While estate taxes are not a compelling reason for most of us to make an estate plan this year, there are many other reasons that provoke strong emotions and the need to do proper planning. Below is reason number 10. If you know someone who needs an estate plan, please send them a link to this page.
If you havent voted for us for your favorite estate planning blog, please take a moment to read this article and vote for this blog.
With the current Gift tax exemption at 5 million dollars + 13,000 per person per year, many people are not concerned about making gifts or the taxes. It is important to remember that unless a gift tax return is filed with annual gifts to an individual exceed $13,000 there could be penalties and interest for the unreported gifts. Talk to your CPA about filing a gift tax return if you are giving an individual more than the exempt $13,000 per year.
In addition, gifts keep the current basis so to the extent that you give an appreciated asset, the recipient will have to pay the capital gains based on your cost. If they inherit the asset, there the beneficiary receives the asset as the cost basis as of your date of death. This can have significant advantages to highly appreciated assets.
Lets say you have Apple stock you purchased at $14 a share 12 years ago. It has split 3 times since then so your cost is less than $5 a share. With a value today of $350 / share and a value of $500 when you die.
The estate tax exemption has increased to $5 million dollars for the years 2011 and 2012. Why would this effect you? Many Florida Wills are drawn up to distribute your spouse’s assets to your children in an amount equal to the federal exemption amount, and the remainder of the assets to you. In other words, if the total assets of your husband is $5 million and his Will directs that the federal estate exemption amount goes to your kids, with the remainder to you, and your spouse dies (in 2011 and 2012),that would leave you with 0 (ZERO).
Florida Estate Planning Lesson: Make time to not only talk to your accountant about the tax laws and exemptions and how they may effect you, but schedule an appointment with a Ponte Vedra Estate Planning Attorney. An experienced Estate Planning Attorney can review your Wills and give you and your spouse the necessary advice to make sure you are protected from future loss of inheritance.
Ponte Vedra Wives who may not have a spouse worth millions, don’t relax. You also need to consult with Florida Attorneys who specialize in Estate Planning to ensure that whatever assets you and your husband do have, are distributed according to your wishes and plan.
I would like to thank everyone who voted for us. We were selected on of the Top 25 Estate Planning Blogs of 2011.
Now LesixNexis is selecting the top estate planning blog of the year and you still have the opportunity to vote for us one last time. Even if you did not vote in the previous selection you can still vote.
Step 1: You will need to be registered in order to vote. If you haven’t previously registered, follow this link to create a new registration or use your sign in credentials from your favorite social media site. Registration is free and does not result in sales contacts. Once you are logged in, you can then vote by checking the box next to your favorite estate, probate and elder law blog then submitting the results.
We have been ranked #1 among estate planning professionals in Jacksonville by thumtack.
[Florida Probate: The court supervised process of gathering the deceased person’s assets and distributing them to their beneficiaries.]
You know the importance of having your last will and testament prepared. -You’ve heard those ads telling you to prepare your will yourself.-You think that having an attorney prepare your will is too expensive.
You should know this. Not having a Jacksonville Attorney either prepare your will or review what you have prepared from those “do your will yourself” kits will cost you and your family in the end.
Our Blog was nominated for one of the top estate planning blogs. Please take a few moments and visit the site, register, and vote for our blog if you like it. You vote by adding a comment and mentioning our blog in the comment. Thanks
Each comment is counted as a vote toward the supported blog. To submit a comment, visitors need to log on to their free Communities account. If you haven’t previously registered, you can do so on the LexisNexis Estate Practice & Elder Law Community for free. The comment box is at the very bottom of the page. The comment period for nominations ends on March 31, 2011. On April 1, we will post the Top 25 Estate, Probate and Elder Law Blogs of 2011 based on votes received. Thereafter, our community will vote on the Top Blog through a Zoomerang survey. I anticipate the final announcement to be made on or before April 15.
Preparing your will without the assistance of a Jacksonville Estate Planning Lawyer may cost your family future trouble and costs. Your Will must be clearly worded, otherwise, your intentions may be disputed by family members.
A Florida Will contest may result in a lengthy and expensive court battle, which is exactly what you did not intend for your surviving family. A Last Will and Testament must meet the requirements of the Florida Statutes. If your Florida Will is not signed and witnessed in the proper fashion, a Probate Judge may refuse to admit your will to Probate, resulting in your property being distributed as if you had no Will at all.
To avoid any challenge to your Florida Will, it is advisable that you consult with a Jacksonville Estate Planning Lawyer . An Attorney will prepare your Last Will and Testament according to your directions and supervise the execution (signing) of your Will to ensure that it is witnessed according to Florida Law.
We often do not think of Criminal Defense in connection with Florida estate planning. We have a Jacksonville Criminal Defense Lawyer who has been helpful in dealing with crimes committed by fiduciary agents. Every month we get contacted by individuals who have had their parents or families life savings depleted because someone with a Power of Attorney or other fiduciary position thinks that they can treat the other persons funds as their own. Not only are we able to help represent the individuals who have lost the money, but we often represent other family members that have lost their inheritance because of the bad acts of others.
Often it is a difficult choice to decide whether to just go after recover of the money or to also package the information for the state to review for possible criminal charges. Florida has very strict laws when it comes to financial abuse of the elderly.
If you believe that a Power of Attorney or trustee or other person with a fiduciary responsibility has acted inappropriately, contact a Florida Estate Planning Lawyer or a Jacksonville Criminal Lawyer to discuss your situation. You may also review the Jacksonville Criminal Defense Lawyers Blog or more information on this and other financial crimes.
According to a Market Watch article by Bill Bischoff, on the Worst Places to Die, New Jersey Tops the list with a combined effective estate and inheritance tax rate of 54.1 %.
Estate tax is bad enough but several states have an inheritance tax. Yes you could actually leave money to a family member and they could be charged a percentage of your assets by the state they live in. Florida residents are not subject to either a state inheritance tax or a state estate tax.
While 16 states have a state estate tax only 6 have inheritance taxes and two states have both (New Jersey and Maryland)
Florida Estate Planning Lawyer Blog