Often, people explain that they do not have enough assets to need an estate plan. However, regardless of the value of assets you have, reviewing your personal financial plan from a legal and estate plan perspective is highly recommended. In fact, even those who have substantial debt may be able to pass assets on to beneficiaries. Everyone can benefit from creating and reviewing an estate plan including the elderly, married couples, parents with minor children and singles.
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Recently, the Florida legislature has addressed the issue of fiduciaries’ ability to access digital data, which can include things such as emails and social media postings. On July 1, 2016, the Florida Fiduciary Access to Digital Assets Act went into effect and it applies to estate planning documents regardless of when they were signed. This act is found in Chapter 740 of the Florida Statutes. Individuals, estates, trusts, and businesses can direct who may have access to their digital assets and electronic communications and to what extent those communications may be available to a fiduciary. Those persons can express their wishes in a Durable Power of Attorney, Trust or Will.
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Our personal planning services are for everyone! Many people believe that only the elderly or those with bad health prognoses need to visit an attorney to do their estate planning and execute a will or trust. Others may believe that they have no need for any planning as they may believe assets may automatically go to their children. We recommend that you visit a Florida attorney to analyze your situation and ensure that your wishes in regards to your assets shall become reality. Life has many uncertainties and it is best to have peace of mind no matter your age.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Wills, Trusts & Estate Planning
Understanding the tax rules as a widow or surviving spouse can help you project the real tax cost of selling your primary residence. Below are just a few general things to consider in making the tax analysis.
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While we are happy to assist clients with creating wills to ensure assets are distributed according to clients’ wishes at their death, we offer a much broader service to clients. In addition to revocable trusts which can allow for control over assets titled in the name of the trust during lifetime, one of the most important documents that we draft for clients is a durable power of attorney.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
What is basis and why does it matter? A basis is a monetary amount assigned to property for tax purposes. This value is very significant because the basis is used when calculating gains or losses on the sale of property. If you inherit property from a family member, friend or any generous benefactor, there will be a basis assigned to that property.
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Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Tax Law & IRS Defense,Wills, Trusts & Estate Planning
While the tax basis of a property is important in determining estate tax for higher net worth individuals, it is also a significant consideration for individuals of any net worth in determining the income tax (gain or loss) beneficiaries will ultimately pay when the property is transferred. The basis of property inherited from a decedent is generally the Fair Market Value (FMV) of the property at the date of the individual’s death. Thus, a real estate or personal property appraisal may be advisable to consider.
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When you act as a trustee under a Trust or as an attorney-in-fact or POA under a Durable Power of Attorney, you are doing so as a fiduciary and under a legal role where you have certain legal authority. The above question could apply to any documents you sign such as a mortgage, promissory note, contract, or check. The short answer to the above question is – no, you do not need to. However, you may want to (depending on the type of document), and it may better practice to do so. Moreover, what the document actually says may control despite however you may sign.
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