Recent tax increases have effected a vehicle that many Florida residents use as part of a comprehensive estate plan. The marginal 39.6 percent rate included in the 2012 tax legislation that is imposed on an individual's income in excess of $400,000 is applied to trusts at the $11,950 threshold. Furthermore, the new 3.8 percent Medicare surtax directed at net investment income of individuals earning more than $200,000 is applied to trusts at the same $11,950 level.
In addition to preparing a will to leave instructions for how assets are to be handled after death, Florida residents who are planning their estates should not neglect their digital assets. From online bank accounts to social media profiles, most people handle many of their personal and business affairs online.
Estate planning is an important step in everyone's lives as they accrue wealth and get older. Florida residents may be interested in an article that gives tips on making the estate planning process as painless as possible.
Sometimes, the mistakes regarding an estate plan for a Florida resident are not known until death. This is also the case with recently deceased actor Phillip Seymour Hoffman, whose estate planning mistakes may shock his family.