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...
Year: 2013
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...
Probate is not necessarily a dirty word
Of all the words associated with estate planning, probate carries one of the most negative connotations. Many Florida residents' views of probate are so gloomy that they set up their wills and estates in order to make every effort to avoid probate. Probate can be an...
Handling someone’s digital legacy
Florida residents who think about estate planning often focus on drawing up a will or deciding who will get their assets when they pass on. While these are all important parts of estate planning, people should also think about their digital legacy. Due to the fact...
Many terminal patients in Florida not getting their dying wishes
A recent study indicates that while many senior citizens with terminal illnesses would prefer to enjoy their last days in hospices or in the comfort of their own homes with those they love, an alarming number of them spend their last days in the hospital. Florida...
Beneficiary designation key in the estate planning process
Florida residents who have questions regarding estate planning may be interested in learning about how important beneficiaries are to the entire process. Beneficiaries are important in the process of drawing up wills; however, they are also key as far as other...
Michael Jackson’s estate, IRS, clash over valuation
A dispute one year in the making has found its way to federal court. Representatives for the estate of deceased pop legend Michael Jackson have filed challenges to the IRS' levies on the value of Jackson's likeness and image. The penalties associated with the IRS'...
Baby boomers more likely to donate to charity according to study
In a prior post, we highlighted how younger generations (specifically millennials) in Florida look at estate planning differently than baby boomers. They are not as enamored with passing down and receiving family heirlooms compared to older generations, and they are...
When should plan your estate? Before winning the lottery
Last week's lottery winners have experienced a life-changing event. Winning millions of dollars obviously can make one very popular (and infamous) at the same time. Stories abound of lottery winners blowing through their winnings in less than a decade, and some (like...
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