Category Archives: Estate Planning
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 […]
Strategies to Avoid Costs Associated With Probates
Sometimes, it’s in the best interest of people planning their estate to do what they can to avoid probate. Here are a few examples of some of the strategies you can use to avoid probate. Use a trust: Revocable living trusts can be used to bypass the probate process. Trust property is not probated, meaning […]
How to Handle 529 College Savings Plans With Your Estate Plan
Many parents contribute to 529 college savings plans on for their children. The parent can contribute any amount to the 529 plan, and most do not have age or time restrictions to make withdrawals. You can easily transfer funds to another qualified 529 plan at any time without punishment and can roll over the funds […]
What to Know About Transfer-on-Death Securities and Deeds
Certain types of assets in your estate may contain transfer-on-death designations. Some examples include securities and deeds to certain types of properties. Here’s a quick overview of what you should know about these assets when they have a transfer-on-death (or “TOD”) designation. Transfer-on-death securities The Uniform TOD Securities Registration Act allows securities holders to name […]
The Stages of a Revocable Living Trust
Revocable living trusts are useful tools for avoiding probate and passing down assets to beneficiaries. There are several stages of operation for these trusts: Stage one: You, the grantor, are alive A revocable trust is created from the time you execute the trust. The trust will include information about how you can invest and spend […]