Category Archives: Estate Planning
Tips for Choosing a Long-Term Care Facility
Nearly half of all women and a quarter of all men over age 65 will at some point enter a long-term care facility or nursing home. While many of these stays are short to allow for a supervised recovery from an injury or illness, other stays are for extended periods of time. More than one-third […]
Why You Need to Make a Will if You Have Children
While just about anyone benefits from creating a will, it’s an especially important step to take if you have children. Below are just a few reasons why: You can select guardians for your children: This is perhaps the best reason to prioritize estate planning if you have children. If the worst should happen, you will […]
Estate Planning Lessons from the 2017 Hurricane Season
The 2017 hurricane season was brutal for Floridians, especially those who were directly in the path of Hurricane Irma. Many people were forced to evacuate their homes. While the storm did not end up being quite as devastating as was initially predicted, there was still a lot of destruction left in its wake. The storms […]
Would Digital Wills Encourage More People to Engage in Estate Planning?
Most studies indicate that half or more of Americans do not have a will in place. The reasons why Americans do not write (or update) their wills vary. Some people simply do not like having to think about their death and how they want to pass on their assets. Others find the process of making […]
Assets Millennials Must Consider When Estate Planning
Millennials are, in part, known for their financial consciousness. The people who make up this generation tend to be more careful with their money and property, likely as a result of coming to age during and immediately following the Great Recession. Plus, being overburdened by student loans has forced many Millennials to be as frugal […]
New Tax Law Temporarily Changes Estate Tax Exemptions
Since the new tax bill was signed into law in December, many people have been asking about how the changes could affect their estate plans. At this time, many of the effects of the law remain to be seen. One area in which we can be relatively certain of how the bill will affect estate […]
Florida Among States That Become Better for Retirees Under GOP Tax Plan
One of the primary aspects of the recent tax reform bill is that it drastically limits the deductions taxpayers can take for local and state taxes. Therefore, people who have not yet retired are more likely to consider if they will relocate to a more tax-friendly state in the future. Income taxes Florida is one […]
20-Year-Old Florida Man Wins $450 Million Jackpot in Lottery
Shane Missler, a 20-year-old man from Port Richey (near Tampa) was recently announced as the $450 million Mega Millions jackpot winner. The jackpot reached previously unseen heights thanks to rules that were changed last year to make winning more difficult. There were 23 total drawings before Missler’s ticket was selected as the lucky winner January […]
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 […]