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How to Leave Money for a Charity in Your Estate Plan
Do you have a charitable organization you care about? You may wish to leave a bequest to this organization through your estate plan. There are a variety of methods you can use to accomplish this while maximizing the tax benefits. Here are just a few examples: Direct bequests: You can use your will or a […]
Estate Planning Considerations for People Without Children
Just because you do not have children doesn’t mean you don’t have a reason to plan out your estate. If you care at all about what happens to your assets after your death, it is important to spend some time considering your affairs. Here are just a few of the most important considerations for you […]
The Benefits and Limitations of Owning Property in Joint Tenancy
Joint tenancy with right of survivorship is a popular property ownership method that allows for probate avoidance. Any property owned in this format automatically passes to the surviving owner or owners of the property without having to go through the probate process. Here are just a few of the primary advantages of owning property in […]
What to Know About Avoiding Probate in Florida
One of the main goals of estate planning is to avoid the probate process as much as possible. Probate can easily get drawn out, resulting in higher court expenses and a longer time passing before heirs are able to receive their inheritance. Here’s a quick look at some of the most important things to know […]
The Property You Shouldn’t Put in a Will
There are certain kinds of property you can leave out of your will, for a variety of reasons. In many cases this is because the property will already pass to your heirs through other means. Here’s a quick look at some of the property that should not be included in a will: Property with a […]
Intestate Succession in Florida: Spouse’s vs. Children’s Shares
In Florida, a married person who dies without a will could see property pass on to their spouse or other living descendants. But how do the state’s intestacy laws determine who gets what and how much? Determining child vs. spousal share If you pass away and have biological children from you and your surviving spouse, […]
The Personal Representative’s Financial Responsibilities
While the personal representative of an estate does not bear any financial liability themselves in their duties managing an estate, they do have financial responsibilities to ensure the estate is properly administered. Debts The personal representative is charged with paying off debts owed by the deceased’s estate using estate assets. To do this, the representative […]
The Personal Representative’s Role in Gathering Assets
The personal representative of your estate will have a variety of responsibilities after your death. Among these responsibilities is the collection, organization and distribution of assets to your beneficiaries. The process of gathering assets can be complicated. Here is an overview of what you should know to help your personal representative with this task: Identification: […]
Could the Inheritance Tax Make a Comeback?
The federal estate tax exemption has increased for decades, but in the midst of a deadly pandemic, there is a possibility the exemption will be significantly reduced. The inheritance tax dropped off significantly in the 1970s. Today, it only accounts for about .5% of tax revenue in countries where it is still used, according to […]
What to Know About Life Insurance Trusts
An irrevocable life insurance trust (ILIT) is a vehicle through which you can facilitate ownership of one or more life insurance policies. The main purpose of an ILIT is to reduce or eliminate estate taxes. The ILIT is both the owner and the beneficiary of the life insurance policy which typically insures the life of […]