Spread Holiday Cheer by Sharing Your Peace of Mind For the folks who have completed…
| Pittman Law Office Newsflash Christmas in July You may associate the month of July with swimming pools and palm trees, but we are more than half way to Christmas! Don’t wait until last minute to think about gift giving! Below you will find a couple of unique lifetime gift ideas that can benefit you too. In making lifetime gifts, you can experience the pleasure of providing immediate benefits to your loved ones while shaping your legacy. There are several advantageous ways for you to make gifts. 1. Direct payment of medical expenses. You can make an unlimited number of tax-free gifts by paying your loved ones’ medical expenses. These gifts should be made directly to the medical providers rather than to your family members or friends. In addition, it is important to verify that the payments are for expenses that would qualify as deductible itemized medical expenses on the tax return of the individual receiving the healthcare. If you have more questions on this, contact your local tax professional. 2. Direct payment of tuition. Similar to paying medical expenses, you can also pay for your loved ones’ tuition. There is no limit on the amount of tax-free gifts or restrictions on who can benefit from them, but payments must be made directly to the educational institution, not to the parents or students themselves. The payments must fall within the Internal Revenue Code’s definition of “tuition,” which is not limited to college or graduate school tuition, but also includes private school tuition for younger students. It does not include payments for living expenses, books, or other fees, however. If you have more questions on this, contact your local tax professional. 3. Charitable gifts on behalf of or in honor of a loved one. If you are charitably inclined or want to honor a loved one by donating to their favorite charity, a year-end contribution to a qualified organization will also enable you to claim a charitable deduction. You must keep records of any contribution, and you may need to obtain written acknowledgment from the charity to deduct a contribution of cash or property. There are additional requirements for larger gifts of property. You can claim charitable deductions during your lifetime or your estate can claim it when you pass away, depending upon the strategy you use. We can help you determine the best strategy for your unique circumstances. If you have more questions on this, contact your local tax professional. The above listed lifetime gift ideas are great tools to use for many purposes while alive. However, a lot of our clients wait to do their gifting after they have passed away. This is were Pittman Law Office can be of assistance. We focus on Estate Planning, Probate and Trust Administration. Check out our YouTube channel to learn more about our Team and what we do. |
BELOW: Attorney Audra Platt’s youngest son, Waylon. He loves being outside, particularly in his sandbox. |
| My Neighbor Said… As Estate Planning Attorneys we hear interesting comments or suggestions that are made to clients from well meaning neighbors or friends about what our clients should do concerning their Estate Plan. One of these suggestions we see that we do not recommend is naming one of your children on your bank account as a co-owner. We do not want our client to assume the liability of that adult child or allow that adult child to be able to empty the bank account at any given time. If you are a client of PLO, please contact us if you are receiving advice or suggestions concerning your Estate Plan before acting on the advice. Both Amy and Audra are responsive to emails from clients. amy@thepittmanlawoffice.com and audra@thepittmanlawoffice.com |
| Probate Corner – Why should I dispose of my old Will? When you establish a new Will it revokes the previous Will that you created. Therefore the old Will is void and should have no bearing on how your assets are disposed after you pass away. Keeping an old Will becomes an issue when your loved ones come into your home looking for your Will. If they find your old will and they aren’t aware that you established a new Will then they will assume that the old Will is the most current and they will stop looking for your updated Will. To ensure that your probate assets are distributed pursuant to the terms of your most up to date Will, we recommend shredding the old Will. |
| Upcoming Workshops Funding Revocable Trust Workshops This workshop that Attorney Audra M. Platt will be holding is for current clients of Pittman Law Office that have Revocable Trusts. Date & Time: Wednesday, August 16, 2023 at 8:30 am Location: Pittman Law Office, 3854 E. County Road 466, Oxford, Florida 34484 RSVP: 352-399-6944 Basic Estate Planning Workshop This workshop that Attorney Audra M. Platt will be holding is for potential clients of Pittman Law Office that want to learn more about Estate Planning and our firm. Date & Time: Wednesday, July 26, 2023 at 8:30 am Location: Pittman Law Office, 3854 E. County Road 466, Oxford, Florida 34484RSVP: 352-399-6944 Date & Time: Wednesday, August 23, 2023 at 8:30 am Location: Pittman Law Office, 3854 E. County Road 466, Oxford, Florida 34484 RSVP: 352-399-6944 |
| WE APPRECIATE YOUR REFERRALS Thank you for your support and confidence in our firm! One of the best compliments we receive is the referral of your friends and family. Remember to like us on Facebook, leave a review on Google and view our website, www.thepittmanlawoffice.com. You can also check out our videos on our YouTube Channel https://www.youtube.com/@pittmanlawoffice7318/featured |
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