While most everyone has their sights set on Halloween -- readying their costumes, purchasing candy and putting the final touches on decorations -- it's nevertheless very important not to lose sight of a very important event this month.October 19 to 25 is National...
Estate Tax
Are you a millionaire? The answer may surprise you
When you hear the term millionaire, chances are good that your thoughts immediately go to business tycoons, famous actors, professional athletes and even so-called reality TV celebrities living in large houses, driving luxury cars and making extravagant purchases. In...
Is a qualified personal residence trust a smart tax strategy?
Given the uncertain real estate market, individuals may wish to include their homes in their estate planning. Yet is there a way to transfer a home while minimizing the tax implications?A qualified personal residence trust might be the option for such individuals. For...
Business owners too often slow in updating estate plans
Time ticks on for all of us. For those with significant Miami business assets, the ticking can take on an ominous tone if they have been lax in creating an estate plan. Without such a plan, the business they have worked so hard in life to build and nurture might...
Do you know whether you might need to file an estate tax return?
Readers may know that an estate tax return does not have to be filed for estates whose taxable value is below the estate tax exemption. For 2015, that amount will be $5,430,000.For many estates, a filing may be unnecessary. Yet could there be another reason for filing...
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...
Inheritance tax considerations should not be ignored
Many individuals overlook the possible consequences that can come along with an estate or inheritance tax because they too often assume such a tax will not apply in their circumstances. However, with real estate prices becoming higher there is always the possibility...
Minimizing taxes when passing on estate to the spouse
The American Tax Relief Act of 2012 allows for the portability of an applicable exclusion amount between two spouses. In other words, the portability election allows for transference of an unused estate tax exclusion of a spouse that has died to go to the surviving...
When it comes to estate taxation, not every state like Florida
The federal exemption for individuals concerning estate taxation is now $5.34 million and $10.68 million for couples. However, there are still individuals living in certain states where the exemption rate is much lower than it is on the federal level.A number of...
State estate taxes important to consider when estate planning
In the past, for many Floridians, as well as people in other states across the nation, consideration for the possible federal estate tax liability was among the factors taken into account during their estate planning. While the changes to the federal estate tax...
