Family situations can be complex. For example, an individual in a second marriage may want to provide for his or her spouse's welfare, yet also leave a bequest to children from a previous marriage. Without estate planning, property held in a joint tenancy might...
Month: September 2014
Are wills and trusts only for the wealthy?
According to the Internal Revenue Service’s website, an estate tax return on IRS Form 706 may not be required for estates whose gross assets (including taxable gifts) are under $5,340,000 in 2014. Readers may have questions regarding that estate tax...
Taking another look at probate and intestacy
Readers likely know that the rules of intestacy in Florida provide for the passing of an estate to the surviving spouse, subject to certain conditions. Yet probate is often required before the rules of intestacy can be applied to an estate. One way to bypass...
How is a living trust different than a revocable trust?
Readers of this blog may have heard the term, living trust. Although it is an established option in estate planning, readers may have some questions about the control of assets and potential tax implications of this option. As background, keep in mind that a...
