How to Double Your Estate Tax Exemption in 2011

In 2011, the Estate Tax is due to return with a 1 million dollar exemption (unified credit) and top tax rate of 55%. Without planning, this exemption is the same for both individuals and married couples. The following illustration explains how. Married couples have an unlimited marital deduction to pass assets between each other1. Although […]

Does Life Insurance Really Pass Tax Free?

As with most legal questions, the answer is maybe. Life insurance does pass income tax free, but it is still subject to estate tax. “But the estate tax has been repealed,” you say. That’s true, but only for 2010. The tax relief act that repealed the estate tax sunsets at the end of 2010, and […]

Estate Planning For Your Pet

In 2002 Florida enacted a provision that trusts could be created for the care of a pet. It has since been amended with the adoption of the Unified Trust Code, but remains in force. Prior to the enactment of this statute, pets could only be left to someone like any other property, but no assets […]

What Happens to Out of State Property When Someone Dies?

For most property, the state in which you reside has jurisdiction over that property, and it will be administered according to the laws of that state. However, real property falls under the laws of the state in which it is located. This means that real property must be administered in the state in which it […]

Don’t Let Your Life Insurance Be Taxed

2011 Is Just Around the Corner 2011 seems like a long way away. Heck, 2008 isn’t even two months old. But if you’re looking at it from an estate tax point of view, 2011 is just around the corner. Failure to plan ahead could result in more of your money going to the government instead […]