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Avoid These Potentially Troublesome Gift-Giving Strategies
Although there’s a large tax exemption limits for gifts you make to other individuals each year, there are still some gift-giving strategies that could land you in trouble with the Internal Revenue Service (IRS). Below are a few examples of the actions you should avoid. Loans disguised as gifts In some cases, parents or grandparents […]
How Joint Tenancy Can Help You Avoid Probate
Joint tenancy is the most popular means of avoiding probate. Any property held in joint tenancy automatically passes to all surviving owners when one owner passes away. Setting up joint tenancy is also an easy (and free) process, which only adds to its popularity. Anyone who purchases real estate, motor vehicles, securities or other valuable […]
What You Cannot Change by Avoiding Probate
Avoiding probate is one of the more common goals people have when they’re engaged in estate planning. Although there are numerous trusts and other estate planning tools that can help you circumvent probate, it is important to remember that bypassing probate does not allow you to avoid other important obligations. Below are a few examples […]
Reasons You Might Consider Passing Some Assets to Your Heirs While Still Alive
One of the most significant benefits of estate planning is that it allows you to take control over who receives your assets and property after you pass away. However, you do not have to wait until your death to pass along money or gifts to your loved ones. You can give up to $14,000 worth […]
Strategies to Help You Gain More Control Over Distribution of Estate Assets
Sometimes, simply listing the assets you want to go to your children does not provide you with enough control in your last will and testament. For example, you might be worried about your child’s spending habits, fearing that he or she will burn through the inheritance too quickly. If this is a concern for you, […]
Tips to Help You Avoid Family Fights Over Your Estate
Unfortunately, it’s somewhat common for families to experience conflict over a loved one’s estate — especially the contents of a last will and testament. Even if you assume your family members will get along with each other after you pass away, you can still take extra steps to ensure there will be no conflict after […]
Estate Planning Tips for People with Dementia
If you have been diagnosed with dementia and are still in the early stages of the disease, it is imperative to ensure you have a fully updated estate plan in place. People who have dementia eventually experience trouble with memory loss, cognitive function and language — and the decline can be rapid in some circumstances. […]
Reconstructing Your Records and Estate Plan After a Hurricane
If you are one of the many people throughout Florida who have been affected by the destruction of Hurricane Irma, it’s important to take the time to get your records and estate plan back in order. For example, you might need tax records to prove your losses, or you could need to write a new […]
Tips for Keeping Estate Planning Documents Safe from Natural Disasters
Living in Florida, it is always important to plan for worst-case scenarios regarding the weather. Hurricane Irma was only our most recent reminder of this. Part of your plan should include how you can protect important estate planning and financial documents. Below are a few ways you can safeguard these documents when inclement weather and […]
Key Estate Planning Tips for New Parents
The moment you become a parent is the same time that creating an estate plan becomes much more urgent. Many of new parents are unfamiliar with the strategies and tools associated with estate planning, making it somewhat of an overwhelming experience. However, estate planning does not have to be overwhelming. The following are three simple […]