What is your estate tax obligation?
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | December 21, 2023 | Estate Planning
As you address your estate planning, you may begin to see more and more references being made to estate taxes. Most often, this is in reference to the federal estate tax, which you only pay if the taxable value of your estate exceeds the federal threshold (currently $12.92 million in 2023 and $13.61 million in 2024).
Confusing or Missing Documents Often Derail Estate Administration
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | November 2, 2023 | Estate Administration & Probate
In an ideal situation, at your death, your estate would be administered and distributed harmoniously, without snags or mistakes. However, there are a few ways estate administration can go wrong, resulting in resentment and even lawsuits.
Digital Assets and Online Accounts Should Not Be Ignored
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | October 11, 2023 | Estate Administration & Probate
It’s easy to overlook certain assets when preparing an estate plan, especially online accounts and digital assets. To further complicate matters, too many of such assets never provide notice via regular mail, and the only proof of their existence is digital, such that your loved ones might never be aware of them.
Your IRA and Estate Planning
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | September19, 2023 | Estate Planning
It is never too early to create your estate plan to protect and provide for your loved ones. Wills, trusts, and other legal tools enable you to make your wishes known regarding the distribution of property to your heirs. However, it is also important to understand how your Individual Retirement Account (also known as IRA) works in connection with your estate plan.
Types of trusts
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | August 22, 2023 | Trusts
Trusts can be very effective tools for reducing estate taxes and avoiding the Florida probate process.
However, trusts come in countless shapes and sizes and many people do get confused about the types of trusts exist and how they differ from each other.
Protecting Your Digital Assets As Part Of Your Estate Planning
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | July10, 2023 | Estate Planning
When creating your comprehensive Florida estate plan you should include your digital assets. Your digital assets could include a range of electronic records, including everything from social media accounts, like Instagram and Facebook, to digital photos stored in iCloud or Google Photos, to email, and even to online financial accounts, like Apple Pay, Google Pay, and cryptocurrency accounts. The following recommendations may help you know how to include digital assets in your estate plan while keeping them secure.
What if my spouse died and never updated their will?
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | June 15 2023 | Estate Administration & Probate
Losing a loved one is never easy, especially when that loved one is the person with whom you shared a home and life. The stress and grief may be compounded But, what happens if your spouse never updated their will to include you after you got married, or perhaps did not include you in a will executed after you got married. You may be concerned about your ability to inherit any of your spouse’s estate.
The Importance of Designating a Health Care Surrogate
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | May 11, 2023 | Estate Administration & Probate
A Designation of Health Care Surrogate is a legal document that allows you to choose someone to make important healthcare decisions on your behalf if you are unable to do so yourself. Some of the benefits of having a Designation of Health Care Surrogate are:
With careful planning Probate can be avoided
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | April 16, 2023 | Estate Administration & Probate
Probate Administration (usually just referred to as “probate”) is the legal process for transferring the assets of a deceased person to the beneficiaries under their Last Will and Testament, or if none exists, then to their heirs as determined by statute.
Common Estate Planning Mistakes
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | March 15, 2023 | Estate Planning
Here are 7 of the most common estate planning mistakes people make:
- Not Communicating with Your Heirs. Anyone who is assigned a role in your estate plan — agent, personal representative, trustee, etc. — should know what their responsibilities are once you pass away.
