The benefits of estate planning affect more people in today's economy than ever before. Still, when most people hear the words "trust fund" they think of a wealthy individual setting vast sums of money aside for distribution to specified beneficiaries after their death. This article will demonstrate that customized trust instruments are not restricted to the wealthiest among us.
Trust administration and relevant income taxes will be heard by the U.S. Supreme Court in 2019. Since residents of Florida generally pay no personal income taxes, the outcome of this case is of great importance to our state. The Florida personal income taxation policy applies not only to earnings from wages, salaries or tips, it also applies to income received from a Trust. The State of Florida does not generally tax a Trust's income.
Not having a Will could exclude your loved ones from receiving a portion of your estate. While it's in most everyone's best interest to establish an estate plan for their family and loved ones, the need may be especially strong in some instances.
Estate Planning - When is the right time to create or review your estate plan? We all know people who believe that you can plan too much, and tell you to "live in the moment." But attorneys with experience in estate planning in Florida know the benefits of taking a long-term view of your estate plan to maneuver the twists and turns of life that might come your way. When you anticipate aspects of life changing over time, and make relevant estate planning revisions as those changes occur, those you love the most will benefit.
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.
Estate administration and tax implications from recent tax reforms are extremely important matters. Now that the end-of-year holidays are behind us tax season is in full swing. As you may know, 2018 is the first year in which the full effects of recent tax reforms apply. This has some experts predicting that issues related to tax returns and tax refunds will be complicated this year.
Many believe the only goals of estate planning are to account for an individual's assets, and the distribution of a person's estate to intended heirs and beneficiaries. A comprehensive view of estate planning encompasses a broad scope of matters - including questions about end-of-life wishes.
Florida residents who ready are to relinquish their guardianship duties should make sure that they take the proper steps. Guardianship duties can be relinquished if the court restores some or all of the ward's capacity or rights. It will be necessary to file with the court a suggestion of capacity that stipulates the ward has the abilities to responsibility exercise the rights that have been taken away by the court.
As Florida residents enter the later years of life, they might think about creating an estate plan. This process frequently involves writing a will, but people should be mindful of how their heirs might respond to their decisions. Squabbles and outright legal battles among siblings, surviving spouses or other heirs could emerge from unequal bequests or inadequate executors.
The recent deaths of prominent and even legendary musicians has emphasized the importance of estate planning to many in Florida. Aretha Franklin died in August without a will, despite having an estate worth approximately $80 million and a valuable music catalog with years of revenues to come. She was not alone, of course; Prince passed away in 2016 without a will, despite a $300 million estate and one of the most iconic music catalogs of all time. Jimi Hendrix, Kurt Cobain, Tupac Shakur and Bob Marley all passed away without wills, leaving it up to others to distribute their assets.