Trusts are a popular way to engage in probate avoidance. Many people who plan their estates prioritize probate avoidance because they want to maximize the funds that they will be able to leave to their beneficiaries.If you are interested in avoiding probate, you...
Month: March 2020
What types of wills are valid in Florida?
One of the reasons why individuals draft wills is to list the valuable and sentimental property that they have and to document their wishes for what they want to happen with those assets when they pass away. Florida's intestate succession rules apply in instances in...
Creating your will: A critical part of your estate plan
If you've decided that it's time to write a will, then you're going to want to know all the things you can do to make it easier. Everyone is aware that making a will isn't always the most pleasant thing to do. It draws attention to the inevitable, and it can be...
Why your college student needs estate planning documents
If you've got a child going off to college next year, or who recently started college, the last thing on their mind is likely estate planning. However, there are some specific documents commonly included in estate plans that most young people should have once they...
What to take into account when choosing a guardian for your child
If you have a child with intellectual or cognitive disabilities that is nearing the age of majority, then you may want to start considering identifying and appointing a guardian for them. Don't worry! Selecting a guardian for your child won't take away your ability to...
How 529 plans help create estate planning flexibility
For Florida residents, putting money into a 529 education savings plan can be a way to reduce the size of a taxable estate. At the same time, an individual has the power to dictate who the beneficiary of that account will be. Typically, an individual can provide a...
What does the will abatement process entail?
Generally, many years pass between when a testator drafts their will and their personal representative needs to locate it. A lot can change during that time. A testator's property may decrease or increase in value. They may dispose of or acquire new assets. If there's...
Why a person might want to create a trust
Florida residents and others might not be comfortable thinking about their own mortality. However, creating a revocable living trust may have several benefits for people today and into the future. For instance, an individual gets to control how the assets inside of...
Avoiding estate and gift taxes
Florida residents who have substantial assets might need to navigate the federal estate and gift tax laws. While these laws will not impact many people, they can affect the estates of very wealthy individuals.The Tax Cuts and Jobs Act was passed in 2017. Part of that...
Make sure that you pay your taxes when your loved one dies
Whether you're planning your estate or you have a loved one that's recently passed away, you've probably heard of a variety of taxes that may be due upon someone's passing including inheritance, estate and death taxes. You should know the difference among all of...
