Posted in Asset Protection,Probate & Trust Administration,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
The SECURE Act, or the “Setting Every Community Up for Retirement Enhancement Act”, was recently signed into law on December 20, 2019 without much notice. It took effect on January 1, 2020 and significantly changed the landscape of retirement planning. Here are some of the major changes created by the new law:
Florida is leading the way in estate planning as a new bill is revolutionizing the way Floridians execute their last will and testaments. The Florida Legislature passed House Bill 409, which allows for electronic wills and electronic signatures starting January 1, 2020. Like a traditional will, an electronic will must be signed by the testator in the presence of two witnesses. An electronic signature is defined as “an electronic mark visibly manifested in a record as a signature and executed or adopted by a person with the intent to sign the record.”
Baby Boomers who have worked hard to manage their finances have children who are of the age to either carry on their financial success and hard work or lose it all. The best gift a parent can give to themselves and their child is to help their children organize and manage their affairs.
Let’s start off with what happens if you do not have a Will. If you die without a will (this is called dying “intestate”), your property will be distributed to your heirs according to a formula fixed by law.
Posted in Asset Protection,Probate & Trust Administration,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
It is recommended to periodically review your estate plan to determine if there are new planning opportunities of which you can take advantage. Below are three tips as you move through 2019:
With the new year around the corner, it’s time to start thinking about what you have been avoiding and go ahead and tackle it. Estate planning is typically one of those things we avoid because it is uncomfortable. Experience practicing in estate planning tells me that there are very few things in life that are certain, but we all know that one day our passing is one of those things. So, what better time to begin your estate planning, than at a point where the possibility seems distant.
Here are just 5 reasons to stop putting it off:
Many people have either a fear of probate or confusion about it. However, probate generally does not deserve the bad feelings its name evokes. On one hand, sometimes the probate process is beneficial, whereas on the other hand, sometimes it may be more efficient and cost-effective to create a plan to avoid probate.
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Posted in Asset Protection,Probate & Trust Administration,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
How did tax reform affect estate planning? The tax reform signed into law on December 22, 2017 increased the estate tax exclusion from $5.49 million[1] to slightly over $11 million.[2] Estate tax is a tax on property transferred upon your death, but only estates valued in excess of the exclusion may owe tax. In general, assets of a decedent in addition to any lifetime gifts that exceed the annual gift tax exclusion[3] on which gift tax has not been paid, are included in the calculation. For married couples, each spouse could have an exclusion[4]. Most individuals and couples do not have assets exceeding $11 million and $22 million, respectively, so the group to which estate tax is relevant has drastically reduced.
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