Understanding Estate Taxes

Tag Archives: estate taxes

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 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 […]

Tips for Choosing the Right Place to Retire

It’s never too soon to start planning for your retirement or for engaging in estate planning. In fact, a lot of retirement and estate planning goes hand in hand. If you plan to retire in a new state, you should revisit your estate plan with an attorney licensed to practice law in the state you […]

Should You Convert Your IRA to a Roth IRA?

In some circumstances, it makes sense for individuals to pay the taxes on their retirement savings early. A Roth IRA is funded with after-tax dollars, which means all qualified withdrawals can be made tax free. In addition, Roth IRAs do not have the required minimum distributions mandated by the Internal Revenue Service that other retirement […]

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 […]

The Potential Sale of the Clippers from an Estate Planning Perspective

Recently, the media reported extensively about Donald Sterling, the Los Angeles Clipper owner whom the National Basketball Association (NBA) banned for life because of his alleged racist remarks. According to a CBS News release, the NBA Commissioner is pressuring Sterling to sell the Clippers. However, there are significant monetary factors involved with selling now: Sterling […]

The Importance of Gift Planning

There is tremendous personal satisfaction in sharing your good fortune with those you love and supporting causes you care about. There are also tax advantages to doing just that. With federal estate taxes set at 40 percent for any amount in your estate that exceeds $5,340,000, it is crucial for wealthy individuals to explore ways […]