Estate Tax Planning Slowed By IRS Delays
Estate planning sometimes follows the loss of a loved one, adding to the difficulty in making important decisions. When there are governmental delays in sending out required estate tax forms, it essentially puts the state of estates in limbo.
Ways Of Dealing With Estate Tax
Many Florida residents who are planning for the distribution of their assets when then die may be concerned about future tax liabilities, but the federal estate tax exemption is actually fairly high. For those who still do not qualify for the exemption, there are other measures that can be taken to reduce or eliminate the […]
Estate And Gift Tax Planning Needs Careful Consideration
A former president once said that government is like a baby: a voracious appetite at one end, and no control at the other. That voracious appetite takes the form of taxes, and if you have lived long enough and have made enough money to be able to contemplate estate tax planning, gift tax planning or […]
Preserving Your Family’s Wealth
Have you considered what will happen to the wealth that you have accumulated after you are gone? How much of it will go to your children or loved family members? Will these individuals be capable of sustaining and further growing the Florida business that you have strived to create? These are all questions that one […]
Estate Closing Letters Must Now Be Requested From The IRS
A change in procedures by the Internal Revenue Service could cause delays for beneficiaries of estate assets in Florida. Previously, the IRS would automatically send a closing letter to an estate executor after they had filed Form 706. Once the closing letter was received, the estate executor could begin dispersing the remainder of the estate’s […]
Floridians Advised To Plan Estates Cautiously
According to one financial expert, the estate plans of business owners should have three distinct objectives. These include succession plans that let businesses transfer to new owners and help their original owners retain control via stock. Estate master plans should also incorporate retirement arrangements that let people and their spouses keep up their preferred lifestyles […]
Gifting Considerations
Gifting to your adult children a portion of their inheritances while you are still alive is a topic of discussion that is not always as simple or clear-cut as it may seem on the surface. Some reasons you might consider doing this may be if you have more in your savings than you thought you […]
All Shook Up: Lisa Marie Presley’s Trust
In January 2023, Elvis Presley’s only daughter, Lisa Marie, died. Multiple online news sources subsequently reported that Lisa Marie’s mother, Priscilla Presley, filed documents in a California court alleging that Lisa Marie’s 2016 Trust Amendment is invalid. More specifically, online news sources reported that the trust amendment contains a misspelling of Priscilla’s name, there was […]
No Contest Clauses are Unenforceable in Florida
Sometimes testators include no contest clauses in their estate planning documents, thinking that these will help ensure their wishes will be honored after their death. No contest clauses, or “in terrorem clauses”, basically serve as a deterrent to a beneficiary of a will or trust, who might otherwise seek to challenge the terms of the […]
Estate tax and related planning
The estate tax affects only certain estates: in 2023 it applies to estates exceeding a taxable value of $12.92 million, which is taxed at a rate of 40%. While this does not give cause for concern to many, these figures can and do change. Estate tax is often debated in politics and it frequently changes. […]