Boyes, Farina & Matwiczyk

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Tagged: estate planning

Estate Planning Issues Can Arise When Putting Child On Home Title

…When parents plan their estate, they usually want to make sure their children receive most of their important assets, such as any real estate they may own. Some may ensure this by putting the title of the family home in their adult child’s name. However, estate planning may not be quite this simple in Florida or in any other state.

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Estate Planning Laws Are Still Subject To Change In Florida

…Recently passed legislation has made planning an estate significantly simpler by making permanent the current exemption limit on the inheritance tax. Lawmakers established the exemption limit at $5.25 million per individual. By passing this estate planning law, Congress avoided having an automatic lowering of the exemption limit which was required by the previously effective law.

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Estate Planning Should Consider Death As Well As Incapacitation

…People should not procrastinate when it comes to planning an estate. One never knows when something unfortunate could happen in Florida or in any other state. Creating an effective estate plan requires choosing the correct legal instruments which will accomplish one’s estate planning goals. It is also essential that one’s estate plan addresses not only when a person dies, but also when he or she is incapacitated.

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Portability Is New Focus Of Estate Planning In Florida

…One of the most common reasons for planning an estate used to be to limit tax liability. However, this has changed ever since the modifications to the estate tax laws which set the tax exemption level at $5.25 million per person in Florida and across the nation. This has kept most people from ever having to worry about estate taxes, but instead has shifted the focus of estate planning toward the portability election.

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Poor Estate Planning Decisions Hurt Farmer’s Heir

…Failure to do any estate planning can cause serious problems in the future for an individual’s family, especially if there is no will for the decedent. However, even with a will there are still many ways in which the distribution of assets could result in less than beneficial outcomes for intended heirs in Florida and other states.

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Estate Planning Decisions Depend Upon Each Person’s Goals

Having an estate plan is one of those things that people are told is important. However, there are many people who do not fully understand what estate planning is and how it can be valuable in Florida or in any other state. The goal of estate planning can vary with each person;

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Many Families Unprepared For Estate Administration In Florida

…Nobody can predict the future; however, that does not mean that individuals shouldn’t prepare for the future. Unfortunately, many families in Florida and other states are not making the necessary preparations for estate administration in the case of an unexpected death. Approximately 56 percent of families do not have estate plans in place, which leaves the assets of their estates unprotected.

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Proper Philanthropic Estate Planning Important In Florida

…Although it is important to enjoy life, it is also important to consider what type of legacy one will leave after eventually passing away. Essentially, this means considering how one will be remembered. In Florida, many people do this through philanthropic endeavors via giving their assets to various charitable organizations. However, it is important to do this strategically through estate planning.

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Even Young College Students Need Estate Planning In Florida

…Usually when an adult child leaves for college, the young adult’s parents are proud and do not want to do anything to spoil his or her moment. Parents in Florida and other states have usually made preparations in order to be ready to assist their college-aged children in case they need help with something.

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Estate Planning Will Help With Estate Administration In Florida

…Although the thought of one’s own death is not a comforting thought, there are many reasons why one should start to prepare for this inevitable event. Creating an effective estate plan will help make the estate administration process easier and more efficient by avoiding the need to go through probate court in Florida or in any other state.

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