Posted in Asset Protection,Probate & Trust Administration,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
The recently enacted One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduces significant modifications to federal estate, gift, and generation-skipping transfer (GST) tax rules. These updates are likely to impact estate and wealth transfer planning for many individuals and families.
Estate planning isn’t just about who gets what—it’s about how your assets are passed down and whether the asset distributions remain within each family branch or whether they are divided equally among the living family members without considering lineage differences. Two important terms that can significantly affect how your estate is distributed are “per stirpes” and “per capita.”
Navigating the complexities of tax law can be a challenging endeavor, especially when trying to grasp important concepts such as basis, capital gains, capital losses, and the step-up in basis upon death. These terms are not only foundational to tax planning, but they also play a significant role in managing your investments and estate planning. Understanding how these elements work together can help you make more informed financial decisions, reduce your tax liabilities, and ensure that your estate is handled efficiently. In this blog post, we will break down these concepts in an easy-to-understand way, helping you optimize your tax strategy for the future.
The role of a personal representative in a probate case is a crucial and often complex one. A personal representative may be nominated in a Last Will & Testament but is ultimately appointed by the probate court. If there is not a Last Will & Testament, there are statutes that give preference to certain individuals to serve as personal representative or the personal representative may be selected by the beneficiaries. This individual is responsible for managing the estate of a deceased person, ensuring that all assets are properly distributed, and any debts are paid. Here, we’ll explore the key duties and responsibilities of a personal representative, providing a comprehensive guide to help those undertaking this important task.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Wills, Trusts & Estate Planning
What is a Lady Bird Deed?
A Lady Bird Deed, also known as an Enhanced Life Estate Deed, is a unique type of deed recognized in Florida. It allows property owners to retain control over their real property during their lifetime while designating a beneficiary to inherit the property upon their death, without the need for probate.
The Will: Your Map
Think of your Last Will & Testament as a trusty old map you leave behind. It’s like a set of instructions for your family, telling them how to handle your beloved car (a/k/a your estate) once you’ve parked it in the great garage in the sky. Here’s how it works:
A revocable living trust generally does not provide asset protection from creditors for the person who creates the trust (the grantor/settlor/trustor). Because the grantor retains control over the assets and can revoke the trust at any time, creditors can often reach into the trust to satisfy the grantor’s debts. Here’s why a revocable living trust typically does not offer creditor protection:
Despite the recent tumultuous times, the use of cryptocurrencies such as Bitcoin, Ethereum, and others are still prevalent in today’s digitized age. While these digital assets offer numerous benefits, including decentralization and security, they also present unique challenges when it comes to estate planning. In this blog post, we will explore the importance of incorporating cryptocurrency into your estate plan and provide practical tips to safeguard your digital assets for future generations.
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