With an eye toward reducing their potential federal estate tax, Malcolm and Helen began reviewing their estate plan. As they discussed options with their estate planning attorney, they learned about the annual gift tax exclusion. The Annual Gift Tax Exclusion According to current IRS guidelines, individuals may make gifts of up to $15,000 per person (as...
Have you ever made a Will? According to a Gallup poll, only about 44% of Americans have done so. That’s unfortunate, because every adult needs an estate plan, now more than ever. And in our everchanging world, you need an estate planning lawyer to help you prepare the best estate plan possible. Though there are many...
The personal representative of an estate has an important job. One of the most important parts of that job is locating and gathering probate assets. Finding a decedent’s car and house may not be hard, but what about items that are stored somewhere, such as personal property, cash or bitcoins? The job may be harder when...
Portability technically means something that can be easily moved or carried. The term can be used in several contexts. For example, software portability means the software is easy to transfer to another computer. Portability of retirement and pension funds indicates that a worker may transfer retirement funds when taking a new job. In Florida, homeowners may...
You’ve already taken the first step: developing an estate plan. Your Will, durable power of attorney, and advanced health care directive have been signed and are stored away. Now it’s time to take the next step. It’s time to talk to your family about estate planning. Your Plan, Your Time Talking about estate planning can be...
A simple estate plan covers the basics: you get to choose who will represent you if you become incapacitated, who will make medical decisions on your behalf, and how your property will be distributed after you are gone. What a simple plan does not cover is how to protect that property before and after your death....
If you have built and/or acquired substantial assets over your lifetime, chances are you want to enjoy their fruits before passing them on to loved ones. Gifts are one way to share the wealth.  In addition, trusts that transfer wealth may reduce your taxable estate with some added benefits. Besides transferring wealth, you may be able...
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...
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...
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....