Financial planning is important for preparing for the future. In Florida, this can mean a variety of things, ranging from making plans to finance a child’s college education or preparing for retirement. However, one of the most important, yet commonly neglected, aspects of financial planning is estate planning. Creating an estate plan makes it easier to distribute an estate’s assets to intended beneficiaries during the estate administration process.
An estate plan lays out the process of distributing assets of a person’s estate after he or she has died….
When one considers planning of an estate, he or she wants to make sure that his or her assets are properly transferred to intended beneficiaries after death. However, another aspect to consider in estate planning is estate tax planning. Most people in Florida and elsewhere will want to do everything possible to minimize the estate tax liabilities for their intended beneficiaries. There are a variety of methods and strategies which people commonly implement in order to achieve this….
Death is inevitable, of course. However, for many younger Americans in Florida and elsewhere, death is one of the last things on their minds. Many younger people tend to neglect planning for estate administration because they believe only older people need to plan for their own deaths. This line of thinking can be detrimental, since planning an estate is essential to anybody’s financial plans — regardless of age.
It is a sad fact that death can come at any age, and most young people realize that….
There are many strategies that a person may utilize to plan an estate. Along with a last will and testament, many people in Florida and elsewhere are utilizing life insurance policies and even life insurance trusts in order to achieve their estate planning goals. This can allow people to help their heirs avoid paying additional taxes which they may not have to.
Life insurance helps heirs avoid paying the federal estate tax. As the law is currently written, any assets of an estate above $5.25 million are subject to being taxed….