Category Archives: Estate Planning
Federal Estate Tax Changes In The New Tax Law
The federal estate tax law has not been eliminated as was expected, but it has been changed in a major way. However, under the new tax law, the estate tax exemption limits have been doubled in such a way that fewer people will have to worry about the federal estate tax. Under the old… Read More »
Some Family Limited Partnership Basics In Florida
FLPs have been around for years, but they are just now becoming popular, primarily due to their significant tax advantages under recently-passed laws. They are also relatively easy to set up, but the attorney must be very experienced in these matters, since some complications can arise. Essentially, most FLPs have one general partner who… Read More »
Summary Administration For A Florida Estate
Generally people who are taking steps to get their estates in order for the benefit of their heirs or beneficiaries are advised to avoid probate when selecting the methods through which their property will be passed on. People are usually advised to avoid probate because of the time and expense of it. However, depending… Read More »
Implied Trusts Under Florida Law
Most people who may recognize a trust as an estate planning tool that can help then provide for their beneficiaries after their death. However, not all trusts are used in this way, and one such trust is a constructive trust. A constructive trust is not actually a trust under the general definition of a… Read More »
Administration Of A Foreign Will In Florida
Many people consider Florida a prime location to move after retirement. Because these people may have spent their adult lives in another state, it is likely that they already have their estate planning documents, such as wills, drafted in another state before they move to Florida. If a person dies after residing in Florida… Read More »
Contingent Beneficiaries
Insurance policies provide a good opportunity for a person to leave some money to his heirs after death. Unlike other bequests, life insurance proceeds are paid directly to the named beneficiaries without going through probate. This means that the beneficiaries can receive the life insurance proceeds faster and tax free. In designating a life… Read More »
Lapsed Gifts And Substitute Beneficiaries
Despite well laid plans, sometimes a person named in a will dies before the testator (the person who bequeaths his property in the will) and is no longer able to inherit under the terms of the will. When this happens, the testator can change his will to name another beneficiary of the deceased person’s… Read More »
Determine If A Bypass Trust Is Best For You
Although the state of Florida does not tax a person’s estate upon his death, an estate is still subject to federal estate taxes. In order to avoid paying an excessive amount in estate taxes, essentially reducing what is available to be passed on to heirs, people may use various methods of estate planning and… Read More »
Using A Will To Name A Guardian For Children
In preparing a will, parents often spend a lot of time planning how their children will be taken care of after the parent’s death. In many cases, the parents arrange for property that will pass to the children to be placed in a trust with a trustee in charge for the children’s benefit. However,… Read More »
What Is A Living Will?
Most people know what wills are, and what role they play in a person’s estate plan. However, the term living will often causes some confusion, especially if confused with a living trust. A living will is different from both a living trust and a will, and serves a distinct purpose. A living will is… Read More »
