When you're planning your estate, it's understandable that you're going to want to work out the best situation for your loved ones after you're gone. This will, of course, include a plan that will keep as much of your assets as possible exempt from Florida estate tax. Many people plan their estates to include an irrevocable life insurance trust, which protects a certain amount of the estate from taxes, as well as paying estate taxes with the proceeds from the trust.
It’s always a great idea to be sure that your loved ones will be taken care of after you’re gone, but when you’re working out your estate planning, are you making sure to protect your assets from future creditors during your lifetime? A savvy method of asset protection that’s growing more popular is a form of trust called the spendthrift trust, or self-designated trust.
If you are a parent of a special needs child, regardless of their age, you may be entitled to tax exemptions you are not aware of.
Many parents and grandparents want to include a college savings plan for the children they care about in their estate planning. College savings plans have tax advantages, as well as provide education security and freedom of student loan debt for their loved ones. When planning their estate administration, it’s important for Florida residents to consider the successor of a college savings plan, in the event the account owner should pass away.
For some reason, many Florida residents tend to put off their estate planning. It may be an uncomfortable decision for some, or others could be too busy with their lives to bother. For most of us, it’s easier just to say we’ll do it later.