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Dying without a will, known as “intestate,” can complicate the process of distributing your assets and determining who will inherit your estate. In Florida, the state’s intestacy laws will determine who receives your assets if you pass away without a valid will in place. Understanding how these laws work is essential for anyone who wants…
Life is constantly changing, and your estate plan should reflect those changes. Major life events, such as marriage, divorce, the birth of a child, or the death of a loved one, can have significant impacts on your estate plan. Here’s why it’s essential to review and update your estate plan after these key life events…
In an increasingly interconnected world, individuals often find themselves navigating complex financial landscapes that extend beyond domestic borders. For U.S. taxpayers with assets abroad, understanding the intricacies of reporting these holdings is not only crucial for compliance but also for safeguarding against potential legal and financial ramifications. In the realm of estate planning, the importance…
Introduction Estate planning is a crucial aspect of securing your family’s future, especially when dealing with complex situations like having an incapacitated spouse. In the state of Florida, navigating this process can be challenging, but with the right knowledge and guidance, you can ensure that your spouse’s interests are protected. This article will provide valuable…
Introduction: Estate planning is a crucial process that allows individuals to safeguard their assets and provide for the distribution of their property after they pass away. Two common tools used in estate planning are wills and trusts. While both serve similar purposes, they have distinct features and are suitable for different circumstances. In this article,…
In today’s digital age, our lives are intricately intertwined with the online world. From social media profiles to online bank accounts and cherished family photos stored in the cloud, we accumulate a vast digital footprint over the years. As residents of Florida, it’s crucial to understand how estate planning for digital assets in the Sunshine…
Introduction Retiring to the sunny state of Florida is a dream for many seniors seeking warm weather, beautiful landscapes, and a vibrant retirement community. However, moving to Florida in your golden years also calls for careful estate planning to ensure a smooth transition and a secure future for yourself and your loved ones. In this…
Introduction: Estate planning is a crucial aspect of securing your assets and ensuring that your wishes are carried out after your passing. Many individuals seek various estate planning tools to simplify the transfer of assets to their loved ones while minimizing potential conflicts and expenses. One such instrument that has gained popularity in recent years…
Introduction Estate and gift taxes are crucial aspects of wealth and asset planning, and they often vary from state to state. In Florida, these taxes have seen changes over time. This article provides an up-to-date overview of the current status of estate and gift taxes in Florida, including information about the exemption amounts for 2023…
Introduction Estate planning is a crucial aspect of life, ensuring your assets are distributed as per your wishes when you’re no longer here. Proper storage of estate planning documents is equally important to safeguard your legacy and ease the burden on your loved ones. Here are some important guidelines on where you should and should…
Introduction Sarasota, Florida, with its stunning beaches, vibrant cultural scene, and lush landscapes, is a sought-after place to call home. Many Sarasota residents have the privilege of owning homestead properties, benefiting from Florida’s generous homestead exemption. However, gifting homestead real property during your lifetime in Sarasota requires careful consideration due to specific local regulations and…
Introduction Probate is a legal process that can be emotionally and financially challenging, especially during a time of grief and loss. If you find yourself in a situation where you need to navigate the complexities of probate in Sarasota, it’s crucial to seek the guidance of a skilled probate attorney. This article will discuss the…
Estate planning is not just about distributing assets upon one’s passing; it also encompasses preparing for the possibility of incapacity during one’s lifetime. Planning for incapacity is a crucial aspect of estate planning that ensures your wishes are respected and your financial, medical, and personal affairs are managed according to your preferences. In the State…
Blended families, which involve remarriage and the combining of two families, have become increasingly common in Florida and the rest of the United States. While blending families can bring joy and new opportunities, it can also complicate estate planning. Without careful planning, blended families may face challenges when it comes to distributing assets and ensuring…
Estate planning is a vital part of financial strategy, as it enables individuals and families to secure their assets and distribute them according to their posthumous wishes. One of the key elements of estate planning is the creation of either a will or a trust. This article will provide an in-depth examination of wills and…
A No Contest Clause, or In Terrorem Clause, is a provision often used in Wills & Trusts stating that if a beneficiary disputes any part of the Will or Trust during probate or other administration, their share shall be reduced or removed. While in theory it sound like a perfectly reasonable way of preventing disputes;…
Small businesses present a particular challenge to Florida Estate Planners. First off, businesses can operate in a wide variety of entities. Secondly, they may be more valuable being carried on than simply liquidated and distributed. Finally, businesses owned by more than one person must consider what happens if one of those owners died or became…
As of 2022, the following Estate and Gift tax exemptions are in effect: Estate Tax Exemption – $12,060,000 (U.S. Citizens and Residents) Annual Gift Tax Exemption – $16,000 (U.S. Citizens and Residents) Gifts Between Spouses – Unlimited (U.S. Citizens only) Nonresident Alien Estate Tax Exemption – $60,000 (may be subject to foreign treaty) Gifts to…
By Susan Teel Are you storing your will under the sofa cushions? Have you considered the best storage location for your will – your most important financial document? Would you store all of your cash or valuables there? Aretha Franklin, who died in August of 2018 with a large and complex estate, and a complicated…
