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...
Month: January 2017
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...
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...
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.It...
1 dead, 1 injured in wrong-way crash
On Dec. 30, 2016, a car accident that occurred on a major Florida road left one person dead and another person with serious injuries. The crash took place at approximately 3:45 a.m. on the Sunshine Skyway Bridge in Manatee County. Authorities stated that a 29-year-old...
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...