J. Kelly Kennedy, Attorney/CPA, PLLC

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Attorney and CPA

June 2017 Archives

Lifetime gift to children, grandchildren and trust administration

Planning for the future can sometimes seem like a daunting task. One thought that crosses many people's minds is, "how will I take care of loved ones once I am gone?" Trusts can help to ease some of that worry and stress by beginning discussions and making plans for trust administration. The way assets are transferred or managed can have a huge impact on the financial benefit for loved ones.

Inheritance taxes starting to dissipate on the national level

With Republicans in the White House, there has been much talk both on state and national levels of how the issue of estate taxes, sometimes also called death taxes, will be affected. Estate planning is a state issue that the Florida state legislature makes the rules about taxes and exemptions, as do other states. However, federal regulations passed are required to be adhered to by the state in the broader sense. While nothing imposing has been passed on the federal level, many states are beginning to trend towards reduced or eliminated 'death tax'.

What does funding a Florida trust mean?

Many Florida residents are likely aware that planning for the future is essential in the modern world. Whether trying to figure out how to send the kids to college, or how much you'll need for retirement, planning for your financial future can make a huge difference when tomorrow comes. Of course, eventually, we all run out of tomorrows, but planning may be necessary even for that time. This is the area of estate planning, where you determine how you would like to distribute your possessions and assets among those you care about once you gone.

Estate plans should be customized to needs of the estate

A family may gain a vast wealth of assets and financial holdings over years or even decades of hard work. Wealth could have even started with a person's parents who have since passed away, as wealth tends to gain speed as time goes on. Or rather, wealth can gain speed as time goes on. If you are concerned that your estate could be handled improperly both now or in the future, you may consider an estate plan.

Death and taxes: Can your taxes benefit from charitable trusts?

When you consider the idea of bequeathing property in the event of your death, you may think about donating some of your accumulated assets to charity. Luckily, you have estate planning options that can help you carry out this goal, such as by using a charitable trust. Depending on how you want the assets distributed, you may consider using a charitable remainder trust or a charitable lead trust.