A change in procedures by the Internal Revenue Service could cause delays for beneficiaries of estate assets in Florida. Previously, the IRS would automatically send a closing letter to an estate executor after they had filed Form 706. Once the closing letter was received, the estate executor could begin dispersing the remainder of the estate’s assets. Now, executors must make a special request for a closing letter, and they have to wait four months after filing Form 706 to make their request….
Florida residents who have significant assets should avoid making the same estate planning mistakes that late actor James Gandolfini did with his own. When Mr. Gandolfini died in 2013 at age 51, he did so without having adequately planned for how his assets would pass to his heirs.
Mr. Gandolfini’s estate was worth $70 million at the time of his death. He failed to conduct good estate planning, making 80 percent of his estate subject to taxes and unprotected from them….
Florida residents who are working on an estate plan may be interested to learn that a woman in Austria destroyed the equivalent of more than $1 million in cash in an effort to disinherit her heirs. However, it is much more difficult to disinherit family in Austria than in the United States, and the country’s central bank has said it will replace the funds the woman destroyed.
Austrian laws distribute the possessions of decedents to their spouse and children if they do not leave a will, and they are required to make provisions for spouses and lineal descendants….
If you are planning your will and establishing beneficiaries of your estate as assets, you might have heard the term “power of attorney” used a few times. All of the legal jargon can become confusing if you are not familiar with the terms, but this is an important piece of the puzzle if you would like to plan your will in Florida.
Though the requirements and rules fluctuate from state to state, a power of attorney is accepted in all 50 states….