Floridian residents like you pay taxes every year. Not only do you pay for sales and state taxes, but you also pay federal and estate taxes, in some cases. However, in the course of paying for these taxes, you might run into something called an IRS audit.
You have spent considerable time putting together a life insurance policy that will provide added security for you, as well as benefit your family when you pass away. Now, you are wondering if your investment can do more than provide cash after your death. Fortunately, there are a variety of things that your life insurance policy in Florida can be used for. Being aware of what these things are can give you something to discuss with your family members so you can be confident that they use the funds the way you desire for them to be used.
Your children are grown and make adult decisions, but you might worry that you can't trust their decisions to always be wise, especially when it comes to money. It can be difficult to handle a sudden inheritance when adult children are still young and inexperienced with managing money, or one or more of your children might have made devastating spending decisions in the past. For whatever reasons, you and other Florida residents with significant assets to pass on may worry about your children spending it too quickly.
Not every child in Florida and elsewhere in the United States makes a significant amount of money outside of a job. However, some are fortunate enough to receive a decent amount of spending money from their loved ones. Is this money taxable, you may wonder? If your minor children get an allowance, received monetary gifts from Grandma and Grandpa or have other means of enjoying a full piggy bank - without having a job - you may be interested in learning about the Kiddie Tax.