It's easy to overlook certain assets when preparing an estate plan. One item Florida readers may forget due to the recent development of such items are online assets. Online accounts and other files may become inaccessible making it extremely difficult for one's heirs to close the estate.
Many individuals overlook the possible consequences that can come along with an estate or inheritance tax because they too often assume such a tax will not apply in their circumstances. However, with real estate prices becoming higher there is always the possibility that such a tax and subsequent tax penalties could be assessed. It must be kept in mind that the inheritance tax threshold has not necessarily risen at the same rate as have real estate prices.
Estate planning is not something one should wish to try without assistance. When preparing estate planning documents, it's vital to make certain that the language actually carries out the intent of the person that owns the assets. There is simply too much for one person to take into account when beginning this process.
One young Florida teenager had found himself three years ago missing classes and barely receiving passing grades in school. This all changed when the parents of one of his friends became what were called his educational guardians. These two individuals were soon provided the authority to make decisions concerning the young man's education.
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Leaving your IRA to your estate
Do not-repeat, do not-name your estate as your individual retirement account beneficiary or it will be subject to claims and creditors during probate, the legal process for settling your estate.