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Estate Planning Documents




Recent Posts in Estate Planning Documents Category

  • Portability: A Time-Sensitive Estate Tax Planning Tool for Couples With Potential Taxable Estates

    This article was featured in the Naples Daily News Estate Planning Council Supplement on March 12, 2023 When a United States citizen or resident dies, if the decedent’s estate exceeds a certain threshold amount, the estate is required to file a Form 706 Estate and (Generation-Skipping Transfer) Tax Return. This threshold amount, the Basic Exclusion Amount, is $12,920,000 for the year 2023. Even if ...
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  • 11 Year-End Tax Tips & So Much More

    The following is our checklist of year-end tax strategy items and matters we believe you should consider addressing between now and the year’s end. Many of these helpful tips require a discussion with your financial and tax advisors, and we are available to collaborate. Before we begin, remember that your CPA and financial advisor have invaluable information that is a simple phone call away, be ...
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  • GENERATIONS Newsletter Summer 2022

    Dear Clients and Friends, Recently, many of our clients are approaching a time in their lives when they are making major transitional decisions. At these critical milestones, many will face having to address challenging issues/conversations - starting with themselves. - When are you going to stop driving? - When will you have the conversation with your children/heirs about your finances and ...
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  • 2022 SECURE Act Regulations - Navigating the Proposed Regulations for IRA Owners

    The Setting Every Community Up for Retirement Enhancement Act (or “ SECURE Act” ) was enacted on December 20, 2019. The SECURE Act modified the rules for how retirement accounts, including IRAs , are distributed to beneficiaries after the death of the original owner of the account. In February of 2022, the Department of the Treasury released proposed regulations to clarify the application of the ...
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  • When Should I Review My Estate Plan?

    With so much uncertainty in the world this past year, you may be asking the question, “Do I need to review my estate plan?” and perhaps “When is the right time to review my estate plan?” If you ask these questions, you have already taken the most challenging step; getting started. Once you have designed an estate plan to meet your needs, the next step is ensuring that your documents are up to date ...
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  • Special Report: Build Back Better Plan Stuck In Neutral

    As of this writing, Congress has not passed legislation to accelerate the decrease in the lifetime estate and gift tax exemption, increase taxation of capital gains, or eliminate the “step-up in basis” on capital assets upon death. Regardless of any pending legislation, it is important to note that the historically high Trump era lifetime estate and gift tax exemption will automatically decrease ...
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  • Customization of Trusts in Your Estate Plan

    As we have discussed, there have been several significant tax law changes, including the Tax Act, SECURE Act & CARES Act, not to mention the effects of the pandemic. Additionally, we anticipate that there will be numerous changes in the law under the current administration. Have you had any changes in your financial or personal circumstances that warrant changes to your estate plan? Is your ...
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  • Building a Comprehensive Estate Plan: Risk Management

    Are you exposed? Risk management is an essential part of financial and estate planning. This strategy anticipates potential elements that can devastate your portfolio and your estate - and, more importantly, it covers the important matters that keep you up at night. The following list addresses key risks that should be managed: Property and casualty loss Healthcare concerns Financial decline or ...
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  • Building a Road Map for Estate Planning and Financial Success

    Welcome to our first of a six-part series on building a comprehensive estate plan designed to protect you and your heirs for many generations to come. Because as we say, "Where today's plans, become tomorrow's legacy." Part 1 - Building a Road Map for Estate Planning and Financial Success Part 2 – Building Your Estate Planning Team Part 3 - Risk Management Part 4 - Core Documents and Essential ...
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  • What Makes a Great Estate Plan: Introduction to our 6-part series

    If you are reading this article, you are probably curious whether or not you are on the right path with respect to your estate and financial plan. Over the 30 years of being in practice, we have built and executed thousands of estate plans. To help you better understand the key elements of an effective estate plan, we have created metrics to analyze our client’s plans and the resulting outcomes. ...
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  • The "Perfect Storm" Supercharge your Estate Plan

    While it is clear that the pandemic has presented us with many challenges, it is not clear what will take place over the remaining months leading up to an unprecedented election in November. Our goal is to turn these present challenges into long-term opportunities. In this article, we will address a few of the essential factors that will “supercharge” an advanced estate plan. Over the last 24 ...
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  • Hurricane Preparedness Checklist What is Truly Important to You?

    If you were told that you had one hour to prepare your home for a hurricane and leave the area, what would you do? What would you take with you? What is irreplaceable? Is your home hurricane-ready and do you have an exit strategy? This article is the first of a three-part series on preparing for an emergency. The second article will cover financial documents that are essential to secure in case of ...
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  • Important Financial and Legal Documents Are You Ready for a Quick Getaway?

