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Hunt Pennington Kumar & Dula PLLC
A Beginner’s Guide to Estate Planning
  • By: Hunt Pennington Kumar & Dula PLLC
  • Published: October 21, 2020

Contrary to popular thought, estate planning is not just something for the extremely wealthy or the elderly. In fact, every adult should consider how they would like to preserve and pass on their wealth to future generations, charitable organizations, or other entities and individuals. In fact, there is perhaps no better time than now to think about your estate plan and what will happen to your children, partner, and assets down the road. However, between considering tax implications, thinking about potential guardians to appoint for… Read More

Wealth Transfer Strategies to Consider in an Election Year
  • By: Hunt Pennington Kumar & Dula PLLC
  • Published: October 7, 2020

With a push by the Democratic party to return federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer. Assets included in a decedent’s estate that exceed the decedent’s remaining exemption available at death are taxed at a federal rate of 40 percent (with some states adding an additional state estate tax). However, each asset included in the… Read More

How to Help Your Loved Ones (and Assets) Avoid Probate
  • By: Hunt Pennington Kumar & Dula PLLC
  • Published: June 22, 2020

Today, many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust avoids the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make a big mistake that sends their accounts and property and loved ones right into the court system: They fail to fund their trust. What Does It Mean to Fund Your Trust? Funding a… Read More

How To Set Up Your Trustee For Success
  • By: Hunt Pennington Kumar & Dula PLLC
  • Published: June 22, 2020

For many people, a revocable living trust is a valuable tool to ensure that their finances are well managed during periods of incapacity and that their loved ones are financially secure upon their passing. However, signing the trust agreement doesn’t end the estate planning process: To work properly, the trust needs to be funded. What Is Trust Funding? Trust funding is the process of transferring the ownership of accounts and property to the trust during your lifetime, or designating the trust as a beneficiary of… Read More

3 Simple Ways to Avoid Probate Costs
  • By: Hunt Pennington Kumar & Dula PLLC
  • Published: June 4, 2020

The bad news: When a deceased person’s estate (all of their money and property) has to go through probate (the court-supervised process of distributing a deceased person’s money and property), it can be subject to a variety of costs stemming from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate's complexity, fees can run into tens of thousands of dollars. The good news: Many of these probate costs can be reduced by avoiding probate. It’s really that simple. Here are three simple ways to… Read More

Special Estate Planning Considerations for Art and Other Valuables
  • By: Hunt Pennington Kumar & Dula PLLC
  • Published: May 28, 2020

Many people have collections about which they are quite passionate: The collections may be very valuable, for example, art collections, coins, stamps, or designer handbags, or they may have more sentimental than monetary value, such as political bumper stickers, postcards, or rocks. Regardless of its dollar value, if you have a collection, it should be included in your estate plan. You should make arrangements in advance to ensure that the collection is handled in the way you want, and if it is worth a lot… Read More

Your Time Is Valuable. Get a Jump Start on the Estate Planning Process
  • By: Hunt Pennington Kumar & Dula PLLC
  • Published: May 22, 2020

Time seems to be the one thing we just can’t get enough of. This is especially true if you are one of our nurses or frontline healthcare workers. You work tirelessly caring for others and may not have a lot of free time to work on your estate planning. If you are able to answer the following questions or at least think them through, you can get a jump start on the estate planning process today. 1. Who do you want to handle your financial… Read More

Caring for Yourself with the Right Estate Planning Prescription
  • By: Hunt Pennington Kumar & Dula PLLC
  • Published: May 11, 2020

To all front-line and “essential” workers: Thank you for all of your hard work—day in and day out (and often evenings, nights, and weekends). You tirelessly give of yourself to care for some of the most vulnerable people in our society. Whether you are caring for them in a hospital, therapy room, or patient’s home, you are there to protect and help the patient gain a better tomorrow. However, one important question remains. What have you done to prepare for your own care? Working together,… Read More