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May 2014 Archives

Florida families hope to disinherit IRS through estate planning

According to public opinion, tax implications are one of the biggest issues confronting Americans' estates. As a result, a big industry has developed to help Americans disinherit the IRS. Through proper estate planning, Florida residents can indeed reduce the tax consequences confronting their estates, thus leaving more assets to loved ones and less to Uncle Sam.

Estate planning and charitable donations

While taking care of children, grandchildren and other relatives is often times an individual's primary concern in estate planning, many people also focus on charities that are near and dear to their hearts. This altruism makes sense for many people designing an estate plan that fits their needs. In addition to the significant psychological benefits and other positive impacts donating to a charity can impart on a do-gooder, many people find themselves with few, if any, family members to whom they can leave an inheritance. While most people certainly enjoy passing assets down to loved ones, oftentimes the reality is those loved ones are financially independent and more than capable of thriving without a trust fund. This frees up assets for organizations and non-profits that are constantly in need of donations and charitable bequests.

Florida women advised to customize estate planning

The rules and regulations governing wills and trusts do not differentiate between male and female. Nevertheless, the customizable nature of estate planning mandates that each individual take a unique approach to their own plan. Given the differences between men and women, it is important for each sex to recognize that certain things that worked for a man's plan may be different for a woman.

Plant Provision Proves Estate Planning Ingenuity

The Wall Street Journal recently reported on a unique provision in a will intended to care for a potted plant. A 63-year-old woman in Pennsylvania has been dutifully caring for a 42-year-old philodendron for years. Since the plant will almost surely outlive her, she has inserted a provision in her will granting a friend $5,000 to care for the plant upon her death.

Estate Planning Not Just For Mega-Rich Floridians

A recent report from the Wall Street Journal indicates that too many Americans view estate planning as a tool for the uber-wealthy. The report suggested that the generic term estate planning conjured up images of complex tax shelters and inheritances with too many zeroes to count. Such misconceptions exist in Florida too.

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