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.
With the federal estate tax threshold currently exceeding $5 million, however, estate taxes are not a primary concern of estate planning for most. Instead, Floridians are more likely to see a retirement home or other long-term care facility drain assets from their estate than the government. In fact, studies show that seven out of ten people will need at least one year of long-term care after the age of 65. With the price of a year at a nursing home in Florida averaging $80,000 per year and rising, it’s easy to see how an unexpected medical condition late in life can upset one’s estate plan.
Fortunately, there are estate planning strategies that can account for such contingencies. Making sure that you and your spouse are covered in case extensive care is needed not only ensures your own peace of mind, but benefits one’s heirs, as well.
Local Lee estate planning lawyers have guided hundreds of individuals, couples and families through the process of planning for the future. These experts know how to structure legal documents to carry out your intentions. Along with an accountant, financial planner and others, a local lawyers is a vital component to anyone’s financial team.
Source: Marco Eagle, “Protecting Families: A Guide to Disinherit the IRS,” Michael Kilbourn, May 25, 2014