Just as in seemingly every aspect of life, a "Plan B" is essential when it comes to estate planning.
When it comes time to talk about what you will leave behind, everyone takes a different approach and for their own reasons. You may want to leave your estate plan a surprise, or you may want to have regular family meetings on the subject.
Florida does not tax income. That doesn't mean the state doesn't seek to collect revenues when and where it can. Among the chances it looks for are occasions when a loved one dies and has bequeathed a transfer of assets.
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.
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.
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.
Florida residents who are preparing their estate plans may want to include contingencies in the event a designated beneficiary dies before they do. Doing so can help make certain that the assets will pass to the intended heirs.
When it comes to the children of wealthy families, the traditional line of thinking has always been that they have it easy, meaning they won't ever have worry about finding work, spending money or paying off debt.
The course of the last year has seen the deaths of many world-renowned entertainers, including radio celebrity Casey Kasem and blues legend B.B. King.