(See below)Įstate planning could include maximizing the annual gift tax exemption rule. Different states have different estate tax exemption amounts which supersede Federal exemption amounts.Probate is the first step in the process of administering your estate under your will while providing public notice, resolving all claims and distributing your property. A will does not help you to avoid probate.If you die without a will, you will be considered “intestate,” whereas the courts will decide on the fate of your estate, health decisions and loved ones under your care.Insurance and annuity accounts could protect your assets from lawsuits and creditors in the state of Florida.Advanced trust and estate planning may be applicable when dealing with minors, spendthrift adults or for special needs planning.Trusts may not protect your assets from creditors but can help to transfer assets while reducing probate and estate tax issues.How your assets, investment, and insurance accounts are titled and held can set precedence over your will and a court of law.The beneficiary designations on investment and insurance accounts can set precedence over your will and court of law.Powers of attorney, living wills and HIPPA release forms should be set up for health and financial directives.Guardians are often designated for minor children and beneficiaries in incapacity.Your legacy transcends money, while also encompassing your goals and values for future generations.Consider the following circumstances and facts: 10 commonly over-looked obstacles of effective Estate Planning :ġ Failure to plan (no will or outdated Will along with basic legal docs)Ģ Not having a valid, executed Will in accordance with your state lawsģ Outdated plan (family additions or subtractions) (tax law changes)Ĥ Over-looked provisions if applicable: (guardianship) (simultaneous death provisions)ĥ Improper tax planning (estate tax exposure)Ħ Improper ownership of assets (or not updating beneficiary designations)ħ Failure to plan for disability, illness or long term care needsĨ Failure to consider inflation (future estate tax exposure)ĩ Lack of liquidity (in instances of estate tax liability, will assets need to be sold?)ġ0 Psychological factors (dealing w/ mortality) (procrastination.). Asset Protection strategies for families and business owners.Health care and long-term care planning issues. ![]()
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