Tag Archives: estate planning
Federal Estate Tax Exemption Bumped Up for 2023
If you have a high net worth, there is good news for the new year: the IRS has increased their estate tax exemption for the year 2023. There are also higher thresholds for tax-free gifts, which can make a big difference in how and when you decide to distribute your assets. Here is what you […]
How to Spot Cognitive Decline in a Loved One
Cognitive decline is common in aging people. Many seniors notice their faculties are not as sharp as they once were, whether that is the occasional memory issue or a degenerative condition like dementia. It can be difficult to tell whether your loved one is suffering from brief lapses of memory or if they are showing […]
What if I Can’t Find a Copy of My Loved One’s Will?
Wills are the most common estate planning tool—but what happens if your loved one dies and you cannot find the original or a copy? Whether you are the personal representative or need to find out who is, finding a missing will can be challenging. Where to check Whether you are certain the deceased person made […]
What to Include in Your Advance Directives
Creating advance directives might not be a fun task, but it is one of the best things you can do for yourself and your loved ones. Also known as a “living will,” advance directives inform your doctors and loved ones on how you want to be treated if you are unable to express your own […]
Can You Write Your Own Will?
Many Floridians want to know whether they can write their own will. The answer is yes—but depending on the extent of your estate and what you hope to accomplish, working with an experienced estate planning attorney is often a better option. Florida legal requirements To make a valid will in Florida, the testator must be […]
Understanding Estate Taxes
Estate taxes can cut into inherited wealth. Luckily, Florida does not have a state estate tax—although the federal government does. If you own property in other states, your property may be subject to other state estate taxes—and, of course, the federal estate tax. Here is what you need to know about estate taxes: The federal […]
What Are Annuities?
Annuities are an insurance contract issued and distributed by financial institutions, created with the intention of paying out invested funds in a fixed income stream. If you own annuities, you have probably invested in or bought an annuity with a lump sum or monthly premium. You’ll receive those payments throughout the specified period, which is […]
Planning for Digital Assets
These days, digital assets are more common. From Bitcoin to other assets, it is important to let your heirs know what you have stored away, where to find those assets and how to access them. Now that digital assets are more common in wills, it is a good idea to know how to plan for […]
Is it Time to Consider Aging in Place?
As we get older, it is difficult to carry on with our lives in the same manner and changing physical ability can make it tough to live in your home. Aging in place renovations can make a home easier to navigate as one grows older. Here are some ideas to consider: Who should age in […]
Can Your Parents’ Debt Be Inherited?
Sometimes, parents leave behind more debt than assets. What happens when a parent leaves nothing but debt? Are you liable for their financial choices? Debts you could be responsible for A beneficiary is not individually responsible for a debt of the estate. However, if and when the asset is no longer part of the estate […]