gift tax returns. Contact us for more information.

06/03/2024

Planning for the future can be daunting, but it doesn't have to be.

Join Jason Smith in our first-ever video blog post as he breaks down the top 5 benefits of choosing a revocable trust over a traditional will. Specifically, Jason highlights the importance of:

1. Immediate Access to Funds
2. Efficient Administration of the Estate
3. Privacy
4. Potential Cost Savings
5. Less Need for Continuing Judicial Oversight

Don't miss out on this invaluable advice to protect your family’s future.

Watch the full video in the link here:

Number one being immediate access to funds. Many people don't realize that with using a will to dispose of their assets, they have to probate the will, so the original will has to be found, submitted to the court.

05/30/2024

One of the most important and least understood legal concepts is the hearsay rule.

Hearsay refers to an out-of-court statement used to prove the truth of the matter asserted. The problem is that attorneys, judges, litigants, and witnesses often get the rule wrong with serious repercussions, and can mean the difference between winning and losing a case. It is important to have an experienced attorney, which can greatly impact protecting your interests and presenting a strong case in court.

Click here to learn more about the Hearsay rule and how it can affect your case:

If you plan on testifying during litigation, it’s important to discuss with an attorney what is and isn’t hearsay.