Various estate planning tools are available to people looking to plan ahead. One of the most common estate planning instruments are trusts. A trust is a separate legal entity that will legally own possessions put into the trust account in Florida or in any other state. These assets are many times held on behalf of an intended beneficiary who cannot manage the assets for himself or herself.
When creating a trust, one will have to choose the person who will be in charge of managing the assets in the trust account….
Estate planning is important for protecting the financial interests of intended heirs after one’s death. However, estate planning tools can also be used to protect a person while he or she is still alive in Florida or in any other state. This will come in handy when a person is incapacitated and unable to make medical and financial decisions for himself or herself. Failure to plan can result in a person being put under guardianship of the government, which most people would not find preferable….
Deadlines are important when administering an estate, as well as when it comes to filing an estate tax return. Failure to file an estate tax return on time can result in significant penalties in Florida or in any other state. This is what happened to one man’s estate after he died in early March 2003. His son failed to file the estate tax return on time due to a complication with the decedent’s wife’s citizenship status.
The decedent had left behind a wife who was not a citizen of the United States, which meant that she would not be able to receive a marital deduction when filing the estate tax return….
Roman Blum was a multi-millionaire who had accumulated his fortune mostly through real estate investments and transactions. Blum, who recently died at the age of 97, left behind a $40 million estate. However, Blum made the mistake that many in Florida and elsewhere are making. He failed to do any estate planning, which may result in the state government taking most of his fortune.
The multi-millionaire did not leave behind any will or any other estate planning documents, which are usually used to instruct loved ones on how a person wishes his or her estate to be administered….
Estate planning is important no matter where one is in life. It does not matter if a person is rich or poor, planning for estate administration is essential in Florida or in any other state. Many use their age as an excuse to not bother with planning an estate. However, for one family this turned out to be a mistake after they unexpectedly loss their young adult son.
The son, 23, had decided he was not old enough to require a will or any kind of estate planning….