As Florida residents may know, having a current will in place is an important part of estate planning. However, some individuals may not realize that certain tasks must be completed to ensure that a will does not cause problems for beneficiaries in the future.
Florida residents establish their digital footprint when they create social media profiles, purchase items online and post entries on a blog. However, not accounting for these digital assets can potentially cause issues after a person's death.
Most people in Florida who are contemplating the preparation of their will know that part of the task is to appoint an executor to carry out the will's provisions. Many legal and financial professionals believe that the spouse of the testator can be an ideal choice, for a variety of reasons.
Florida residents who would like to avoid federal taxes on their estate may want to consider giving regular gifts to their loved ones. For people with large estates, strategic gifting can be an important part of an estate plan. Wealthy individuals may be able to use the annual gift tax exclusion to reduce the size of their estate before they die.