Taylor Kaspar Law

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

NFTs, or “non-fungible tokens,” are the latest sensation in the cryptocurrency universe, or as we like to call it the “Cryptoverse.” And if you haven’t heard about NFTs yet, now is a great time to learn because they are likely to be a big part of our collective future.    So what is an NFT? In the most basic terms, an NFT is a cryptographic token that exists on a blockchain and is used to establish proof of ownership of digital artwork, videos, GIFs, collectibles, and other digital assets. While NFTs use the same blockchain technology that underpins cryptocurrency, NFTs themselves are not a traditional currency, though they can operate similarly to currency. Some people call them JPGs because they are literally graphic images, but they represent much more than…Read More

  • By: Taylor Kaspar
  • Published: November 19, 2021

When it comes to estate planning, you’ve most likely heard people mention a couple of different types of wills. The most common is a “last will and testament,” which is also known simply as a “will.” But you may have also heard people talk about what’s called a “living will.” Both terms describe important legal documents used in estate planning, but their purpose and the way in which they work is very different. Here we are going to discuss some of the most critical things you should know about living wills, and explain why having one is an essential part of every adult’s estate plan and how to get yours created or updated.  1. What Is A Living Will? A living will, often called an “advance healthcare directive,” is a…Read More

  • By: Taylor Kaspar
  • Published: November 12, 2021

  As we learned a couple weeks ago, although Bob intended to leave all of his intellectual property rights to his son, Steve, and half-brother, Jimmie Cox, and he even changed his estate plan to transfer those rights to them, the court ruled that Bob couldn’t transfer those rights because Bob didn’t own those rights to begin with. The court ruled that Bob had transferred all rights to his intellectual property to Bob Ross Inc. (BRI) during his lifetime via oral contracts, and therefore it didn’t matter what his estate plan said, because those rights weren’t Bob’s to give away.  Bob started BRI in 1985, with his wife Jane Ross, along with husband and wife Walter and Annette Kowalski. The four were initially equal partners in the corporation, but following…Read More

  • By: Taylor Kaspar
  • Published: November 8, 2021

  When you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund - or trust - is a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money. Simply put, a trust is just a vehicle used to transfer assets, and trusts are especially useful for parents of minor children as well as those who wish to spare their beneficiaries the hassle of going to Court in the event of their incapacity or death. And why would you want to keep your family out of court (known as avoiding probate)? Perhaps you’d like to keep private the details of the assets you are leaving your heirs. Leaving…Read More

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

Even if you put a totally solid estate plan in place, it can turn out to be worthless for the people you love if it’s not regularly updated. Estate planning is not a one-and-done type of deal—your plan should continuously evolve along with your life circumstances and other changing conditions, such as your assets and the law. No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any major life events, we recommend reviewing your estate plan annually to make sure its terms are up to date. Additionally, there are several common life events that require you to immediately update your plan—that is, if you want it to actually work and keep your loved ones out of…Read More

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

Yours, mine and ours … in today’s modern family, it’s oh so common. The blended family is the product of 2nd (or more) marriages, in which one or more of the parties comes with children from a prior marriage. And then, they may even go on to have children together. If you have or are part of a blended family, it’s important to understand how estate planning could be exactly what you need to keep your family out of conflict and in love, both during life, in the event of incapacity, and when one or more of the senior generation (read: parents) dies. Let’s begin with understanding where potential conflicts could arise when you have a blended family. Consider the ones you love If you have children from a prior…Read More

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

  Wills and trusts are two of the most commonly used estate planning documents, and they form the foundation of most estate plans. While both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, the way in which they work is quite different. From when they take effect and the property they cover to how they are administered, wills and trusts have some key differences that you need to consider when creating your estate plan. That said, when comparing the two documents, you won’t necessarily be choosing between one or the other—most plans include both. In fact, a will is a foundational part of nearly every person’s estate plan. Yet, you may want to combine your will with a living trust to avoid…Read More

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

  You are likely well aware of the tax benefits that come from donating to charity during your lifetime—donations to charity are tax-deductible. But you may be surprised to learn about the numerous benefits that are available when you incorporate charitable giving into your estate plan. As with donating to charity during your lifetime, dedicating a portion of your estate to a charitable cause can reduce the taxable value of your estate. You can also receive significant tax savings by naming your favorite charity as the beneficiary of your IRA, 401(k), or other retirement accounts.   And if you have highly appreciated assets like stock and real estate that you want to sell, you can even set up a special type of charitable trust that can not only help you…Read More

  • 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

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