One of the most popular forms of asset protection in Sarasota is through a trust. There are different types of trusts, and you need to be aware of which each one does and doesn’t do, especially in the state of Florida. When asset protection is the goal, not all trusts protect your assets. This will…
You might think that only older individuals need a will, but that isn’t true. Everyone should have a one. There isn’t a set age limit on who should have a will. If you don’t have one, you should get one. You never know when you might need it. Contact a qualified estate planning attorney and…
As you begin your journey to estate planning, there are five essential documents that are part of estate planning. These are documents that many of us have heard of at one time or another, but when put together they form a solid foundation for an estate plan. This is probably the most common. Your last…
There are some essentials of estate planning when it comes to protecting yourself, and your family members. If your affairs aren’t in order, not only will your loved ones bear the burden, but they could possibly bear a financial burden, and potentially argue with other family members during their most difficult times. These are the…
It’s important to hire a qualified estate administration attorney, because it is a complicated process which can be overwhelming in normal circumstances, let alone while grieving. Most people don’t have a basic understanding of what estate administration involves, which is why it’s important to hire a qualified estate administration attorney. Anything a person once owned…
It doesn’t matter what the size of your estate is when you leave it behind. Estate planning is a big deal, and everyone should have an estate plan set in place. Things can change in a moment, and unexpected things happen. It is especially important if you have family members who depend on you. Why…
Have you been to the hospital for a basic or even an emergency procedure and been asked to sign a generic health care proxy? When your life could be at risk, the hospital staff is required to ask you to sign one if you do not have one in place, should something happen where you…
We don’t want to think about our loved ones passing away. We also don’t know what laws will be in place when that time comes. This makes it important to protect your estate while you can and mitigate estate tax increases now. There are several ways this can happen. Having a knowledgeable estate planning attorney…
The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It’s up to $11.7 million for 2021 ($23.4 million for a married couple). So, now, even fewer taxpayers have to worry about federal estate taxes when they die. However,…
There’s a good chance that many adult children will have to get involved with their parents’ financial lives as they age. Yet, an overwhelming majority of adult children – 73% – have not had detailed conversations with their parents about their finances, according to a survey by GOBankingRates. One of the primary reasons why survey…