Category Archives: Estate Planning
What is the Estate Planning Process?
The percentage of Americans who go through the estate planning process has plummeted in recent years, all the way down to 26 percent. The reasons for the sharp decline are unclear. Most likely, however, people don’t believe they have sufficient assets to protect and believe the estate planning process is too complicated to undertake…. Read More »
How Much Money As a Gift is Taxable?
As of January 1, 2025, the annual IRS gift tax exemption is $19,000. Donors (givers) can give this amount every year to one person without filing Form 709, the United States Gift (and Generation-Skipping Transfer) Tax Return. Annual gifts over $19k may not be subject to tax, because of the $13.99 million per individual… Read More »
What is a Generational Estate?
For most people, a generational estate plan is an opportunity to create a lasting legacy. The financial legacy, which usually skips a generation, also creates an emotional legacy. Many people have little or no memory of their grandparents by the time they mature into adults. Generational estates, which normally contain real property, have been… Read More »
Top Ten Irrevocable Trusts in Florida
In Florida, an irrevocable trust is a type of trust that cannot be modified, amended, or revoked once it has been created, except under very specific circumstances. These trusts are often used for estate planning, asset protection, and tax benefits. Some common types of irrevocable trusts in Florida are discussed below. Irrevocable trusts are… Read More »
How Much Can You Gift to Your Children Tax Free?
In the United States, gifting to your children is a common way to transfer wealth while minimizing taxes. However, there are specific rules governing how much you can gift tax-free, primarily related to the annual gift tax exclusion and the lifetime gift tax exemption. Understanding these rules can help you navigate gifting strategies without… Read More »
Key Elements of Generational Estate Planning
Generational estate planning transfers wealth, assets, and family legacies across multiple generations. These plans look past immediate beneficiaries, such as children, to consider the future needs of grandchildren, great-grandchildren, and future generations as well. Effective generational estate planning ensures that assets are distributed efficiently according to the wishes of the maker, and in a… Read More »
Five Types of Business Associations
Almost all businesses in the United States are “small” businesses. Over half of these organizations have between zero and four employees. These business owners often believe their business association options are limited or nonexistent. But under state and federal law, the smallest business in Florida has the same business association choices as the big… Read More »
What Does a Trust Administration Mean?
For practical purposes, a trust administrator owns the property in a living or non-living trust. For legal purposes, trust administration includes an additional fiduciary duty, which is the highest obligation in Florida law. This duty includes avoiding conflicts of interest, maintaining confidentiality, and acting with the highest degree of honesty and care. Trustees who… Read More »
How Hard Is It to Make an Estate Plan?
Evidently, most people think it’s very hard to make an estate plan. Over two-thirds of Americans have no estate plan whatsoever in place. Most people in this group have never even tried to make an estate plan. Although an estate plan is a bundle of complex legal documents, and these documents must be properly… Read More »
What Does a Trust Administrator Mean?
Trust administration refers to the management and execution of a trust after it has been established. A trustee has a fiduciary duty to manage the corpus (property in the trust) in the best interests of the beneficiary. Usually, when a trust is first created, the settlor (person who creates a trust) and the trustee… Read More »