No one wants to think about what comes after this life, but everyone knows it’s coming. If you’re the caretaker type, then you want the security of knowing that your loved ones will be okay after you’re gone. Drafting a will gives you peace of mind. A well-prepared will allocates every single asset, property, interest, or...
Category: Estate Planning
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5 Reasons You Need to Prepare a Will Today
A will is a set of instructions on how to distribute your property and assets after you pass. Because a will can cover property distribution, it can contain the names of the people you would like to give your property to. These people named in your will are called beneficiaries. 1. Give your loved ones...
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Ugly Probate for Poorly Planned Celebrity Wills
Ugly Probate for Poorly Planned Celebrity Wills: These celebrity wills show what can happen when you do not have a proper estate plan in place. Although Michael Jackson had setup a trust before he died, his estate still underwent a very public probate process because his will did not properly transfer his assets to the trust,...
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A Florida Trust May Protect Your Heirs from a Large Estate Tax
A Florida trust is an estate planning document that has many benefits, including tax benefits. A Florida trust can own many different types of property, such as a business, a house, a commercial property, bank accounts, brokerage accounts, and more. One of the greatest benefits of a trust is the estate tax benefits for your...
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How Can I be Appointed as a Florida Personal Representative?
Personal representatives are required to hire an attorney in Florida. A Florida personal representative may be appointed in the deceased’s will. If the deceased passed away without a will, then a beneficiary can petition to become the personal representative of the Estate. The Court will appoint a personal representative for the Estate in either instance....
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Florida One of Top States for Low Tax Burden
According to a recent study by WalletHub, Florida is in the top 10 states for the lowest tax burden on “High Income” and “Middle Income” taxpayers. It is also the only southeastern state in the top 10 states with a low tax burden, other than Alabama, which ranks lower on the results. State “Low Income” Rank...
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Federal Estate Tax Exemption for Non-U.S. Citizens
One of the major differences in probating an estate for a foreign individual and a U.S. Citizen is the difference in the estate tax exemption amount: the amount an individual can leave to heirs without having to pay federal estate taxes. For foreign individuals, the Federal estate tax exemption is capped at $60,000.00, whereas the...
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Should You Include Passwords in Your Florida Will?
As technology increases and increasingly changes, there are many things one must do to adapt to these changes. Drafting a will and estate plan in Florida is no exception. In many cases, bank accounts and other assets are no longer simply on paper; many are kept electronically and password-protected. If your loved ones do not...
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Are Your Family Members Aware of Your Florida Estate Planning Documents?
Regardless of your age, it is important to have a properly drafted will and Florida estate planning documents to ensure that your wishes are met after you pass away. When you begin to draft a will and other documents for your estate plan, it is equally important to ensure that your family and other loved...
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Do You Have an Estate Plan for Your Business?
If you own a business, then it is important to include this asset in your estate plan when you pass away. If there is more than one owner or member of the company, then the By-Laws or Operating Agreement of the company (depending on whether it is a corporation or LLC) will usually determine what...