Category Archives: Estate Planning
What You Should Know About the Gift Tax
Typically, the gift tax rate is much higher than the income tax rate. Furthermore, the IRS broadly defines “gifts” to include any transfer of property or assets from one person to another without receiving full value in return. It applies to cash, real estate, investments, or any other valuable item given as a gift…. Read More »
Advanced Estate Planning in Florida: A Primer
A basic estate plan, which fewer than a third of Floridians have, is the foundation for an advanced estate plan. Most families include complex dynamics (marriage and remarriage, estrangement and reconciliation, etc.). Other families have substantial assets or unique goals. All these families need to add onto the foundation and obtain an advanced estate… Read More »
What is the Purpose of a Medicaid Trust?
A Medicaid Trust, or Medicaid Asset Protection Trust (MAPT), allows individuals to qualify for Medicaid and preserve their assets for their beneficiaries, such as children or other heirs. This type of trust is particularly important for those who may need long-term care, such as nursing home services, which are almost always extremely expensive. In… Read More »
What are the Grounds for Contesting a Will?
Usually, a will streamlines the probate process. A will clarifies the wishes of the testator (person who makes a will), so the estate goes to designated beneficiaries. However, wills aren’t always crystal clear. More than one version of a will may be floating around, or someone may “discover” a hidden codicil. Or, a will… Read More »
What You Should Know About Family Trusts
One of the main reasons people make trusts is to simplify the asset distribution process. A family trust may be the best way to achieve this goal. These vehicles, like other trusts, have other advantages as well. They avoid probate with its costs and publicity. Trusts also shield assets from creditors, are harder to… Read More »
What Does Trust Execution Mean?
Trust execution means, wait for it, the process of executing a trust. Many estate planning documents are fire-and-forget self-executing documents. But a trust document is not just a piece of paper, much like a property deed isn’t just a piece of paper. A property deed proves ownership of real property and establishes some rights… Read More »
Top Five Ways to Protect Wealth
Preserving wealth and ensuring a legacy is one of the main reasons people make estate plans. Usually, middle-income families need wealth preservation plans more than higher-income families. For a family of modest means, any wealth, such as a house, has an emotional value that far exceeds its financial value. Time, not money, is usually… Read More »
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 »