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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There are a lot of misconceptions about estate planning. One of the major ones is that it is not necessary or important to do until later in life. I can understand that mindset, because I previously had similar thoughts. However, after practicing in the estate planning field, I can tell you from experience that waiting on creating an estate plan is not a prudent course of action and can result in a lot of agony, frustration, and economic loss for your loved ones. In this post, we explore how estate planning can be useful over the various stages and circumstances of life.
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Friends and family members often worry about how to protect their elderly loved ones. Particularly at risk are elders with advanced dementia, making them vulnerable to scammers and sometimes unable to take care of themselves. Florida’s Department of Elder Affairs reports that nearly 12% of Florida’s senior population has been diagnosed with Alzheimer’s disease, which often manifests through dementia. A visit to an attorney frequently leads to the discovery that estate planning, including advance directives that give voice to one’s future wishes and help avoid a guardianship, has not been done. As a result, guardianships are often considered as a last-resort solution.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Wills, Trusts & Estate Planning
As the saying goes, “anyone who believes in free will has never heard of probate.” Attorneys are frequently contacted by clients who need help navigating estates after the loss of a family member or friend. Probate is often inevitable if there is property to be divided.
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What is the difference between a revocable trust and a will? Should I create a revocable trust? These are among the most frequently asked estate planning questions at our office. Here are some advantages of a revocable trust:
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This year, National Healthcare Decisions Day is not just a day but an event lasting from April 16 to 22. This event is a national initiative to provide awareness and inspire adults to do or review their healthcare planning.
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Many of Florida’s senior citizens and families have reason to celebrate the 2017-2018 Annual Budget, which recommends $315.5 million for the Florida Department of Elder Affairs.
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