Revocable vs. Irrevocable: Trusts for Tax Reduction

Every trust has a purpose. Avoiding probate and asset protection are common reasons for establishing a trust. Every trust is also either revocable or irrevocable. When choosing trusts for the purpose of tax reduction, it’s critical to understand the difference between revocable and irrevocable trusts. Revocable vs. Irrevocable – Some Basic Differences The biggest and most basic difference is that revocable trusts Read More

How to Avoid a Guardianship

When you hear the word “guardianship” you may think of children. It seems to be the most common occurrence – a guardian caring for a child. However, guardians also assist adults with their daily lives. Having a stranger take on that guardianship role is not always the best solution, though. With the right estate planning, you can learn how to avoid a guardianship when better choices are available. Adult Read More

Your Florida Estate Planning Guide

Your estate plan is one of the most important sets of documents you’ll ever prepare. However, estate planning laws vary from state to state. Knowing which documents to prepare can be confusing if you moved to Florida from another state. If you live in Florida, allow this article to serve as your Florida estate planning guide. Florida Estate Planning: The Will The document most people associate with an estate plan Read More

Keeping the Family Business

According to the Service Corps of Retired Executives (SCORE), there are 28.8 million small businesses in the United States. Family businesses make up 19% of that total. Roughly 60% of U.S. employees work for a family-owned business. These statistics do not reveal the painful decisions a family may face over the fate of their company. Unfortunately, families often must decide whether keeping the family business is in Read More

What Happens to My Social Media After I Die?

Social media has become part of the very fabric of our society. Through our online accounts, we share personal moments, reconnect with loved ones and friends, and often create a kind of digital legacy. Instead of boxes of love letters and ancient photographs our parents and grandparents kept, we now have posts on Facebook and digital pics of everyday life on Instagram. If you have open and active social media Read More

Ways Your Minor Child Can Inherit

People usually want their property and assets to go their spouses and children. However, what do you do when your child is under age 18? Are there ways your minor child can inherit if you die before they reach their majority? Fortunately, estate planning can address this situation to make sure your child receives the inheritance you want them to have. A Minor Child May Inherit with or Without a Will Wills are one Read More

3 Reasons to Review Your Will

When Joe K. passed away last year at age 52, his family began the process of probating his estate. They were glad he had left a Will. However, he prepared the Will when he was only 30 years old. Much had changed in the ensuing 22 years. Sally B. also left an estate plan for her family but had prepared it before she married several years ago. And Tony S.’s family and net worth have grown since he prepared his Will Read More

Probate vs. Non-Probate Assets

Everything you own at the time of your death will be transferred to your heirs. However, not all your property will pass through probate. For example, when Chase B. died, he left behind property that included two homes, three cars, several retirement accounts, a thriving business, and a saltwater fishing boat. The personal representative of his estate started gathering Chase’s property, only to learn that some assets Read More

Will My Estate Have to Pay Federal Estate Taxes?

Not every state collects estate taxes. However, the federal estate tax potentially applies to everyone, though not everyone will have to pay federal estate taxes. The best time to worry about estate taxes is while you are working on your estate planning. You and your estate planning lawyer may be able to lower or eliminate your estate’s tax bill. What is the federal estate and gift tax exemption? The IRS sets a Read More

Wealth Preservation Through Estate Planning

When you consider the goals of estate planning, typically people want to pass on their property and assets to their loved ones. People may preserve wealth by careful investments in rare coins, fine art, exclusive real estate, and other items estimated to maintain or increase in value. However, wealthy individuals may need innovative and comprehensive strategies designed with an eye toward wealth preservation through Read More