From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law practice group. In this biweekly column, Attorney Tim Bupp shares with you lessons and perspectives from his twenty-five years as an estate planner with CGA Law Firm. Everyone has heard of a Last Will and Testament and knows that a Will is an important piece of an estate plan. But is it the most important piece? Let’s discuss the power of attorney – an underappreciated but vital part of an estate plan. 1. What is a power of attorney? A power of attorney is a document where you… read more »
LIVING TRUSTS – Are they worth the extra cost?
From Attorney Tim Bupp, chair of the CGA Law Firm Estate Law section. In this biweekly column, Attorney Tim Bupp shares with you lessons and perspectives from his twenty-five years as an estate planner with CGA Law Firm. I am asked about the potential benefits of living trusts nearly every day. My answer: in specific situations, a living trust can provide clarity and benefit to your estate plan. However, as with nearly every other estate planning tool, one size does not fit all; not everyone will benefit from the extra effort and expense that go into creating and maintaining such… read more »
You Should Talk to Your Family About Their Estate Plan This Holiday Season
With the holiday season in full swing, it’s likely you’ll see your parents, grandparents, siblings, and other family members in the next few weeks. In addition to food, songs, and other merrymaking, this is also the perfect time to speak with your family about more serious topics, such as their estate plan. How To Bring Up The Topic: Let your family member/s know you’d like to discuss their estate plan during a less-hectic part of the holidays. During your conversation, ask how up-to-date their documents are, and if changes or updates need to be made. These could include new additions… read more »
The Importance of Estate Planning Before Walking Down the Aisle
Your wedding is a time of bliss and endless possibilities for a bright future together. While planning for your perfect day, don’t forget to protect those you love, as you start your new life together. Marriage is the right time to ensure your estate documents are in order. As you prepare for your future, take the time to meet with your estate attorney. Putting into place your vital documents like Wills, powers-of-attorneys, and health care directives will help provide you with the peace of mind that you will need for your perfect day. A Will is an essential document that… read more »
Important Documents for Your College-Aged Child
Accidents are the leading cause of death for young adults, and a quarter of a million Americans between the ages of 18 and 25 are hospitalized with non-lethal injuries each year. Can you imagine being unable to help or to make decisions for your child? It could happen if you fail to plan. When your child turns 18, your child transforms into an adult in the eyes of the law. Overnight, you no longer have direct access to personal information or the right to make decisions for your child, who may still depend on you. The laws that once protected your child… read more »
SECURE 2.0 & Other Important Changes to Estate Planning Law for 2023
Happy New Year! This year brings to us several legal changes which will benefit to taxpayers for 2023 and beyond. For more details, contact CGA Law Firm’s Estate Planning attorneys. Increase for Estate Tax Exemption. This year, the amount that an individual can transfer estate tax-free automatically increases for estates of decedents passing away in 2023 from $12.06MM to $12.92MM, an inflation-index increase of $86,000. A married couple enjoys a combined exemption of $25,840,000. Keep in mind, however, that the exemption amount will decrease in the end of 2025 with the sunset of the 2017 Tax Cut and Jobs Act,… read more »
Deb Werner Celebrates 10 Years with CGA
Although she began her CGA career on the Real Estate legal team, Deb found herself in Estate Planning when a long-time employee announced their retirement plans. While working in Estate Planning, Deb discovered she had an interest and aptitude for the work in this practice area. In Estate Planning, Deb assists attorneys in preparing trusts, wills, and powers of attorney, as well as meeting with clients. In the Real Estate department, she helps with agricultural conservation easements, which protect tracts of land from development. Deb enjoys the workload because she has always squeezed diverse and interesting activities into her… read more »
Former CGA Attorney Rees Griffiths and his wife, Sue, initiate the Griffiths Salvation Army Scholarship
The Griffiths Salvation Army Scholarship launched this year with a $10,000 scholarship presented to a York High senior at the York High Awards Ceremony last evening. The recipient plans to attend Morgan State University to study nursing. Major Babbitt presented the scholarship. Rees and Sue’s estate plans provide that 80 percent of their estate goes to awarding similar scholarships to high achieving students with clear financial need. They established the program early to ensure they could celebrate the scholarships with the recipients and make certain the process worked smoothly while they are still around. The Griffiths describe the decision to… read more »
