J. Kelly Kennedy, Attorney/CPA, PLLC

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September 2016 Archives

As life changes, estate planning documents may need modification

People in the Lakeland and Winter Haven area who want to preserve the wealth that they have accumulated during their lifetime should not wait to set up an estate plan. This is especially important when an individual has children or other loved ones to whom they want to leave their assets after they pass away. Of course, even the most thorough estate plan may need to be revisited over time.

Common estate planning errors involve trusts and executors

Many people in Polk County, and throughout the rest of the country, can easily fall victim to procrastination when it comes to taking care of important things in life. This doesn't necessarily mean that these people are lazy. In many cases, the chaos and pressure of juggling many daily responsibilities just leaves a person with little energy to address anything else.

Inheritance tax a factor after receiving loved one's FL estate

After a loved one's death, there are many steps that often need accomplishing. Whether their death was sudden or expected, loved ones closest to the deceased usually need to plan a funeral. When the immediate obligations of the funeral are over, it is time to think about what to do next. If a loved one left a will with a potential inheritance plan, this is likely the next place to turn.

IRS proposal could have tax implications

State and federal lawmakers are constantly coming up with new legislation that covers a wide range of important issues. Likewise, certain governmental agencies review existing regulations and look for ways to improve the particular area of law or function that they oversee. The IRS is one such government agency, and when it pushes through new regulations, millions of people could be concerned about how those changes might impact them.

Many generations of beneficiaries can live off of a dynasty trust

Trust instruments can be helpful for people who want to maximize the efficiency of their estate plan. A variety of different trusts are available, and an experienced trust administration attorney can advise on which ones may be a good fit based upon a person's specific life and family circumstances. One kind of trust that could be useful for some people in Polk County is known as a "dynasty trust."