One of the most common reasons for planning an estate used to be to limit tax liability. However, this has changed ever since the modifications to the estate tax laws which set the tax exemption level at $5.25 million per person in Florida and across the nation. This has kept most people from ever having to worry about estate taxes, but instead has shifted the focus of estate planning toward the portability election.
Along with keeping the exemption level for one person at $5.25 million and $10.5 million for married couples, lawmakers have also made the portability election option permanent….
Failure to do any estate planning can cause serious problems in the future for an individual’s family, especially if there is no will for the decedent. However, even with a will there are still many ways in which the distribution of assets could result in less than beneficial outcomes for intended heirs in Florida and other states. Many times, poor estate planning decisions in the will can also cause unforeseen problems for heirs.
This is what happened with one family that owned a farmhouse which the family had owned and operated for three generations….
It is important that children are kept safe when deciding guardianship arrangements. Courts are obligated by law to put the best interests of children first when deciding how to deal with living arrangements for children in Florida or in any other state. This is what the court attempted to accomplish when it recently dealt with a guardianship case involving the twin sons of celebrity actor Charlie Sheen.
The twin boys had previously been in the custody of actress Denise Richards….
Having an estate plan is one of those things that people are told is important. However, there are many people who do not fully understand what estate planning is and how it can be valuable in Florida or in any other state. The goal of estate planning can vary with each person; however, the essential purpose of planning an estate is simply to ensure one’s assets are properly distributed as one wishes.
One of the most common aims of estate planning is minimizing taxes which may be imposed during a transfer of assets to intended heirs….