It's fairly common for people to come talk to us about concerns they have about possibly having to pay taxes if they receive an inheritance in Florida. Any time you receive money or property, considering the potential tax implications is always a wise thing to do. Even if you unwittingly make a mistake and forget to pay taxes, or don't realize that taxes applied in your particular situation, you … [Read more...]
A Few More Estate Tax Planning Tips
Last week we looked at a couple of basic estate tax planning tips that almost everyone can take advantage of. This week we thought we would expand on the idea of estate tax planning by looking at some additional strategies that might be useful to you. When talking about estate taxes, it's important to remember that the issue is often a complicated one, and developing an estate tax plan is … [Read more...]
A Pair of Basic Estate Tax Planning Tips
The idea that you might lose a substantial part of your estate to the estate tax is one of the main reasons why people in Florida seek out an estate planning attorney for assistance. While no one wants to have to pay a tax if they can avoid it, the reality surrounding the federal estate tax is that it does not apply to most people. On the other hand, if you are one of the people that might be … [Read more...]
Basic Questions About Estate Planning – Do I Have to Pay Taxes on my Inheritance?
When people in Florida receive an inheritance, they commonly have questions about the kinds of taxes they might have to pay. After all, if you've recently received a lot of money or property, won't the state of Florida or the federal government want to take part of that in the form of taxes? The questions surrounding inheritances and taxes can be a little complicated, and sometimes the answers … [Read more...]
Basic Questions About Estate Planning – Do I Need to Worry About Estate Taxes?
A lot of people come to our offices in Port St. Lucie and Vero Beach, Florida because they want to know if they need to worry about estate taxes. Even though the question of paying taxes on your estate is a significant issue, it's much less significant today than it has been in recent years. This is primarily because some significant changes to the federal estate tax law have made the issue … [Read more...]
Portability and Your Estate Plan – 3 Questions
When it comes to estate planning and estate taxes, the idea of portability is an essential concept. Portability is, essentially, the ability to use the unused estate tax exemption that a deceased spouse leaves behind. To help you better understand the idea of portability and how it applies, let us take a look at three key issues you will need to become familiar with. The Federal Estate Tax Estate … [Read more...]
Gandolfini Estate to Take a Large Hit on Estate Taxes
When "Sopranos" actor James Gandolfini died in Italy this June of a heart attack, he not only left behind two young children, a wife, and a sizable estate, but he also left behind a last will and testament that is making many people review their own. Gandolfini died leaving behind assets worth an estimated $70 million. Unfortunately, because he left inheritances through his will that far exceed … [Read more...]
Creating an Active Gift Plan: 3 Practical Tips
One of the easiest ways people can minimize their estate tax burden is to create a gift strategy. Though easy to do, creating a gift strategy is one of the more underutilized estate planning tools available to many families. Your attorney will be able to help you create a gift plan that fits your individual circumstances, but here are some tips to keep in mind. Tip 1: Use pre-existing … [Read more...]
Estate Planning Issues in the Wake of the Fiscal Cliff Deal
Congress has, for the time being, managed to steer the country away from the fiscal cliff. But the deal that was reached in order to avoid the cliff has caused some confusion in the world of estate planning; specifically, the portions of the deal that have to do with taxes. This confusion is understandable, given the amount of partisan rancor that had been bandied about in the days leading up to … [Read more...]
Understanding the Generation-Skipping Transfer Tax
If you have never heard of the estate tax but not the generation-skipping transfer (“GST”) tax you are not alone. Nevertheless, you should become familiar with it since, as of 2011, it has returned and its effect will be felt by estate plans across the nation. What is the GST tax? When property is passed from a grandparent to a grandchild or great-grandchild via a will or trust, the … [Read more...]