    Are you ready for a quick getaway? Whether going on a vacation or evacuating in the case of a hurricane, being prepared is more than packing suitcases or storing water and supplies. In Part One, we shared our checklist for things to do to prepare for a hurricane and evacuation in the case of an emergency - here we are discussing the important financial, legal and other documents that you should ...
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  • The SECURE Act Special Report

    Create your legacy and shift your tax dollars to your favorite charities while maintaining an income stream for you and your family. After much anticipation, new federal legislation titled, The SECURE Act was recently signed into law on December 20, 2019. Inside of the SECURE Act, one of the big changes is the elimination of a popular tax-deferral strategy known as the "Stretch IRA". Without the ...
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  • Risk Management in Your Estate Plan

    Don't forget to cover your assets! Florida is one of the best states for estate planning and asset preservation. You’ve heard the expression, “a little knowledge goes a long way.” This is very true when it comes to protecting your assets from unforeseen creditors in Florida. While Florida has yet to enact legislation that allows self-settled domestic asset protection trusts, it does have several ...
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  • Art Law: It's Not Always a Pretty Picture!

    This is NOT gold, securities or cash, it is “Art”; precious, difficult to value and highly subjective as to taste. Art is the asset class that is often ignored in the estate planning process. Unlike securities, Art rarely has a title to its ownership, therefore, why bother planning for its disposition, simply take it off the wall (or pedestal) and hand it over to your loved ones without a shred of ...
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  • Risk Management Self-Audit: Are You Exposed?

    As you go through the following Risk Management self-audit, examine whether your estate plan thoroughly addresses these essential questions. Have you analyzed how you are going to cover the high costs of long term care? Have you reviewed your long-term care insurance option, including the new combined products such as the accelerated benefit/living benefits options built inside of life insurance ...
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  • How Are You Dealing with the Major New Tax Act?

    A year has passed - what do we do now? a) Sit tight. b) Give, give, give. c) Analyze how the new Tax Act affects you and your family. d) None of the above. e) Procrastinate, NOW! To be honest, we do not know that any one of these answers is best. Obviously, as your law firm, we suggest “c” - analyze the impact of the new Tax Law changes on your personal family situation. In this article, we will ...
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  • It's Time to Think About Taxes: Year End Federal and State Tax Strategies

    While there are many year-end tax strategies that stand the test of time, with the recent changes to the federal tax code, it is imperative to understand which changes provide new opportunities and which changes may bring about unintended consequences. The following is a quick checklist including tax strategies, reminders and immediate action steps you may take to ensure you can start 2019 on the ...
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  • Snowbird Traffic Jam: The Mass Migration to Sunshine Savings

    Whether you’re in it for the sunshine, the savings, or both … It’s a great time to be a Floridian! While the new tax changes make moving to Florida seem like a no-brainer, the ideal conditions are likely to raise red flags for tax authorities. If you are planning to change your domicile to Florida in the coming year, it is critical that all details are reviewed with an experienced tax advisor. ...
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  • Advantages of a Florida Revocable Living Trust

    "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." - Warren Buffet In a similar fashion, most of us spend the majority of our lives carefully and painstakingly accumulating wealth. The last thing we need is an ill-designed plan causing our wealth to flood out faster than it came in. When designing your estate plan, you need ...
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  • Dynasty Trusts in Florida

    It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for. --Robert Kiyosaki If you want to: (a) provide for your children and their descendants by keeping your wealth in the bloodline; (b) protect assets for future generations from creditors and divorcing spouses; and (c) save federal transfer taxes in subsequent ...
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  • How to Build your "TDT" - Trust Dream Team

    You may have been in control of your finances the majority of your life, you pay the bills, file the taxes, make savings and investment decisions, but in the violent, chaotic, and busy world we now live, it’s becoming more and more difficult to stay on top of the ever-changing stock markets, tax rates, and estate laws. More importantly, your golf handicap needs a bit of work. Now more than ever, ...
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  • Planning for a Healthy Future

    As we age, the issues of how and where to live begin to loom larger. Current and projected physical and mental decline often drive housing and care decisions. Medical costs alone are escalating and may be difficult to predict. While the majority of Americans successfully age-in-place at home, it is often not possible. Careful management of your health and detailed planning are critical to staying ...
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  • Downsizing Made Easy... You Can’t Take It With You!

    A few years ago I helped my mom de-clutter and organize her home, keeping only those items she needed, wanted, liked and used on a regular basis. While in the throes of figuring out what to keep and what not to keep, we also rearranged her accessories, knick-knacks, lamps and artwork, giving her condo a fresh and updated look. When we were done, my mother turned to me and said; “My home is in ...
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