One big hurdle faced by Florida residents who are preparing estate plans may soon be lowered thanks to action by the federal government. According to financial reports, the government may be looking at inflation rates as they relate to the estate tax, which could mean lower taxes for heirs.
The threshold that is up for an increase is the federal income tax exemption. That exemption is expected to increase to $5.43 million in 2015, which is up nearly by $90,000 from the current 2014 levels….
While most estate planning attorneys may be in favor of a trust for all of their clients, it may not be the best estate planning tool. Each person must consider the cost as well as the alternatives to a trust before deciding to create one. In some cases, it may be easier to go through a simplified probate process.
It may even be possible to assign a beneficiary to some assets and have them transferred automatically. For example, adding a payable on death form to a bank account may enable a beneficiary to collect that money by presenting a form to the bank….
When an individual passes on, that person’s assets need to be collected and distributed. Additionally, any debts that the estate leaves behind need to be settled through estate administration. In most cases, the administrator of an estate follows the law of the state where the person died. However, it may be necessary to go through an ancillary probate process if property is owned in another state.
The Uniform Probate Code has attempted to make it easier to settle the affairs of an estate….