Planning an estate is important for just about anyone. It may be especially important for those in Florida who have significant investments in stocks and other financial products. However, a recent study has revealed that one out of every five investors have not done any estate planning. The study also found that there are certain groups of people who may be more prone to procrastinating on creating their estate plans.
Young investors have been found to be more likely to procrastinate….
Financial exploitation of the elderly is a growing concern in American society, especially since a large number of people from the ‘baby boomer’ generation are beginning to reach retirement age. Many exploiters may see the elderly as attractive targets because they believe older people have a weaker state of mind and would be less likely to try to stop the exploitation. One action an elderly person in Florida may take to prevent financial exploitation is through estate planning….
The recent negotiations in Congress regarding the so-called ‘Fiscal Cliff’ had many people looking to plan their estates worried, because they did not know how the changes would affect the estate tax and the gift tax rules. However, at the end of last year Congress was able to agree to make permanent many of the favorable estate planning rules. These rules reduced people’s tax liabilities in Florida and every other state in the country.
Congress agreed to make permanent the estate tax exemption level at the 2010 level of $5 million, which the new law had adjusted to monetary inflation….
Pets are like a part of the family for many people. In fact, many individuals treat pets as if they were their children. This is why some pet owners decide to include their pets in their wills. One wealthy businesswoman, who was known for making a fortune owning hotels, famously left her Maltese dog $12 million in her will. This allowed the dog to live out the rest of her life with a caretaker in Florida.
However, not only wealthy people are concerned with making sure that their pets are taken care of after their deaths….