Death is something that nobody can avoid. Also, as the saying goes, taxes are just as inevitable as death in Florida or in any other state. On the other hand, there are some things that a person can do to minimize exposure to the estate tax. However, estate tax planning can take on a flavor of its own when it comes to business owners.
In many ways, estate tax planning for businesses is similar to that for individuals….
Social media has been one of the most influential developments as of late. One would be hard pressed to find a person who does not have a social media account in Florida or in any other state. This is why social media and other digital assets are now an important part of planning for estate administration. However, it is also one of the most commonly neglected aspects of estate planning.
In the past, family members of a person who had recently passed away were instructed to check the decedent’s mail for any financial statements or other important information….
Human survival instincts make it natural for people to avoid death. However, many people in Florida will avoid even talking about the subject altogether. This can become a problem if it causes people to neglect creating an estate plan. A recent study has revealed that only 35 to 45 percent of people have not done any will planning, which can cause problems for their families in the future.
Without a will in place, a person’s family will still be required to address having to administer one’s estate after death….
Planning an estate is important for anybody, no matter what age or how wealthy. Estate planning provides direction for heirs on how to administer one’s estate after a person dies in Florida or in any other state. This will help heirs avoid having to go through a lengthy probate process. However, even with an estate plan in place, after one dies, there are still several tasks that must be completed.
First, the person designated to administer one’s estate must have knowledge and access to one’s estate planning documents….