Tag Archives: estate planning
The Property You Shouldn’t Put in a Will
There are certain kinds of property you can leave out of your will, for a variety of reasons. In many cases this is because the property will already pass to your heirs through other means. Here’s a quick look at some of the property that should not be included in a will: Property with a […]
Intestate Succession in Florida: Spouse’s vs. Children’s Shares
In Florida, a married person who dies without a will could see property pass on to their spouse or other living descendants. But how do the state’s intestacy laws determine who gets what and how much? Determining child vs. spousal share If you pass away and have biological children from you and your surviving spouse, […]
The Personal Representative’s Financial Responsibilities
While the personal representative of an estate does not bear any financial liability themselves in their duties managing an estate, they do have financial responsibilities to ensure the estate is properly administered. Debts The personal representative is charged with paying off debts owed by the deceased’s estate using estate assets. To do this, the representative […]
Could the Inheritance Tax Make a Comeback?
The federal estate tax exemption has increased for decades, but in the midst of a deadly pandemic, there is a possibility the exemption will be significantly reduced. The inheritance tax dropped off significantly in the 1970s. Today, it only accounts for about .5% of tax revenue in countries where it is still used, according to […]
How to Handle 529 College Savings Plans With Your Estate Plan
Many parents contribute to 529 college savings plans on for their children. The parent can contribute any amount to the 529 plan, and most do not have age or time restrictions to make withdrawals. You can easily transfer funds to another qualified 529 plan at any time without punishment and can roll over the funds […]
What to Know About Transfer-on-Death Securities and Deeds
Certain types of assets in your estate may contain transfer-on-death designations. Some examples include securities and deeds to certain types of properties. Here’s a quick overview of what you should know about these assets when they have a transfer-on-death (or “TOD”) designation. Transfer-on-death securities The Uniform TOD Securities Registration Act allows securities holders to name […]
The Stages of a Revocable Living Trust
Revocable living trusts are useful tools for avoiding probate and passing down assets to beneficiaries. There are several stages of operation for these trusts: Stage one: You, the grantor, are alive A revocable trust is created from the time you execute the trust. The trust will include information about how you can invest and spend […]
The Pandemic Resulted in More People Creating Wills
Numerous reports have indicated the spread of the COVID-19 pandemic throughout the last year encouraged more people to create a will. One study conducted by LegalZoom found 32 percent of people between the ages of 18 to 34 got a will during the pandemic. Twenty-one percent of those people who had a will made did […]
How to Prevent Your Heirs from Blowing Their Inheritance
An important part of estate planning is determining how you will pass down your assets to your children and grandchildren. In some cases, you might have some concerns about how you can do this in a way that will prevent them from blowing all of the money at once. Here are some tips to help […]
Tips for Managing Your Money When You’re Retired
Part of estate planning is setting yourself up for long-term stability with your finances so you can distribute your assets to your loved ones as you wish. Here is a quick overview of some helpful tips for managing your money in retirement. Continue to create income in retirement: This doesn’t necessarily mean you need to […]