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Probate
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Recent Posts in Probate Category
2
Jul
2024
Think Twice Before Filling Out a Transfer on Death (TOD) Form
Too often, the way we title newly acquired assets and financial accounts is too casual. The financial advisor or salesperson asks you how you wish to take the title and who you would like to be the beneficiary of the financial account. All too often, they create a TOD, which stands for transfer on death. Therefore, the account will pass directly to your heirs without any aggravation. ...
Posted By
Edward E. Wollman, J.D., LL.M., CAP
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3
Mar
2024
A Critical Decision in Estate Planning: To Fund or Not To Fund Your Trust
This article was previously published in the Naples Daily News Estate Planning Council Supplement on March 3, 2024 Imagine your revocable trust as an empty box. Funding is the equivalent of placing your valuable assets inside the box to safeguard them for the future. This is achieved by renaming (retitling) ownership of an asset from yourself to the box's manager (trustee). In certain situations, ...
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By: Edward E. Wollman, J.D., LL.M., C.A.P. Board Certified Wills, Trusts & Estates Attorney
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27
Feb
2024
Navigating Trusts and Wills in Naples, Florida: A Comprehensive Guide
Imagine you're setting out on a journey, one that impacts not just you but also those you care about deeply. Consider having a tool that not only guides this journey but also ensures your valued assets transfer to your loved ones according to your wishes. This tool is a trust. It's not merely for the affluent; it's a practical resource for anyone aiming to navigate their future with precision and ...
Posted By
Edward E. Wollman, J.D., LL.M., CAP
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15
Mar
2023
Planning to Avoid Probate? Read this first
Probate avoidance, or reducing the necessity to have your estate administered in the probate court, is a small part of estate administration. This article will address some of the major misconceptions about estate planning and, in particular, avoiding probate. Misconceptions of Probate Avoidance “If I avoid probate, I will not have any expenses when I die.” FALSE - As discussed below, you will ...
Posted By
Edward E. Wollman, J.D., LL.M., Board Certified Wills, Trusts & Estates
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12
Mar
2023
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 ...
Posted By
Patrick Courville, JD and Edward E. Wollman, JD, LLM, Board Certified Wills, Trusts and Estate Attorney
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22
Oct
2022
Patrick Courville Announced As Partner of Wollman, Gehrke & Associates, P.A.
Naples, FL, October 2022 – Wollman, Gehrke & Associate, P.A., an Estate Planning law firm based in Naples, FL, is pleased to announce the promotion of Patrick Courville to the position of Partner with the firm. Patrick will lead the firm's growing Probate & Trust Administration department. Patrick earned a Bachelor’s degree in Mathematics & Physics from Brown University in 2007 and was awarded ...
Posted By
Wollman, Gehrke & Associates, P.A.
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26
Jul
2022
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 ...
Posted By
Wollman, Gehrke & Associates, P.A.
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26
Oct
2021
PRESS RELEASE – Edward V. Smith Named Partner
Naples, FL: Wollman, Gehrke & Associates, P.A., a boutique estate planning firm based in Naples, FL, announced that Edward V. Smith has been named Partner with the firm. Prior to joining the firm, Mr. Smith led the estate planning team at Woods, Weidenmiller, Michetti & Rudnick, LLP. Smith’s practice focuses on Estate Planning, Estate Administration, Probate, Elder, and Special Needs Planning. ...
Posted By
Wollman, Gehrke & Associates, P.A.
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7
Jul
2021
Building Your Estate Plan’s Legacy Component
This is the sixth of a six-part series on building a comprehensive estate plan designed to protect you and your heirs for many generations to come. As our mantra states, “Today’s Plans Become Tomorrow’s Legacy.” Part 1 - Building a Road Map for Estate Planning and Financial Success Part 2 - Team Building: Original building of estate planning team Part 3 - Risk Management Part 4 - Core Documents ...
Posted By
Edward E. Wollman, JD, LLM
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8
Dec
2020
Year End Federal and State Tax Strategies
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 ...
Posted By
Wollman Gehrke & Associates PA
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15
Apr
2020
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 ...
Posted By
Ed Wollman
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13
Feb
2020
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 ...
Posted By
Edward E. Wollman
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27
Nov
2019
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 ...
Posted By
Wollman, Gehrke & Associates, P.A.
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24
Jan
2019
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 ...
Posted By
Edward E. Wollman & Patrick Courville
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23
Oct
2018
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. ...
Posted By
Edward E. Wollman
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18
Sep
2018
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 ...
Posted By
Wollman Gehrke & Associates PA
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25
Apr
2018
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 ...
Posted By
Dr. Susan O. Cassidy
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16
Apr
2018
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 ...
Posted By
Andrew Kravit, G.G., ISA
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9
Mar
2018
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 ...
Posted By
Marla Ottenstein, Get Organized Columnist
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31
Jul
2017
Elder Law Essentials: Back to the Basics
A proper estate and long-term care plan can ensure that our elders receive the care and respect they desire and deserve as they age. Protecting yourself and loved ones from physical and financial harm is crucial, so it is important that personal wishes are evident and made legally binding. Quality of life is the primary focus of most individuals approaching their later years. Assurance that they ...
Posted By
Adam Gross
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16
May
2016
Total Return Unitrust Promotes Smooth Sailing
Imagine sailing a beautiful sailboat without a rudder. The captain may end up sailing in a circle, or worse, sailing directly into a storm. When it comes to drafting trusts, it is essential that your Trustee (Manager) has clear instructions (i.e., a rudder) on how to manage investments and make distributions from the trust. We suggest that you consider using a Total Return Trust with Unitrust ...
Posted By
Ed Wollman and Marcie Poulos
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2
May
2016
Choosing a Fiduciary: It's a Job, Not a Reward
We spend about 45 years working to amass a nest egg to provide for our retirement and to leave a legacy for our family. That's approximately 85,000 hours at work. Why then do we spend so little time deciding who will manage our nest egg after we become incapacitated or die? The decision of who will serve as personal representative of your estate or trustee of your trust (collectively your ...
Posted By
By David R. Pash and Edward E. Wollman
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30
May
2013
Why You Need an Experienced Florida Probate Attorney
Probate is the legal process which determines whether an individual's last will and testament is valid or invalid. While probate may seem relatively simple, it is actually an extremely involved process that can have many variables. Not only does the will need to be verified, but an executor must be appointed in some cases, assets will need to be evaluated, heirs must be notified, claims need to be ...
Posted By
Ed Wollman
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