Florida residents may be interested in recent tax law changes that have simplified estate planning for married couples with between $5 million and $10 million in assets. Congress changed the portability rules with regard to estate planning. The change was temporarily made by Congress in 2011 and then became permanent in the American Taxpayer Relief Act of 2012.
When planning for the disposition of their estates, people usually account for their homes, art, vehicles, jewelry and other physical items as well as bank accounts set up at brick and mortar locations. However, digital assets such as e-books, songs in digital libraries like iTunes, and even money held in online-only accounts are often forgotten. These assets are like any other in that a determination must to be made as to how they will be disposed of.
When a Florida parent believes that one or more children deserve a larger stake in his or her estate, they may decide to wait until their death before communicating this information. The parent may showcase what may be considered favoritism in his or her last will and testament. There are several reasons for this disparity in inheritances and a few alternatives to fulfill the parent's final wishes while minimizing hurt feelings.
Although pop artist Robert Rauschenberg died in 2008 on his exclusive Florida island, some of his closest friends are embroiled in a battle over his money. The three friends were given the duty of administering the man's trust that was part of his $600 million estate. The men are asking for $60 million in fees for administering the trust, and the case will probably go before a Lee County court this year.
"Retirement" in the state of Florida and across the country has acquired a whole new meaning, according to financial planning experts. As many as 40 percent of all baby boomers expect to work until they die, according to recently released data from AARP. Nonetheless, whether they plan to retire officially or not, financial planning remains critically important for individuals in their golden years, particularly estate planning.