Tagged: estate tax

The recent Third District Court of Appeal reviewed the requirements for a valid will under Fla. Stat. 732.502 and found the handwritten will which was at issue, in this case, to be valid.

In this case, both on a confession of error and based on the court’s independent review, the appellate court found that the will was handwritten, but reflected the signatures of the testator, two witnesses, and a notary along with the notary’s seal. …

The short answer: No, the debt does not simply go away when someone dies owing a debt. Generally speaking, a decedent’s estate is responsible for paying any unpaid debts, and no one else is required to pay those debts. When a decedent dies, their assets pass to their estate, and if there is no money or property left, then, usually, the debt will not be paid….

The estate tax affects only certain estates: in 2023 it applies to estates exceeding a taxable value of $12.92 million, which is taxed at a rate of 40%. While this does not give cause for concern to many, these figures can and do change. Estate tax is often debated in politics and it frequently changes. …

In January 2023, Elvis Presley’s only daughter, Lisa Marie, died.  Multiple online news sources subsequently reported that Lisa Marie’s mother, Priscilla Presley, filed documents in a California court alleging that Lisa Marie’s 2016 Trust Amendment is invalid.  More specifically, online news sources reported that the trust amendment contains a misspelling of Priscilla’s name, there was a failure to notify Priscilla of the trust amendment, the signature of Lisa Marie looks atypical, and there is a lack of witnesses and notarization on the document….

Gifting to your adult children a portion of their inheritances while you are still alive is a topic of discussion that is not always as simple or clear-cut as it may seem on the surface. 

Some reasons you might consider doing this may be if you have more in your savings than you thought you would at this stage in life, you have made profitable investments, you do not have concerns over medical expenses, or even just want to see how your children might pursue their dreams and goals with some extra financial assistance. …

Sometimes testators include no contest clauses in their estate planning documents, thinking that these will help ensure their wishes will be honored after their death.  No contest clauses, or “in terrorem clauses”, basically serve as a deterrent to a beneficiary of a will or trust, who might otherwise seek to challenge the terms of the will or trust, including bringing litigation regarding the will or trust. …

…According to one financial expert, the estate plans of business owners should have three distinct objectives. These include succession plans that let businesses transfer to new owners and help their original owners retain control via stock. Estate master plans should also incorporate retirement arrangements that let people and their spouses keep up their preferred lifestyles for as long as necessary and lifetime plans that transfer wealth while its owners are alive without sacrificing their control over the property.

…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.

…Have you considered what will happen to the wealth that you have accumulated after you are gone? How much of it will go to your children or loved family members? Will these individuals be capable of sustaining and further growing the Florida business that you have strived to create? These are all questions that one must consider when deciding how to preserve wealth.

…A former president once said that government is like a baby: a voracious appetite at one end, and no control at the other. That voracious appetite takes the form of taxes, and if you have lived long enough and have made enough money to be able to contemplate estate tax planning, gift tax planning or both, then you should already be aware of just how hungry the government can be for your money.