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Estate Planning




Recent Posts in Estate Planning Category

  • 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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  • Supercharge your Estate Plan

    While it is clear that 2020 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 months, we ...
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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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  • Tax Tips for Dealing with YOUR retirement accounts

    Roth it? Really? —— Should I Pay Tax Now on Purpose? Is it time to consider a Roth IRA ? When does it make sense to accelerate your obligation to pay more taxes electively? General answer: NEVER The general rule of income tax planning is to defer income (into the future) and accelerate deductions (into this year) to lower your income tax bill. So, when does it make sense to pay taxes early in ...
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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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  • 2019 Risk Management Self-Audit: Extended Version

    Today’s world presents both new and old dangers to the individual and family. Information technology, now essential to our work and private lives, makes it easier than ever for bad actors to reach out and harm us. A parade of novel financial products bid us to invest, lest we miss out on the next big opportunity, but the modern, algorithm-driven market may tank for reasons the average investor is ...
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  • Long Term Care Insurance - A Changing Landscape

    Long term care coverage is changing..... There are risks in life that are insurable ; for example, premature death (while in good health) or living long enough to require health care services. For premature death, we have life insurance and for health care services, we have long term care insurance. So, which is right for me? Life insurance has been around for over 100 years while long term care ...
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  • Realtor and Estate Planning Attorney's Guide to Real Estate

    Why My Real Estate Attorney Should Practice Estate Planning The general practice attorney or doctor is a thing of the past. Today, the complexities of law and medicine have resulted in specialization. Purchasing a home in Florida should be handled by a Real Estate Attorney who practices Estate Planning. This article is a brief checklist of important estate planning issues affecting the purchase ...
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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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  • Donating Real Property to Charity

    Feel Good and Save a Ton of Taxes Donation of real estate can be very rewarding and provide many benefits to the giver and the ultimate recipients of your charity. If you wish to make a wonderful contribution to a charity of a piece of real property, there are a few pointers that you may wish to know before you get too far down the path. This article will highlight some of the issues and provide ...
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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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  • A Guide to Smooth Probate Administration Involving Real Estate

    With over 60% of Americans owning homes, it is no surprise that the home is often one ofthe largest assets that someone will own at the time of their death. Consequently, selling or buying real estate from an estate can be very tricky, time-consuming andvery expensive for both parties involved in the transaction. While there are times when a person’s estate is well prepared to avoid the probate ...
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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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  • Back to Basics: A Self-Evaluation of your Estate Plan

    People traditionally think of estate planning and tax savings as one and the same. Today, it is evident, that saving taxes is just the tip of the iceberg. Often, estate planning documents are well-drafted but rarely reviewed after leaving the attorney’s office. Estate planning, however, is a dynamic process that requires continuous care and annual reevaluation. As you go through the following ...
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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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  • Making the Decision to Transition to a Senior Living Community

    Guest Contributer: Pam Fultz, Community Relations Manager, Vi at Bentley Making the decision to move into a Lifeplan Community can be one of the most important and rewarding decisions that you make as a retiree in Southwest Florida. The quality of life at these communities is enhanced by social opportunities, beautiful amenities, quality dining, and resort style service. With so many options in ...
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  • Choosing The Right Estate Appraisal Firm

    Recent history has seen the value of blue-chip collectibles increase proportionately to the stock market, and with both, at all-time highs, collectors should consider having a qualified appraiser determine the current value of their collection. While an appraisal is the logical first step there is a multitude of additional value-added services offered by professional advisory firms that can yield ...
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  • Tax Cuts & Jobs Act: Brief Overview

    2018 Individual Income Tax Changes Tax rates reduced and brackets increased Standard Deduction “Doubled” Married, filing jointly increased from $13,000 to $24,000 Single, increased from $6,500 to $12,000 Exemptions for taxpayer and dependents of $4,150 each – eliminated Deduction for State & Local Taxes – limited to $10,000 Deduction for Mortgage Interest – mortgages limited to $750,000 vs. ...
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  • Navigating Life Insurance - Part III: Slow and Steady Wins the Race… A Policy That Lasts Your “Whole Life”

    Previously published in FINE Magazine In our last two articles, we explored the differences between Term Life Insurance and Universal Life Insurance . To recap, term life insurance is ideal for short-term liquidity needs with a guaranteed death benefit & universal life insurance provides a permanent solution with more flexibility than whole life. Alas, this leaves us with whole life insurance. ...
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