J. Kelly Kennedy, Attorney/CPA, PLLC

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December 2015 Archives

Common reasons behind will contests

In most circumstances, probate courts in Polk County will honor a deceased person's will as long as it meets the execution requirements that support its authenticity. Likewise, courts presume that the will precisely addresses the testator's wishes, and they do not typically use liberal interpretations of the will's provisions. On the other hand, any person who has a potentially gainful interest in the will can challenge it.

Estate administration equally as important as planning

People who have accumulated assets during their lifetime usually want to pass those assets down to surviving family members, friends or maybe even charitable organizations when they die. Through trusts, wills and other legal instruments, people in Florida can map out and plan their goals for the disposition of their estate upon death. But the estate planning process is just one component of achieving a person's wishes for their estate upon their death.

Giving to charity and saving taxes through trust administration

Many Polk County residents are probably familiar with the name Mark Zuckerberg. If not, they have likely heard of the company Facebook, which Zuckerberg founded, and currently manages as its chief executive officer. Through his ownership shares in Facebook, Zuckerberg has amassed a tremendous personal fortune, worth roughly $45 billion.

How do capital gains taxes affect inheritances?

When someone profits from selling an asset or investment that they own, that person is usually responsible for paying a capital gains tax on the profit. The Internal Revenue Service divides capital gains in long-term and short-term categories, with different applicable tax rates applying to each category. In addition, the capital gains tax rate can fluctuate based on the person's ordinary income tax rate.

Estate planning should not be left to chance

Nobody in Florida has a crystal ball that allows them to see into the future and know exactly how the circumstances of their life will unfold. Likewise, most people cannot predict, with any certainty, how and when they will die. Thus, many people understand that it is important for them to set up a plan for the disposal of their estate, while they are alive and well, rather than waiting until it is too late.