Estate Tax Planning Tips For Florida Residents
Although most people have heard of the gift tax, the name is somewhat misleading. In most cases, individuals who give large gifts will never pay taxes for doing so. Those who give more than $14,000 to an individual in 2014 will have to tell the IRS about that gift on Form 709. It is important […]
What Are The Responsibilities Of A Guardian In Florida?
Some adults lack the capacity to manage all of their property or to take care of their own essential health and safety needs. A resident of Palm Beach Gardens that falls into this description can have a guardian appointed by a court to look after them. If the court determines, after thorough examination, that a […]
Avoiding Probate In Florida With Living Trusts
Individuals who want to plan their estates while retaining advanced control over the disposition of their assets can create living trust structures. Also known as inter vivos trusts, these estate planning tools accommodate those who want to manage their assets before their deaths. While the specifics vary from state to state, most people simply create […]
Understanding The Duties Of Estate Administrators
Florida residents may benefit from learning more about the general duties of estate administrators as described by the IRS. The estate administrator can be described as the legal representative appointed to act on the decedent’s behalf. Often times, this person is referred to as the executor and may be a lawyer, family member or surviving […]
Changing A Beneficiary In A Will
In Florida, after people write wills, there are sometimes changes in circumstances that necessitate making changes to the beneficiaries of the will. Sometimes people have a child after the will was written. In other cases, a person gets divorced from a spouse that was named as a beneficiary in the other will. Whatever the reason […]
How To Determine Whether A Trust Will Benefit Heirs
Florida readers may wonder whether a will is sufficient to protect their assets for their heirs. Depending on a person’s assets and net worth, a trust may be a useful tool for estate-planning and asset protection. An individual with a net worth of $100,000 or more may benefit from a trust as long as at […]
What Is A Living Will And Do I Need One?
Most people in Florida may have heard of living wills, but they may be uncertain what the term means or whether it should be part of their estate plan. Essentially, a living will is used in order to allow makers to plan the type of care they wish to receive in the event they are […]
Trust Options For Florida Estate Planning
There are two main types of trust that an individual may choose from when creating an estate plan. The first type of trust is referred to as a living trust, and its terms may take effect while a person is still alive. Alternatively, a testamentary trust may be established, which is part of a will […]
Taking The Right Approach To Inheritance
Estate planning is something that many families avoid, sometimes until it is too late. Others believe they have done enough, but minor details end up being a great hassle to heirs unexpectedly. It is a good idea for Florida residents to follow some simple guidelines to ensure that their estate is handled the way they […]
Important Reasons For Changing A Will
Creating a will is difficult for some people, and it may be tempting to not think of the document again after it is finalized. However, there are important times when Florida residents may need to reevaluate a will or make edits that reflect significant life changes. Children, parents or siblings may inherit an estate when […]