Nobody can predict the future; however, that does not mean that individuals shouldn’t prepare for the future. Unfortunately, many families in Florida and other states are not making the necessary preparations for estate administration in the case of an unexpected death. Approximately 56 percent of families do not have estate plans in place, which leaves the assets of their estates unprotected. This could result in distribution of assets to unintended beneficiaries rather than one’s intended heirs.
Without proper estate planning documents after one’s death, a distant relative who has been estranged may suddenly come into the picture and request his or her share of an individual’s estate….
Although it is important to enjoy life, it is also important to consider what type of legacy one will leave after eventually passing away. Essentially, this means considering how one will be remembered. In Florida, many people do this through philanthropic endeavors via giving their assets to various charitable organizations. However, it is important to do this strategically through estate planning.
One of the first things a person should think about when planning philanthropic giving is what one’s vision actually is….
Two of the most important aspects to an estate plan is minimizing tax liabilities and ensuring that intended beneficiaries receive an individual’s assets after death. Keeping informed about the most recent changes to estate tax laws is essential for anybody in Florida or across the country. This will help individuals to make the right decisions when deciding how to administer their estates. Also, properly indicating beneficiaries with legally sound estate planning documentation will ensure that intended beneficiaries are taken care of….
The law is often open to interpretation, which can cause confusion that could lead to legal disputes. Federal laws regarding estate tax and gift tax are sometimes problematic in Florida and other jurisdictions. One reason for this is that these laws deal with valuation of property as well as the applicability of any legal agreements made between a person and his or her heirs. This seems to have been the case in a recent court case involving the Internal Revenue Service and the estate of an 87-year-old woman….