J. Kelly Kennedy, Attorney/CPA, PLLC

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November 2013 Archives

Estate planning much more than just minimizing taxes

Many Florida residents may realize the importance of estate planning but decide against starting the process for a number of reasons. Some may think they are not old enough, while others may think they do not have enough money or properties for it to matter. What's more, there are people who believe estate planning only serves to minimize taxes. And while that's part of it, estate planning is much more than that; it is something everyone should consider -- regardless of age or income.

Important steps to take when completing an estate plan

There are a number of necessary steps that Florida residents should take when drafting a thorough and effective estate plan. Many of these steps are possible to take individually, but some of them require assistance. All of these steps, though, will help ensure loved ones are taken care of after the estate planner's departure. This includes minimizing estate taxes so that possession of assets can be seamlessly transferred to inheritors.

The importance of understanding estate taxes for Floridians

Federal and state laws often differ and being aware of the differences can be immensely helpful when planning an estate. For Florida residents, it is important to take note of both the federal and state estate tax laws. By understating estate taxes, Floridians can make sure their heirs inherit the maximum amount of assets possible under state law.

Musician Lou Reed passes, leaves estate to loved ones

For those Floridians with a rock and roll heart, the news of Lou Reed's death was likely met with much sadness. Florida fans probably remember the grit, heart and literary qualities Lou Reed brought to rock music and the self-abusive lifestyle the poet and musician championed. But despite his famously unorthodox lifestyle, Reed still managed to make it to 71 before complications from a liver transplant resulted in his passing.