Archive

The estate tax exemption for 2020 is $11.58 million, an increase from $11.4 million in 2019.   #TuesdayTip

Will the Estate Tax Exemption and tax rate continue until 2025?       #TuesdayTip

Did you know that if you are the Personal Representative for an estate, Florida law allows you to receive a fee for your services based on the value of the estate.  #TuesdayTip

Does your Estate Plan provide for a stepped up basis at the second death?    #TuesdayTip

Did you know that Save Our Homes is an amendment to the Florida Constitution that provides for a limitation on the increases in assessed value of a homestead residence.      #TuesdayTip

IS YOUR TRUST GOING TO BE SUBJECT TO OUT OF STATE INCOME TAX AFTER YOU DIE ?  Maybe.       #TuesdayTip

As the Personal Representative of a probated decedent’s estate, it is a good idea to wait to pay off small debts of the decedent until the creditors file a claim against the estate.      #TuesdayTip

You should check and update your estate planning documents at least once a year and whenever there has been a change in marital status, family members have left or entered the picture, or the tax laws have changed.      #TuesdayTip  

Did you know that there are two main categories of trusts: revocable and irrevocable. One of the primary differences is that a revocable trust can be changed at any point throughout the Grantor’s life. The type of trust you need will depend on your estate planning goals.   #TuesdayTip  

A “pour over” Will works together with a Revocable Trust so that any assets that are not in your Trust at the time of your passing end up in your Trust after the probate process is over.      #TuesdayTip