What is the Generation-Skipping Transfer Tax?
There is a bit of a cat-and-mouse aspect to the estate planning game. Tax policy legislators impose a tax, and then astute estate planners determine how to legally minimize a person’s tax liability within the law. Then, once legislators see an unintentional loophole being used too often, they close that loophole. In response, the estate planners find other ways to [...]
Even Without Children, an Estate Plan Is a Smart Move
We tend to think that good, solid estate planning is reserved for those who have children in order to plan for a family’s future. However, even if you do not have children, estate planning is still extremely important. Think about it: do you want your assets handled by the uncle you never saw, or with whom you never got along?
Florida Guardianship Law – All the Basics
We do not often like to boast, but when it comes to guardianships in Florida, we at Doane & Doane have a good reason to pat ourselves on the back a little. That is because firm attorney and partner, Rebecca Doane, founded the Guardianship Education Committee of Palm Beach County back in 1989. For the next 24 years, until 2013, [...]
What is Ancillary Probate, and How Can I Avoid It?
You have probably heard the term “snowbird” before. It is a person from the northern part of the country who moves to a warmer southern state in the winter. Of course, Florida is the warmer southern state of choice for many, many snowbirds in the United States. People who do “go south for the winter” tend to come to Florida [...]
The Guardianship Accountability Act and the Challenge of Guardianships
In courts throughout the country, it is common for guardians to be appointed to assist with both the personal and financial assets of those who are the most vulnerable in our society. Whether it is due to illness, age, or disability, guardianship laws are in place so that a guardian can help protect an individual (or organization) from harm when [...]
Ten Reasons Why Drafting Will is Good for You
Did you know that only about half of middle-aged Americans have a will? According to a study by Merrill Lynch and Age Wave, only 55 percent of people over 55 years old in the United States have a last will and testament. Some famous examples of people who died without a will include music greats Aretha Franklin and Prince.
What Is The Unified Credit?
We just got through tax season. That spells good news for accountants, who have been keeping long hours and perspiring through the mound of tax returns they do for their clients. Undoubtedly, they will take a little time to regroup and, you know, get some sleep. The end of tax season also means good news for the rest of us [...]
What Does Right of Survivorship Mean?
This blog is geared towards those who are wondering what it means to have a right of survivorship, and how that may impact you if you are buying an asset, like a piece of property, with another person or several other people. Stated simply, a right of survivorship is the ability to obtain the full value of an asset, like [...]
What Is a Self-Cancelling Installment Note?
Good estate planners are focused on finding techniques that can minimize or possibly even eliminate gift and estate taxes when transferring assets to family members. That is because the transfer of wealth through a last will and testament and the probate process can be expensive, time consuming, emotionally draining, and heavily taxed.