People may chuckle whenever they read a headline about a multibillionaire deciding to leave their entire estate to their beloved dog or cat. But the truth is, trust planning for pets is becoming more and more common; particularly in Florida, where there is a significant elder population that enjoys the companionship that a pet can provide.
Trust planning for pets may be the last thing on anybody’s mind in this tough economy. It is often difficult enough to handle proper estate planning for human heirs….
Recently, the Internal Revenue Service has begun cracking down on gifts among family members that have not been reported. People who live in Florida and elsewhere are required to report such gifts on a Form 709. This form is known as a United States Gift Tax Return. It must be filed for transfers of property valuing more than $13,000, in spite of the current law that states that the lifetime gift tax exemption limit is $5 million.
According to an IRS document reported on in the Wall Street Journal, 323 taxpayers have been investigated for failing to report real estate gifts since 2009….
Estate tax planning is important for Florida residents, but it is also just as important for persons who own U.S. assets but are not U.S. citizens. The rules concerning non-resident asset taxation can be complicated, and they may only get more complicated over the next few years. Under current law, not only can the federal government levy estate taxes on property, but some states may also demand a probate tax at the time of death on property owned by non-residents….
Readers in Palm Beach Gardens may be interested in a recent court ruling touching on the issue of guardianship where Alzheimer’s disease may be a factor. While the court decision comes from Guam and has no formal legal precedent in the United States, its reasoning may be of some import to judges in this country considering similar issues. A wealthy husband and wife in Guam were both diagnosed with Alzheimer’s disease in 2007. The husband has since died, though the wife remains alive….
Estate planning sometimes follows the loss of a loved one, adding to the difficulty in making important decisions. When there are governmental delays in sending out required estate tax forms, it essentially puts the state of estates in limbo. Such is the case for a Florida woman, who is confronting the necessary estate tax planning for the multi-million dollar estate of her late husband.
The Florida woman lost her spouse in early 2010. Together, the couple shared an $8 million dollar estate, but she is concerned over how much she will have left once she pays estate taxes to the IRS….
When you need to create an effective estate plan, an experienced and knowledgeable lawyer can be of great assistance and can look out for your rights. The estate and trust laws in Florida can be confusing and intimidating. You can easily become confused about the most effective strategy to accomplish your goals. You want an attorney who understands the law and the process, and who will help you evaluate your options, so that you can make the right decisions to protect your estate….