Those who have actually created an estate plan are moving in the right direction as far as protecting their assets for their heirs. However, just because a person has a plan in place does not mean that he or she no longer has to worry about estate planning. Since the circumstances of people’s lives are constantly changing, it is important that Florida residents update their estate plans accordingly. One of the most common mistakes people do is to neglect to update their beneficiaries….
Wealth inequality has been rising rapidly in the United States over the last several years. This topic has also been a large part of the debate between lawmakers in Florida and other states on how to solve this problem. One solution — which lawmakers have devised has to do with changes to the estate tax planning laws — are designed to allow families who are not wealthy to reduce their tax burden.
One of the main changes to estate planning laws, aimed at helping everyday people who are not particularly wealthy, relates to the exemptions for the estate tax….
Planning an estate is usually one of the last things on the minds of most young people. However, it is never too early to begin estate planning in Florida or in any other state. Many young people have more assets than they realize and should do whatever they can to make sure these assets are protected in the case of something unfortunate occurring. This is especially important for young people who have started promising careers and are also looking to marry….
Planning an estate requires various legal documents which helps instruct an estate’s executor in properly allocating assets to intended heirs after a person passes away. Each legal document fulfills particular estate planning purposes in Florida or in any other state. Wills are legal documents which are particularly important for just about all estate plans. However, many people falsely believe that if they have a trust they will not need a will.
Most estate planning experts believe that one should have a will created regardless of if one’s assets are being held in a trust….
Boyes, Farina & Matwiczyk announced that January 4, 2014 marked the law firm’s 20th anniversary. The firm, founded by attorneys, William Boyes and John Farina in 1994 is dedicated to assisting individuals, their families, foundations and charitable organizations in the preservation, management and transfer of personal wealth.
The firm of five attorneys assists clients in the development of estate plans, the administration of complex trusts and estates and the prosecution and defense of probate related litigation, including tax court controversies….
There are many aspects which a person must consider when designing an estate plan. One common concern that people have when making estate planning decisions is estate tax liability in Florida and in every other state. The law currently allows a spouse to gain his or her deceased spouse’s unused tax exemption amount through the portability election. However, one may not prefer to have a surviving spouse receive the unused exemption amount for one reason or another.
In this case the executor of the estate will have to make an affirmative statement when filing the estate tax return….