Asset distribution is the best known reason for formulating an estate plan, but it isn't the only reason. There are many other reasons to put together an estate plan. One of these is to pre-select a guardian for oneself in case one is disabled or incapacitated. A guardian is the person who makes important decisions on behalf of a disabled or incapacitated person.
Humans outlive their pets. It's almost always true. However, pet owners will tell you that they have had several pets over their lifetime, so in theory, couldn't a dog outlive their owner? Sadly, 500,000 pets are euthanized every year due to an unfortunate situation in which there is no-one left to care for them after their owner dies unexpectedly, or suffers a life-changing illness or injury.
As the deadline for filing personal taxes looms, it is a good reminder to take a look at your estate plan. This is because tax laws and estate planning are intricately interwoven. One of the cornerstones of a good estate plan is to reduce tax consequences before the plan is triggered, as well as afterward so that the plan's beneficiaries are taxed in an overburdensome manner.
As cryptocurrencies have proliferated, while growing in popularity as an investment or speculation vehicle, laws, regulations and attorneys have struggled to keep up. Currently, the IRS treats cryptocurrencies, such as Bitcoin, Litecoin and Ethereum, as property rather than as currency. However, as agencies rush to regulate such cyber funds, the laws and rules surrounding them are certain to change. This, in turn, makes planning for estates that include cryptocurrencies a rather dynamic process.
While it is often explored in art and literature, mortality is not always a favorite topic among regular, work-a-day folks in Florida. Thinking about the outer limits and eventual end of life is dark, often depressing, and usually avoided. An unfortunate consequence of this aversion to considering mortality is a failure to plan for it. Failing to plan for one's eventual death can undermine what you wish for your loved ones and leave them on the hook for taxes and expenses that could otherwise have been avoided.
When the Tax Cuts and Jobs Act passed and was signed into law, one important change that took effect was the cap placed on the deduction of state and local taxes. This change, of course, most directly affects taxpayers in states with higher income and property taxes - like the president's home state of New York. Under the new law, the deduction of state income taxes and property taxes from federal income taxes will be limited to a total of $10,000.
Many Winter Haven and Lakeland residents ought to have an estate plan, but estate plans can be difficult for the uninitiated to draw up. There are so many mistakes that people often make in the realm of advanced estate planning. Sometimes these are due to lack of information, other times they are due to the abundance of bad information available on social media and by word of mouth. This blog post will review a few of the mistakes that some people make when they put together an estate plan.
Winter Haven and Lakeland residents have probably heard of the major federal tax reform legislation enacted late last year. The law includes not only an overhaul of the federal income tax system but also the federal gift and estate tax system as well. This change has big implications for the estate planning of many Floridians. This blog post will provide some basic information about the changes made to the federal tax code and other changes for 2018.
Each year many Florida residents are involved in health crises that place their capacity to make decisions about their care in jeopardy. Whether they are incapacitated through accidents or illnesses, people who lose their ability to make informed decisions about management of their own health can be left at the mercy of medical professionals and their family members to act in accordance with the wishes the individuals are believed to hold.
In the minds of many Polk County, Florida, residents, the topic of estate planning brings to mind the task of distributing assets after one's death. This is indeed a very important part of estate planning, but it is not the only part.