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Aventura Corporate Center
20801 Biscayne Boulevard
Suite 400
Miami, FL 33180

305-932-2293 Miami-Dade County
954-760-7077 Broward County

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December 2013 Archives

New type of trust protects assets for Florida heirs

Even though the federal estate tax is affecting a smaller percentage of people every year, those with larger amounts of assets are more likely to suffer the ill effects of this particular fee. New federal estate tax rules protect individuals estates that are valued at $5.2 5 million or less, and couples' estates that are valued at less than $10.5 million. However, when estates passed those threshold, the estate tax rises to an overwhelming 40 percent. Now, a new type of legal protection has become available for those with large estates, allowing for additional shielding from the massive 40 percent tax.

Americans leave smaller inheritances than others

Even though America is a land of economic prosperity, our aging population lags behind elders in other countries when it comes to inheritances. Most Americans intend to leave behind about $177,000 for beneficiaries and others who would inherit property; compared to several other nations, that is a pittance. In fact, Floridians might marvel at the idea that most Australians plan to leave $502,000 to their heirs. So, what is the difference between us and them? Experts say that a variety of social factors could be leading to lower inheritances. Those factors include estate tax and the growing cost of medical care in the United States.

Keep paperwork in order to distribute estate assets properly

Many Florida residents do not think they are old enough to worry about estate planning. Surprisingly, nearly 80 percent of aging Americans do not even consider themselves "old" until they reach age 80. Although we are living longer, more fulfilling and more exuberant lives, it is important to remember that you must have a plan to distribute estate assets as you reach your later years. Although you may have a very basic estate plan that includes a will, additional measures may be needed to ensure that your property is properly distributed after your death.

Quick tips for building your Florida estate plan

If you are one of the scores of Floridians who has put off creating your estate plan, you are not alone. In fact, scores of other baby boomers like yourself have waited to draft these important documents, sometimes with dire consequences. It is never too early to think about estate planning, which can make a noticeable difference in facilitating a smooth transition after your death. Many financial experts even view estate planning as an act of love - you would not want your beneficiaries to end up paying extra taxes, for example. Today, we bring some tips on building a proper estate plan, no matter your life stage.