The larger your family, the more complicated your will. This is particularly true of your assets are over the estate tax threshold for your state. Although Florida has no estate tax, you will still need to file a federal estate tax return if you have an estate valued over $5,490,000 (in 2017, it may go up in future years).
There are times when a Broward-Palm Beach-Dade TriCounty FL estate planning lawyer with sufficient knowledge of estate taxes can assist you in lowering your estate value below this threshold through the use of trusts and gifts. This can b very important to your loved ones and will allow you to pass more wealth down.
Although you might not be at this threshold, having a will is still vital for passing your assets down to your children or spouse - if you lack a will the state will use a strict set of rules to make decisions on your behalf.
This means that if the grand piano is supposed to go to your sister, you can make sure that she gets this item by drafting a will. This is also true for stepchildren who have not been adopted if you want to pass assets on to them.
A good estate planning lawyer will help you draft a will that meets your goals and keeps the transfer of property smooth, with no arguments. For high value estates, you also need a lawyer who can handle probate, estate administration, and filing those pesky tax returns for you.
Wills should be made by all those who have large families or lots of money. As such, you should get in touch with an estate planning attorney to get helpful advice on how to handle things properly. Choosing a lawyer is incredibly important and requires you to look beyond professional advertisements.
There are times when a Broward-Palm Beach-Dade TriCounty FL estate planning lawyer with sufficient knowledge of estate taxes can assist you in lowering your estate value below this threshold through the use of trusts and gifts. This can b very important to your loved ones and will allow you to pass more wealth down.
Although you might not be at this threshold, having a will is still vital for passing your assets down to your children or spouse - if you lack a will the state will use a strict set of rules to make decisions on your behalf.
This means that if the grand piano is supposed to go to your sister, you can make sure that she gets this item by drafting a will. This is also true for stepchildren who have not been adopted if you want to pass assets on to them.
A good estate planning lawyer will help you draft a will that meets your goals and keeps the transfer of property smooth, with no arguments. For high value estates, you also need a lawyer who can handle probate, estate administration, and filing those pesky tax returns for you.
Wills should be made by all those who have large families or lots of money. As such, you should get in touch with an estate planning attorney to get helpful advice on how to handle things properly. Choosing a lawyer is incredibly important and requires you to look beyond professional advertisements.
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