Boyes, Farina & Matwiczyk

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Tagged: estate planning

Using Roth IRAs For Estate Planning Can Minimize Taxes In Florida

…Most estate planning strategies are aimed at leaving the largest amount of assets as possible for intended beneficiaries. This is why many people in Florida are utilizing Roth IRAs in their estate planning. Although avoiding taking any distributions from traditional IRAs can help to save money for the next generation, many times, at a certain point, it makes sense to partially convert to a Roth IRA if one is aiming to reduce income tax liability.

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Estate Planning: Doing It The Right Way The First Time

…Estate planning is an important step for Florida families. However, it is important that estate planning be approached the right way and done correctly. The correct approach to estate planning will differ from case to case, based on the individual needs of the family at that time. These plans can be adjusted over time as needed.

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Preparing For Medical Costs Is Important In Estate Planning

…Planning an estate is about preparing for one’s death. However, it is also about making preparations for possible serious sickness or incapacitation in the future. If one is physically not able to make decisions for himself or herself due to a medical situation, this can be a serious issue for that person in Florida or elsewhere.

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Multi-Millionaire Fails To Do Estate Planning Before Dying

…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.

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Failure To Plan Can Be Costly During Estate Administration

…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.

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Sharing Estate Planning Goals With Family Essential In Florida

…Taking care of one’s family is usually a person’s top priority in life. This could mean financially supporting a family member even after that person’s death. Estate planning provides the means for people in Florida to accomplish this goal. Having an estate planning goal in place can ensure that one’s intended heirs will receive their assets.

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Older Women May Have Specific Estate Planning Concerns In Florida

…Women are different from men in obvious ways. However, beyond just physical characteristics, there are differences in how women interact with society, particularly with estate planning in Florida or in any other state. Although every situation is different, and women are more independent than ever before, some women are still dependent upon their husbands for their financial well-being, which can affect a woman’s estate administration concerns.

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Estate Planning For Disabled Dependent Can Be Tricky In Florida

…Everybody’s life and financial situations are different, which means decisions regarding estate planning will vary from person to person. The variations in estate planning will be based upon the circumstances of each individual case in Florida or in any other state. This means taking into consideration any dependents with special health and medical needs.

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Estate Administration Plans May Include Conversion To Roth IRAs

…Just about everybody will have to deal with taxes at some point in their lives. On the other hand, many people forget about having to deal with taxes after death since it does not directly affect them immediately. However, this is an important part of planning for the estate administration process in Florida and every other state.

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Essential Estate Planning Documents For Everybody In Florida

…There are various strategies available for those looking to create an estate plan. The legal documents one wishes to utilize in his or her estate plan will depend on one’s own personal estate planning goals. However, there are several estate planning documents that should be in everybody’s estate plan in Florida or in any other state.

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