One of the most common, yet potentially harmful mistakes Florida residents can make when estate planning is not keeping their beneficiary designations up to date. Because a beneficiary designation takes precedence over a will, it is important for Floridians to review...
Year: 2013
The importance of keeping estate planning documents current
One mistake that many Florida residents make in relation to their estate planning is not keeping these documents up-to-date. In particular, it is not uncommon for individuals to forget to update beneficiary designations. When someone opens an investment account or...
Based estate planning documents that individuals need
Florida residents might like to know that, according to information from RocketLawyer.com, half of people with children and 41 percent of individuals between the ages of 55 and 64 do not have a will. Without a will, it will be up to the state to determine how...
Estate planning basics
With more people retiring or relocating to Florida, fewer are taking the necessary steps to ensure their family's future with an estate plan. Though estate planning can be an essential part of setting up loved ones for a stable financial future, it is often difficult...
Ensure your estate plan holds up
Orlando families working out how their patriarchs and matriarchs will pass on assets after death may want to hear what one respected financial adviser has to say on the matter. To start, avoiding errors caused by the process's complexity is the first step to...
Estate planning tips
Estate planning is not a comfortable topic for a lot of Florida residents. Only 43 percent of Americans have a will although most people understand that a beneficiary must be designated or default state regulations, such as probate court, come into play. Some people...
No estate rights despite acquittal
Orlando residents may be interested in a New York judge's November ruling that barred a woman who was acquitted of murdering her three children from sharing in their $350,000 estate. This estate planning case set precedent, addressing the state's Son of Sam...
Estate planning and state taxes
Currently 19 states and the District of Columbia have no state estate taxes. As a result, many states such as Florida that have no state income or estate taxes attract people with large estates who live in other jurisdictions as they plan for the future. Although you...
Beneficiary designations
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...
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...
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