How Does President Biden’s “American Families Plan” Effect Your Estate Plan?
Video Summary
How does President Biden’s American family’s plan affect your estate plan? It does not because the American family plan if passed will make the child dependency tax credit permanent. It is a tax credit and therefore will not affect your estate plan. It affects your income taxes. You can call me, although I’m not, don’t give out tax advice. My phone number is (727) 847-2288.
- Published in Estate Planning, Videos
Are There Any Tax Implications When an Estate Is Settled?
Video Summary
Are there any tax implications when an estate is settled? The number one, is Florida has done away with estate taxes, and the federal government has raised the federal estate tax limitation in 2024 to above $13 million. So, there’s no estate tax implications in most estates in Florida. The personal representative is charged with filing a tax return for the estate for any income that it received. And so, the tax implications are, is that you deduct the administration costs from the income of the estate, and if there’s any income that’s been distributed out to the beneficiaries, they’ll receive K one and must pay income tax on it. One of the big benefits of inheriting property, however, is you get what they call a step up in basis and the property. If you inherit property or stock, and that you take the asset at the date of death value. And so, if the date of death value is a hundred thousand dollars and you later sell it for a hundred thousand dollars, you don’t have to recognize any gain. You don’t have to go back and determine how much the decedent paid for the property. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Taxes, Videos
Is It Safe to Do a DIY Will Services?
Video Summary
Is it safe to do a DIY Will service? I would say no, it is not safe, and the will has to be executed with a certain amount of formalities and there are certain aspects of will that you need to have the guidance of an attorney. And so, I would strongly recommend not trying to do a will by yourself because it may not be effective. And that’s the whole purpose of will is to avoid problems whenever you pass away. Strongly suggest you contact an attorney. It’s not that expensive as far as having a will prepared as well as other estate planning documents such as living Wills, healthcare, surrogates, which has a HIPAA waiver, and durable powers of attorney. See if I have any questions. Give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
What is the Difference Between a Supplemental Trust vs Special Needs Trust?
Video Summary
What is the difference between a Supplemental Trust and a Special Needs Trust? Well, I’m not real sure just what you mean by Supplemental Trust, but I’m assuming it’s a Trust whereby the trustees directed to supplement the income or for the benefit of the beneficiary and they have discretion to give the money to the beneficiary and then the money is later dispersed to that person. Usually at a particular age, there may be some definition as far as giving them the income from the Trust or a specific amount, or it can be simply discretionary on the part of the trustee until the beneficiary reaches a certain age. Many times, you do this for your children so that they don’t receive it at age 18 whenever they become adults. You say you want the trustee to hold it until such time as they’re 25 and use the money up until that time for their health, education, and maintenance so that they can pay for their college education, and then you can direct that a portion of it be dispersed at 25 or whatever age you would like. You can send it out on an incremental basis. Whereas a special needs trust is whenever you have someone who has special needs, and the money is not ever dispersed to the beneficiary since it would disqualify them from any state programs or federal programs where they’re receiving benefits. And so that money must be used independently and so it’s not used for the benefit of the special needs person. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
How Much Can You Leave Beneficiaries Without Facing Estate Tax?
Video Summary
How much can you leave a beneficiary without them having to pay any estate taxes, or rather the estate having to pay any estate taxes? The federal limitation is now up to over $12 million, so you can leave them up to $12 million and not have any federal estate taxes. As far as your estate’s concerned, in Florida, they’ve done away with estate taxes, so the total that you can leave without any federal estate taxes to all the beneficiaries of your estate is anything up to about $12 million. In fact, that goes up every year, and right now it’s a little bit over that amount. So, if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Taxes, Videos