Notables

…When it comes to estate planning in contemplation of that journey everyone must take, it is as important to think about estate administration which will occur after you have gone. Determining where your assets will go and on what terms is not the only consideration that needs to be made. Especially for wealthier individuals, the estate does not simply get divided after your death.

…A recent story of an abandoned property may underscore for Florida readers what can happen if estate planning is avoided. A woman lived in her small 1100-square-foot home for many years. She shared the place with her husband until his death. The woman’s health declined over the ensuing years, and dementia set in.

…Estate planning is not a Herculean task, but then again, it’s not so easy, either. There are many ways to get tripped up, from drafting a confusing will to inadvertently paying more than your fair share of taxes.

Here are four areas to which people in Port St. Lucie will want to pay attention, as well as suggestions for how to avoid any possible mistakes.

…A recent court decision in another state underscores why it is important for Florida residents to engage in careful estate planning, including the necessity of periodically checking to ensure that existing plans still meet the needs of the parties involved.

In the case, an estate named an executor and alternative executor, along with a two irrevocable trusts.

The importance of estate planning is too often realized after the death of a family member. Even in Palm Beach, Florida, there are many cases of heirs getting the surprise of their lives and wishing they had persuaded their loved one to look into proper estate planning before it became too late.

…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.

…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.

…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.

…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.