Florida residents often are careful with their estate plans in order to ensure that their loved ones are provided for upon death. However, one mistake that many individuals make is to forget to update beneficiaries in an appropriate manner, leaving their assets to go...
Month: October 2013
Distributions from inherited IRAs
A Florida resident who is the non-spouse beneficiary of an IRA should be aware of special federal income tax rules and regulations concerning distributions that apply to these types of accounts. Non-spouse beneficiaries may not treat the IRA as their own, nor can it...
Why draw up a will
Florida residents of all ages should be sure that they have a will in place. While many people assume that creating a will or dealing with estate planning is something that will need to be dealt with when they are older, both are actually essential to ensuring that...
Bypass trusts as an estate planning tool
Estate planners in Florida and elsewhere have long used bypass trusts as an effective estate planning tool for married couples with children. This vehicle contemplates the transfer of a couple's assets to such a trust upon the death of the first spouse, leaving the...
Estate and gift tax changes
Florida residents may be interested in learning that several changes to federal estate and gift tax laws go into effect starting in 2014. Some of these changes will allow more money to be passed on to family members and others before federal taxes are imposed. For...
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