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Taxes a concern for Florida residents when estate planning

There are a number of issues those residing in Florida or elsewhere deal with when making their plans for their estates. One of the biggest concerns those with significant assets face, though, is taxes. When estate planning, certain actions may be taken to help ensure beneficiaries, not the government, will receive their intended inheritances.

The last thing one would want to see is all his or her hard work end up going into the hands of the government instead of his or her beneficiaries. According to a recent survey, this is actually a very real concern for those with a minimum of $1 million in investable assets. The constant changes in the federal estate tax law, though, has left many confused as how to best protect their properties and families.

Planning one's estate is not a one and done deal, so to speak. Changes in tax laws are just one reason to revisit and revise estate plans throughout the years. Some, though, seem to get tired of the constant changing and fail to get advice or make adjustments that will only benefit their loved ones down the line. Those at the low end of the high-asset spectrum are less likely to readdress their estate plans. In fact, about a third of these individuals are supposedly not taking advantage of complete estate planning protections.

As nice as it would be to create one estate plan that is good for life, it just does not work out that way due to changes in estate laws. An experienced estate attorney can help Florida residents through every stage of estate planning, whether one is just getting started or needing to make adjustments to better protect one's assets and beneficiaries. While frequently changing one's plans can make final estate preparations seem difficult, for tax purposes alone, it is well worth one's time and effort.

Source: wealthmanagement.com, "Rich" Suffering from "EP" Fatigue?", July 13, 2015

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