Category Archives: Estate Planning
What is a Holographic Will?
A holographic will is a handwritten by the testator that is not witnessed. These wills are not recognized in Florida. Here’s why Florida courts refuse to recognize holographic wills: Lack of required provisions: There are frequently complications that occur with these kinds of wills because they tend to be written hastily and are not executed […]
Pros and Cons of Putting Retirement Assets in a Trust
As you go through the process of naming beneficiaries for your retirement accounts, consider naming a trust rather than an individual. This, however, can be rather complex. The complication centers around whether the retirement assets can be stretched out over the beneficiary’s lifetime or are required to be distributed much sooner. Here are some of […]
What to Consider Before Making a Large Financial Gift
The Tax Cuts and Jobs Act, enacted December of 2017 significantly increased the exemptions for lifetime gift and estate taxes. Currently, the federal exemption is $11.7 million per individual or $23.4 million for married couples. That exemption is set to expire at the end of 2025. However, with a new administration and Congress, there is […]
Potential Estate Tax Changes in a Biden Administration
Any time a new president takes office and a new congress takes shape, there are questions about what that could mean for the United States tax code and other types of legislation. As American politics become more polarized, tax policy becomes more dynamic, changing with the political party that holds power. Now, at the beginning […]
Making Cash Gifts to Avoid Estate Taxes
Giving your wealth away while you are still alive isn’t just a way for you to get some satisfaction out of seeing how your gift affects your loved ones—it’s also a savvy estate planning tactic that can help you reduce or eliminate your estate tax responsibility. Here’s an overview of what you should know about […]
Why it’s Important to Make a Will if You Have Children
While it is always important to have a will in place, it is especially important if you have minor children. Here are just a few reasons why: Guardianship: With a will, you can name who would assume guardianship of your children if you die while they are still minors. Otherwise, if you die with minor […]
The Benefits of Virtual Meetings With Attorneys During COVID-19
During the time of COVID-19, it has become commonplace for attorneys to meet with their clients virtually whenever possible. There have been so many benefits to virtual meetings that it is expected they will continue to be a service offered by many law firms even after the pandemic has subsided. Here are a few examples […]
Digital Assets You Should Handle in Your Will
Today’s wills must account for digital assets as well as physical and financial ones. You can leave behind instructions for any or all of your digital assets in your estate plan, but only some can actually pass through your will. These are assets that you own and have real, value to them. Examples of these […]
An Overview of Co-Ownership of Real Estate in Florida
In Florida, there are three primary forms of joint ownership of real estate/home titles. Let’s take a quick look at each of these three and the pros and cons that come with them. Tenancy in common In Florida, when two or more people hold a title they ususally do so as tenants in common, unless […]
Prenups and Estate Planning Can Overlap
The way prenuptial agreements are used in marriages can result in them having a bit of an overlap at times with estate planning, because these contracts often limit a surviving spouse’s right to inherit property. Every state has laws in place that protect a surviving spouse’s property and inheritance rights. These laws were originally implemented […]