If your estate exceeds a certain value at the time of your death in Florida, your heirs will have to pay an estate tax on it. Some people claim that this is not fair because it taxes the assets twice. The argument goes that the decedent paid income tax on the money upon initially earning it, and therefore, it is not fair to tax it again when the heirs receive it.
If you have begun your Florida estate plan, you likely already know that you have a variety of trusts from which to choose. You also likely know that trusts come in two basic kinds: revocable and irrevocable. But do you know the differences between the two types?
Guardianship is extremely helpful in many situations, and it can help ensure that people who are unable to take care of themselves receive the support that they need. From incapacitation due to an unexpected accident to someone with special needs, there are many reasons why people may find themselves in need of a guardianship. When it comes to children, there are many situations in which establishing guardianship for a minor may be necessary. In this post, we will look over some issues related to large financial settlements and guardianship for children in Miami and throughout the state of Florida.
One of the most confusing and potentially contentious topics when it comes to estate planning is where the assets go if one or both parents die without a will. This can be especially complex if a parent has remarried. You and other Florida residents with blended families may be interested in learning what can happen if a parent dies, leaving behind a surviving stepparent.
One of the last things Florida couples want to consider is who would raise their children if something were to happen to them. Unfortunately, it is extremely important to choose a guardian for your child to include in your will or estate plan. This gives peace of mind and provides the court with information about who the parents want to raise their child. There are several things to consider when a guardian is being chosen.
Estate planning in Florida can be a challenge because you do not have exact knowledge of the future. The best you can do when writing a will is to make educated guesses about when you will pass on and what property and assets you will have to bequeath when you do. Circumstances can and do change, which is why it is both easy and common to revise the contents of a will.