If your estate exceeds a certain value at the time of your death in Florida, your heirs will have to pay an estate tax on it. Some people claim that this is not fair because it taxes the assets twice. The argument goes that the decedent paid income tax on the money...
Month: April 2019
Court rules on possession of Farrah Fawcett portrait
Florida fans of actress Farrah Fawcett may be aware that there was litigation concerning her estate. The litigation was focused on one of the two portraits that artist Andy Warhol painted of the actress in 1980. Fawcett's last will and testament left her art...
How are revocable and irrevocable trusts different?
If you have begun your Florida estate plan, you likely already know that you have a variety of trusts from which to choose. You also likely know that trusts come in two basic kinds: revocable and irrevocable. But do you know the differences between the two types?US...
A trust can offer more advantages than a will
Most people do not like discussing the possibility of passing on. Therefore, many Florida adults avoid estate planning in the manner that many avoid getting a medical checkup. But for those with assets to leave after they die, estate planning is very important to...
Settlements, children and guardianship
Guardianship is extremely helpful in many situations, and it can help ensure that people who are unable to take care of themselves receive the support that they need. From incapacitation due to an unexpected accident to someone with special needs, there are many...
What will my stepparent inherit if my parent dies?
One of the most confusing and potentially contentious topics when it comes to estate planning is where the assets go if one or both parents die without a will. This can be especially complex if a parent has remarried. You and other Florida residents with blended...
Factors to consider when choosing a guardian for children
One of the last things Florida couples want to consider is who would raise their children if something were to happen to them. Unfortunately, it is extremely important to choose a guardian for your child to include in your will or estate plan. This gives peace of mind...
Beneficiary designations are an important part of estate planning
Estate planning is often not as simple as just writing a will. Assets like retirement accounts, annuities and life insurance pass to heirs through a beneficiary designation. Here are some things Florida residents may need to know about beneficiary...
There are many trust options available
Florida residents who are creating an estate plan may have heard about the benefits of trusts. As there are many different types of trusts, it is important to understand what they do and who could benefit most from them. For instance, if an individual has a child with...
How trusts can be used to preserve family wealth
After people in Florida create an estate plan, it may need to be updated regularly. Lee Radziwill, the sister of Jacqueline Kennedy Onassis, died in early 2019 and had a will that was dated Sept. 20, 2018. There was a revocable trust from 2017. The proximity of these...
