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.
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.