Category Archives: Estate Planning
Tax Reform Comes with Changes to Estate, Gift Taxes
The major changes to the tax code brought about by the Tax Cuts and Jobs Act of 2017 will have a significant impact on how people with a high net worth will plan their estates. Under the new law, the estate tax exemption is doubled to approximately $11.2 million for individuals and $22.4 million for […]
Important Florida Burial, Cremation Laws that Could Affect Your Estate Plan
As you are planning your funeral wishes, including whether you want your body to be buried or cremated, it’s important to keep in mind that Florida state law could affect your options. The following are some key considerations: Casket necessity: There are no laws in Florida requiring you to be buried in a casket. However, […]
Put All Your Funeral Wishes in Writing in Your Estate Plan
One of your estate planning goals should be to make matters as easy as possible on your surviving family members when administering your estate. Although it’s never pleasant to think about your own funeral and your wishes for the service and your burial, having a clear plan in writing long before you pass away can […]
Items and Issues You Cannot Keep Private with a Living Trust
One of the top benefits of a living trust is that, unlike a will, the trust does not have to be filed with a court at any time before or after your death. Therefore, the majority of its contents are never made public. In addition, the probate court does not have any supervisory powers over […]
Answering Frequently Asked Questions About IRA Beneficiaries
Based on whom you name as beneficiary of your individual retirement account (IRA), there are ways you can extend the benefits far beyond your standard tax-deferred withdrawals. In fact, you can keep the money growing throughout the lives of your children or grandchildren. After a certain point, you must begin withdrawing money from your IRA […]
Planning Your Estate After Being Diagnosed with Dementia
When you receive a dementia diagnosis, getting your estate plan in order may the last thing on your mind. However, it’s something you need to take care of while you still have the capacity to do so. Dementia leads to the deterioration of cognitive function. As the baby boomer generation reaches old age, the number […]
Tips for Protecting Children with Disabilities in Your Estate Plan
If you are the parent of a child with a disability, you must ensure you can continue looking out for your child’s best interests, even when you are no longer here. Without the proper stipulations in place in your estate plan, your child with special needs or disabilities could be left vulnerable. Below are some […]
Potential Estate Planning Effects of the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act, signed into law by President Donald Trump at the tail end of 2017, has wide-ranging implications when it comes to taxes, divorce and estate planning. High-wealth individuals and families benefit the most under the estate planning-related provisions of the law. Therefore, if you have a large, valuable estate, it’s […]
Putting Stocks or Bonds into a Trust
Transferring stocks and bonds into a trust is possible, but it takes some time and know-how, which means you should seek the assistance of an experienced estate planning attorney to do it correctly. You will need to be mindful of both state and federal laws, along with any specific requirements established by the issuer of […]
Common Reasons People Tend to Think They Don’t Need Financial Power of Attorney
A power of attorney for finances can be an extremely useful estate planning tool. However, many people mistakenly believe they do not actually need it. Below we review some of the most common reasons people tend to think they don’t need a financial power of attorney — and why they are likely to be wrong. […]