Life can be shorter than one thinks, and it’s best to enjoy every minute of it to the fullest. Along the way, some people may believe that only wealthy people need to be concerned with estate planning. However, taking the time necessary to plan an estate in Florida can ensure that the assets will be distributed as needed and help loved ones avoid future problems with estate administration.
There are several steps which one must undertake when planning an estate….
The recent bill which was designed to avoid what was termed as the ‘fiscal cliff’ made significant changes to the tax policies in the U.S. Many people in Florida who were concerned with estate planning were watching to see if there would be any changes in the way estates are taxed. The American Taxpayer Relief Act has benefited farmers because it extends the same tax rates which had already been in place.
The legislation is especially advantageous for farmers who usually have a large amount of assets in their estates that they plan to leave to their heirs in order to continue their family farm businesses….
The recent fiscal cliff tax deal has had significant effects on how people are planning their estates. The most significant aspect of the fiscal cliff deal is the estate tax. The new legislation keeps the exemption for the estate tax at $5.12 million, which is now permanent and can be moved between spouses. There was also an increase in tax rates for higher income people in Florida as a result of the new tax deal. These factors have made a significant difference in people’s estate planning strategies, especially those in higher income brackets….
Conservatorships are created for individuals who do not have the capability of managing their personal affairs on their own. In this type of legal arrangement, the control of a person’s financial affairs and management of his or her estate is delegated to a conservator. The person who is in need of assistance is known as the protected person in a Florida conservatorship.
Famed pop icon Britney Spears is currently one such protected person in a conservatorship….