What are the Various Types of Wills in Florida?
As the year draws to a close, you might be thinking that next year is the year that you will finally get your estate planning started. While it is never a bad time to think about planning your estate, we have found at our firm that a lot of people make comprehensive estate planning a priority on their list of [...]
Wrapping Up the Year with Gifts . . . Estate Planning Strategies for Gifting this…
This time of the year is all about gift-giving. So, it only makes sense that, as 2020 draws to a close, we think about how we can incorporate some gift-giving into our overall estate planning. In our last article, we discussed year-end charitable giving. In this article, by contrast, we are going to focus on gift-giving to anyone, including friends, children, [...]
How Will Possible Tax Policy Changes Impact Your Estate Planning? Part 2
In Part I of our series about the possible tax changes that will come in with a new President Biden administration, we covered some of the headline tax policy changes promised by President-elect Biden, such as the tax increase on individuals with a taxable income that is $400,000 or greater. We also looked, in detail, at Mr. Biden’s proposal to [...]
Tips on Year-End Charitable Gifting in 2020
It has been quite a year. In 2020, we have had a once-in-a-century pandemic coupled with one of the worst, if not the worst, economic downturns in a century. Indeed, the economic conditions and worldwide health crisis motivated Congress to pass the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in March of 2020. The conditions of 2020, and [...]
How Will Possible Tax Policy Changes Impact Your Estate Planning?
While we are witnessing some residual legal wrangling in real-time, it appears all but certain that Joe Biden will take office on January 20, 2021, as the 46th President of the United States. That said, a lot of uncertainty still remains with regard to whether the incoming Biden administration will be able to get its agenda passed through Congress.
Back to Basics: We Answer Some of Your Florida Probate Questions
As experienced estate attorneys, we at Doane & Doane, PA., love to answer questions from our clients. Lots of times, as you can see in our weekly blog we handle some fundamental questions like whether a will can be witnessed by one of the will’s beneficiaries, to the more esoteric like what is a “grantor retained unitrust?”
Can (and Should) a Beneficiary be Witness to a Will?
At Doane & Doane, we often get the question: “Can a beneficiary be witness to a will?” The short answer to that question in Florida is “yes.” Florida law provides that a beneficiary can be witness to a will. What we impress upon our clients, however, is that the inquiry should not stop there.
What is the Purpose of Estate Planning?
Sometimes it is a good idea to go back to fundamentals. Many people believe that if you have a will you avoid the probate court process. That is actually not true. Having a will allows you designate which beneficiaries should receive which assets, but the will must still be handled through the probate court. The way to avoid probate court, [...]
What is the Difference Between a Charitable Lead Trust vs. a Charitable Remainder Trust?
If you are philanthropically minded, then you may want to consider making a charitable trust part of your overall estate plan. What is really a win-win with charitable trusts, is that you can also enjoy certain tax, and other, benefits while doing something good for the world. In fact, you can use a charitable trust so that your assets can [...]