On behalf of Glenn Lee Nye, Attorney at Law posted in Estate Tax on Monday, February 20, 2012
Well-designed estate plans take advantage of every known tax opportunity. Current exemptions for federal gift and estate taxes encourage liberal gift-giving during life and beyond. Deland residents have many options available to them when establishing a sound estate plan.
The 2012 exemptions for federal estate taxes and federal gift taxes are $5.12 million, an increase over the $5 million limits set for 2011. The estate tax law allows individuals the chance to leave behind tax-free assets up to the exemption maximum. A surviving spouse may take over a deceased spouse's unused tax exemption.
On behalf of Glenn Lee Nye, Attorney at Law posted in Trust Administration on Sunday, February 12, 2012
A revocable living trust is a flexible estate-planning instrument used for multiple purposes, including estate tax minimization and probate avoidance. Assets within a trust are managed by an assigned individual or institution, a trustee who is expected to be knowledgeable, fair and dutiful.
The default trustee for many small and large estate holders not only here in Florida, but elsewhere throughout the country, is often a spouse or adult child. Estate administrators recognize that assigning the job of trustee to a close relative is often a keep-it-in-the-family decision. But is choosing a relative the wisest choice?
On behalf of Glenn Lee Nye, Attorney at Law posted in Heirs & Beneficiaries on Sunday, February 5, 2012
It is necessary to include heirs in an estate plan to direct the after-death distribution of assets. But, what if an heir is only a possibility, rather than a living person? What estate laws apply to a yet-to-be-conceived child or grandchild?
The expanding technologies that help couples reproduce have made it possible for more than 500,000 embryos to be tucked away in cryopreservation storage lockers. Frozen embryos are often used as genetic insurance, a way to ensure future reproduction for any reason, including a parent's death.
On behalf of Glenn Lee Nye, Attorney at Law posted in Estate Tax on Sunday, January 29, 2012
When Congress agreed to allow a $5 million individual exemption for the federal estate tax, it caused a ripple effect. A survey by WealthCounsel LLC reported over 30 percent of surveyed lawyers saw clients worry less about estate taxes and more about other after-death issues.
Other estate distribution concerns took precedence over tax issues with clients. Some clients sought to quell expected family arguments or keep an estate out of probate. Other estate plans focused on protecting after-death assets from mismanagement by unreliable or unskilled heirs.
On behalf of Glenn Lee Nye, Attorney at Law posted in Will Execution on Sunday, January 22, 2012
The world takes notice when people of wealth and fame have arguments over the assets of an estate. Negative publicity is generally not an issue for most family members who engage in will disputes. However, Florida legal advisors say court contests that create everlasting family divides are not necessary with proper estate planning.
A will or trust, as part of a larger estate plan, needs to include all assets of significant value to avoid a post-mortem free-for-all over the individual's belongings. Most legal documents concerning estate distribution list assets according to monetary value. Experts suggest adding directional clarity in estate plans for items with high emotional value as well.
On behalf of Glenn Lee Nye, Attorney at Law posted in Heirs & Beneficiaries on Sunday, January 15, 2012
A financial review is top-of-mind for many people after the start of a new year. Estate planning often remains a low-priority because of its connection with death, but experts say 2012 is a pivotal year for those wishing to bequeath assets to heirs and beneficiaries.
As uncomfortable as the subjects of incapacity or death sound for Central Florida residents, even more unsettling is the knowledge that control of assets could end up in the wrong hands.
On behalf of Glenn Lee Nye, Attorney at Law posted in Estate Administration on Sunday, January 8, 2012
With the dawn of the New Year, residents in Florida often take time to set goals for the year. Sometimes those goals include establishing an estate plan or updating their records for an existing plan. This is a useful time to evaluate estates because assets that have been separated during the course of a lifetime are centralized in an estate upon death. Laws govern the taxation of estates. Wills guide an estate executor and courts to distribute assets to heirs. Estate administration specialists believe the key to a smooth asset transition involves strategic long-term planning and vigilant estate plan maintenance.
The creation of an estate plan takes considerable effort, thought and review. Among the advisors needed to create a suitable estate plan are financial planners, tax specialists, brokers, accountants and an attorney who specializes in estate and estate tax matters.
On behalf of Glenn Lee Nye, Attorney at Law posted in Heirs & Beneficiaries on Sunday, January 1, 2012
Many people believe legal documents for estate planning are a once-and-done deal. Experts advise that it is a mistake to make a will, lock it up and forget about it. Choosing a beneficiary in Florida or throughout the United States without ever reviewing the choice also may produce adverse consequences for heirs and beneficiaries.
Choosing a guardian for children is better than selecting no guardian at all since courts have control of custody when parents fail to designate a preferred guardian. However, advisors say parents frequently do not remember to update a guardianship choice in wills.
On behalf of Glenn Lee Nye, Attorney at Law posted in Estate Tax on Sunday, December 25, 2011
Gift giving in Florida and throughout the country is an act of good will and generosity that can also serve as an integral part of a strategically-engineered estate plan. The timely transfer of the ownership of money, real estate or other assets may protect the giver from federal gift tax during their lifetime and the recipient from federal estate tax after the giver's death.
An individual may choose to distribute assets through inheritance. However, many people want to witness the transfer of the gifts they give and divest some or all assets during their lifetime. Early gift-giving allows a giver to be present for the asset transfer and reduces the size of a taxable estate.
On behalf of Glenn Lee Nye, Attorney at Law posted in Estate Tax on Wednesday, December 14, 2011
Estate planning done properly allows beneficiaries to enjoy assets without having to pay unnecessary federal estate tax. Experts say the wisest estate planning strategy also includes tax benefits for the person giving away assets.
People in Florida who plan to include charitable giving in an estate plan may choose to leave a cash donation. Some financial and legal advisors believe life insurance policies provide a better way to escape estate taxes and make a larger contribution to a chosen charity.
