As you make plans to determine who will receive your assets after you pass away, there are some factors you may not be able to control.
In the age of technology almost everything within reason is available online or electronically. Many people easily access their bank accounts through phones or computers. Recent advances in technology even allow individuals to pay for items electronically.
Creating an estate plan can include documents that address your end of life plans as well as what you want your loved ones to receive after you pass away. Some estate plans are incredibly simple, while others can be very complex.
Estate planning that includes your digital assets is evidence of how quickly our world is changing. Over the last few decades and certainly in recent years, digital files and methods of storage have changed dramatically. Where you once had CDs and VHS tapes, you now have images, movies, and even more electronic and digital formats stored on your cell phone, computer, and in the "cloud". While we all appreciate the ease of access, it brings up the question of what happens to the electronic files and digital assets we possess when we pass away.
Estate planning and the risks of writing your own Will bear discussion. The internet is full of websites ready to sell you a template to write your own Will, which seems easy enough to accomplish by yourself. Determining what goes into your Will must surely be as simple as taking an inventory of what you have, and then deciding who will get it when you pass away.
Estate planning to reduce probate assets is a worthy goal. After all, you spend a lifetime working to acquire assets that can be passed on to upcoming generations. As you establish your legacy and contemplate the future of your loved ones, it is important to consider what to include in your estate planning portfolio. You can discuss this with an experienced attorney, and also learn what your loved ones will need to do after you pass away.
Estate planning and what goes into it is probably the furthest thought from your mind right now. It could be that you imagine yours would only contain official-looking paper with the words "Last Will and Testament" printed across the top. While a will is generally part of an estate plan, there are many documents that can be included in a comprehensive plan.
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.