A small business owner spends so much time managing their company’s current needs, he doesn’t think about planning for his own needs. Instead of putting aside money for retirement, business profits may be plowed back into the business through expansion, increased expenses, or development of new business lines. However, retirement for an entrepreneur is serious business,...
Perhaps you spend six months in Connecticut and six months in Florida. You own property in both states, previously were considered a resident of Connecticut, but would like to make Florida your official state of residency. An individual can take a number of steps to establish Florida residency Is Dual Residency Possible? According to federal law,...
Blended families are nothing new. Many baby boomers are at or beyond retirement age, single, and looking to get married. But if you’re retired and thinking of getting married, there are some important things you’ll need to consider, including making some changes to your estate planning. Review Your Documents. Before walking down the aisle, set up...
One purpose of estate planning is to avoid probate, but sometimes probate is unavoidable. It may take some time until the executor is legally able to distribute assets. How will the executor go about managing assets during probate? Executor Duties During Probate An estate executor, also known as a personal representative, is charged with settling and...
When a car breaks down, the driver usually pulls over to the side of the road and activates the car’s hazard lights. If a boat runs into trouble, the operator may radio a Mayday call and send up flares to summon help. But when an individual becomes incapacitated, their ability to alert others that they need...
Legal documents are sometimes invalidated because they were signed incorrectly, not dated, not notarized, or not signed at all. Meeting legal requirements is especially critical when it comes to your Last Will and Testament. After all, people may not learn a Will is deficient until it is too late to have the testator re-do the document....
American taxpayers have made one message clear: it’s time for tax reform. Congress and President Biden have raised hope that relief is on the way. But it also leaves taxpayers wondering what effect the proposed tax reform will have on estate planning. Tax Reform When most people think of tax reform, they think of lowering income...
Most of us want to leave as much of our property to our families as possible. But in many cases after someone passes away, they leave behind debts that must be paid, too. Many states, including Florida, have enacted laws to protect certain property. While developing your estate plan, take time to find out if you...
People procrastinate when it comes to estate planning. Some do not want to think about their mortality, while others just feel they do not have enough assets to warrant the cost. Then there are the ‘do-it-yourselfers’ who use inexpensive legal websites or mistake Google for a qualified estate planning adviser. What people do not realize is...
We often give presents to celebrate a special event or please a significant other. Sometimes gifts serve a specific purpose, like lowering your potential estate tax burden. Let’s look at some ways to legally reduce your federal estate tax through gift-giving. First, it’s important to understand how estate taxes are calculated. Florida does not have an...
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