VanNess & VanNess, P.A.

heirs & beneficiaries Archives

My loved one gave me a gift on their death bed

A serious illness. The progression of a disease. Entering end-of-life care. Any of these scenarios may cause an individual to think about passing on their property or giving gifts to loved ones while they are still alive - even if an estate plan has already been created.

Do heirs & beneficiaries have rights if there is no valid Will?

Do heirs and beneficiaries have rights if there is no valid Will when someone passes away while residing in Florida? When a resident of Florida dies, assets are disbursed according to Florida law. Estate administration is generally filed in the county where the person resided at the time of death. By signing a valid Will, the process of transferring assets to intended beneficiaries goes very smoothly. An estate planning attorney may also offer to store your Will for safekeeping in a fire-proof vault in his/her office for added peace of mind. 

Understanding how a trust works

When a Florida resident creates a trust, there are three parties that are central to the document. The first party is the person who creates the trust who is referred to as the grantor. This person names a trustee to carry out provisions of the trust, and in some cases, the grantor can act as the trustee. Beneficiaries are the third party to a trust, and they are the people or entities who receive distributions from the trust.

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.

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