Boyes, Farina & Matwiczyk

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Tagged: estate tax

Floridians Advised To Plan Estates Cautiously

…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.

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Estate Closing Letters Must Now Be Requested From The IRS

…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.

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Preserving Your Family’s Wealth

…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.

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Estate And Gift Tax Planning Needs Careful Consideration

…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.

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Ways Of Dealing With Estate Tax

…Many Florida residents who are planning for the distribution of their assets when then die may be concerned about future tax liabilities, but the federal estate tax exemption is actually fairly high. For those who still do not qualify for the exemption, there are other measures that can be taken to reduce or eliminate the tax.

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How Gift Taxes Affect Estate Planning In Florida

When property is gratuitously transferred from one individual to another, it is considered a gift in the eyes of the government. This gift may be subject to the gift tax depending on how much the gift is worth and whether an individual has any of his or her gift tax exemption available.

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Estate Planning In 2015: Understanding The IRS guidelines

…Every year, the Internal Revenue Service provides updates to the amount individuals can set aside for their future or leave to their heirs tax-free. These guidelines allow for individuals to maximize ways to provide for their families now and after they are gone.

The 2015 federal estate tax exemption is $5.43 million per person.

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Estate Tax Rules That Benefit Florida Residents

…At least once a year, it may a good idea to review estate planning rules and laws as they may change. For instance, the estate tax exemption has risen each year since 2011 with inflation. In 2015, the estate exemption is $5.43 million, which is a $90,000 raise since 2014. However, those who have made gifts in excess of the annual gift limit may have eaten into some or all of that exemption.

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Understanding The Duties Of Estate Administrators

…Florida residents may benefit from learning more about the general duties of estate administrators as described by the IRS. The estate administrator can be described as the legal representative appointed to act on the decedent’s behalf. Often times, this person is referred to as the executor and may be a lawyer, family member or surviving spouse.

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Estate Tax Planning Tips For Florida Residents

Although most people have heard of the gift tax, the name is somewhat misleading. In most cases, individuals who give large gifts will never pay taxes for doing so. Those who give more than $14,000 to an individual in 2014 will have to tell the IRS about that gift on Form 709.

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