Estate Planning: What Should I Be Focused on for 2021?
Estate planning for 2021 should be a priority this year. Why? Because the new Biden Administration has a number of tax policy proposals that may significantly change how you will approach your estate planning moving forward.
Estate Plan Options In Response to Changes in the Estate Tax Exemption and the “Step-Up…
To fund sweeping plans to combat Covid-19, provide aid to businesses and families impacted by the pandemic, and rebuild America’s infrastructure, the President has proposed significant changes to the tax code. Two of those changes are particularly notable if you are considering your own estate plan. First, the estate tax exemption will be reduced. Under the current rules, federal estate [...]
Potential Changes to Gift and Estate Tax Laws in 2021 and Beyond
One of the biggest questions with estate planning today is when and if Congress will make changes to the current estate planning, gift, and estate tax laws in the coming days. In this article, we will make sure that you have an understanding of what these potential changes mean to you, so you can fine tune your estate plan accordingly.
How President Biden’s Tax Proposals May Impact Your Estate Plan?
President Biden, with slight majorities in both the House and Senate, maybe looking to make progress on the tax proposals that he presented during his presidential campaign. In this article, we are going to take a close look at two particular proposals that may go into effect during President Biden’s administration, and we will give you some insight into how [...]
What is A Domestic Asset Protection Trust?
The goal to effective estate planning is to try to maximize the protection of your hard-earned assets. However, most estate planning professionals will agree that there is no one “silver-bullet” strategy that will guarantee absolute protection in all circumstances.
How Does the Unified Credit Work for My Estate Taxes?
When you give money or assets to someone, the federal government may be able to tax those gifts. By understanding gift and estate taxation, and the unified credit, you can eliminate or minimize the amount of taxes you pay on your bequests.
Revocable vs. Irrevocable Trusts: Advantages and Disadvantages
When creating your estate plan, you have many options available to you that enable you to keep control over your assets after you pass away. One of the main ways to accomplish the goal of controlling the flow of your assets is a living trust, sometimes referred to as an inter vivos trust.
What is a Preneed Guardian in Florida?
Children need their parents. Not only do the child's parents care for them, but they also make basic decisions for the child until they reach the age of maturity. But what happens if the parents pass away? Then the law appoints a guardian for the child to make decisions that the child is legally incapable of making, like medical or [...]
How Many Different Types of Probate are There in Florida?
You may, at first blush, think that the probate process is the same for everyone and that the process simply takes into account differences in the value of different people’s estates. In Florida, however, that is not the case. In fact, there are four main types of probate processes depending upon the circumstances of the recently deceased.