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VanNess & VanNess, P.A.
Toll Free: 866-697-6221 Local: 352-436-4333 Over 100 years of combined experience

Estate planning's impact on tax burdens

No matter how much Florida residents admired Prince, the IRS likely admires him even more. This is because his estate will pay a federal estate tax of 40 percent on an estate worth $200 million. That is on top of a 16 percent Minnesota estate tax, and the combined tax bills will reduce the value of his estate to about $88 million.

Contingency planning an important part of estate planning

Florida residents who are creating an estate plan should consider how they would like their assets to be distributed if one or more of their beneficiaries dies at the same time or shortly after they do. Failing to plan for this could result in assets being tied up in probate for a long time or being distributed in a way that the individual would never have intended.

The responsibilities of an estate executor

A Florida resident who has been named as the executor of someone's last will and testament has a lot of responsibilities to fulfill. The executor must ensure that the testator's creditors are all paid off and the remaining property in the estate is correctly distributed to the beneficiaries. While they are not required to have any legal or financial training before beginning their job, they are legally required to execute the estate properly.

Storing information for access to financial accounts

Florida residents probably have many accounts and records stored electronically. While this may make access simple, having a central location to ensure access to passwords, PINs and access keys is important to avoid problems in settling their estates after they die.

Changes may be ahead for estate tax laws

Although the incoming presidential administration could lead to changes in estate tax and other factors that affect estate planning, people in Florida should not respond by postponing the creation of an estate plan. Instead, they can make a plan that is based on current law while taking into account that the law may change. This is the case even when there is not a potential change in estate tax ahead. There is always a chance that there will be changes in the law between the time an estate plan is made and a person's death.

VanNess & VanNess, P.A.