With proper planning, Florida residents who have sizable assets can lower the effect of estate taxes. The most common strategies include making annual gifts and contributing funds to charities or charitable lead trusts. In some cases, it may be advisable to use an...
Top reasons to create an estate plan
Those who live in Florida and other states are encouraged to create an estate plan as it can bestow a variety of benefits. For instance, it can help a person retain greater control over his or her assets while alive but incapacitated. This is accomplished by...
Reasons estate planning is not just for the old
Items such as trusts and powers of attorney typically become associated with the old and wealthy. However, younger people have begun to realize the importance of having a reliable estate plan. People as young as 18 can create a power of attorney and health care...
Avoiding common mistakes in estate planning
A mistake during the estate planning process can negatively impact the economic future of family members and other loved ones in unforeseen ways. One of the most common mistakes is to list charities as part of trusts or wills. This is a mistake for many families in...
Deceased celebrities without wills expose estates to disputes
The recent death of Aretha Franklin, known as the Queen of Soul, reveals the problems that can arise when someone in Florida dies without preparing a will or placing assets in a trust. After dying of pancreatic cancer, she left an estate with a value of approximately...