Although it is probably too late to make changes that will affect the coming tax season, it is not too late for Floridians to take stock of personal finance and estate planning basics. The amount at which the estate and gift tax kicks in did not rise as anticipated and is currently at $5.34 million for 2014. The top rate for capital gains taxes did rise, however, to 23.8 percent from 15 percent. There are still some strategies to employ to reduce taxes.
Today's Florida residents who are thinking about estate planning may overlook one important thing: the Internet. Anyone who has an online presence -- email accounts, web pages or social networking accounts -- should think about what heirs will be dealing with if they can't access these accounts. The legalities of passing on email accounts and other online possessions are murky due to the relative youth of the digital age, which is why planning ahead of time is a wise idea, especially for someone who conducts business or pays bills online.
When a divorce is finalized, the last thing many individuals want to do is deal with more financial and legal issues. However, Florida residents going through a divorce shouldn't close their files as soon as the process is complete. There can be estate planning considerations that could affect their desired beneficiaries.
Florida residents with a troubled family member may be unsure of how to work out the details of their estate plan. For instance, if a child or grandchild has a drug addiction, it may not be in their best interest to leave them with a large inheritance. Likewise, leaving money or property to a family member with a gambling problem could serve to enable their addiction.