Estate Planning Archives - Page 2 of 2 - The Law Offices of Barbara Buxton

Category: Estate Planning

Apr 6, 2016

Categories: Estate Planning | Tips and Tricks

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.

Before you embark on your estate planning [..]

Jan 22, 2016

Posted by: Barbara Buxton

Categories: Estate Planning | Long-Term Care Insurance

Develop Florida Estate Plans Early for Best Results

Do you think that estate planning is only for the wealthy? Think again. Almost all Florida residents could benefit from the expertise provided by an estate planning professional who can help you understand the implications of local law when it comes to your assets. No matter how many assets you have, you need to have a plan for their distribution after your death. Without this critical forethought, your family members could be left with an estate in disarray, causing them endless stress and anxiety.

Help your family understand your estate plan by having uncomfortable discussions as early as possible. No one wants to spend time talking about their own death, but the details of your [..]

Jan 13, 2016

Posted by: Barbara Buxton

Categories: Estate Planning | Wills

Communication is Key to Florida Estate Plans

Do your kids know where your will is?

It is a scene that Florida attorneys see played out too many times in their local offices. Parents often leave their adult children without any idea about their final wishes, even neglecting to tell them where to find their estate planning documents. The implications of that failure are staggering, as relatives can be subjected to serious stress because of failed communication. In one case, an attorney tells the story of a man who failed to adequately plan, leaving his sister as the sole executor of his estate without any direction. The man died at age 60; after his passing, his sister was forced to spend months digging [..]

Dec 6, 2015

Posted by: Barbara Buxton

Categories: Estate Planning | Tax Laws

Florida Residents Escape Income, Estate Tax Burdens

If you are a Florida resident working on your estate plan, you are probably already aware that careful maneuvering may be required to avoid a massive tax burden for your heirs. It is important to remember that state and federal tax differ not only based on how much you own, but it also relates to where you live. With that in mind, the experts at financial magazines have compiled a list of states where dying is radically more expensive than in other locations. Estate planners should remember that 19 states impose independent estate taxes on their residents. Even those who live in states without these taxes in place should tread with caution, as many of [..]

Nov 1, 2015

Posted by: Barbara Buxton

Categories: Estate Planning

Avoiding Common Estate Missteps

Many Florida residents may have put off estate planning because they find it intimidating or overwhelming. Although crafting an estate plan can be a rather dry activity, it is absolutely essential for those who anticipate leaving assets to loved ones or other parties. Probate attorneys throughout the state have seen scores of individuals make serious mistakes with their estate plans; you do not have to be one of them. Today, we will discuss common misconceptions and errors that occur within estate plans, providing you with the information you need to craft the best document for your situation.

Some Floridians think they are too young to need an estate plan. That can be a huge mistake. [..]

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May 22, 2018 Posted by: Barbara Buxton

Four Important Changes That Could Affect Your Estate Plan

1. The New Elective Share. A surviving spouse of a person who dies domiciled in Florida has the right to 30% of the decedent spouse's elective estate. The elective estate includes: the decedent's probate estate, revocable trust estate, ownership interest in accounts or securities registered in "Pay On Death (POD)" "Transfer On Death (TOD)," "In Trust [...]

September 18, 2017 Posted by: Barbara Buxton

Ten Common Estate Planning Mistakes

1. Procrastination. 2. Not creating more than a Will in your estate plan. (You don't create a Revocable Trust because you believe only people with large estate need a Trust.) 3. Holding assets jointly with children (both for children's easy access to the money and for an "inexpensive" estate plan to avoid probate.) 4. Leaving [...]

March 30, 2017 Posted by: Barbara Buxton

Reasons for You to Create an Estate Plan

A Will is an essential part of a comprehensive estate plan because it allows you to bequeath your estate to loved ones. Unfortunately, this document alone is not always enough to protect your family and your assets: Did you know: A Will does not avoid probate. To probate a Will costs 3% to 8% of your estate, [...]

February 1, 2017 Posted by: Barbara Buxton

Estate Planning Tools: Using the GRAT as a Tax Shelter

An accidental loophole in American estate planning legislation could help the nation's richest citizens avoid billions of dollars in taxes. Billionaires in Florida are often required to pay outrageous 40 percent estate or gift taxes on their assets. Now, though, a newly popular type of trust is providing a critical tax shield that could have [...]

December 21, 2016 Posted by: Barbara Buxton

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 $11.58 million or less, and couples' estates that are valued [...]

September 10, 2016 Posted by: Barbara Buxton

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 [...]

July 20, 2016 Posted by: Barbara Buxton

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 [...]

April 6, 2016 Posted by: Barbara Buxton

Quick Tips for Building Your Florida Estate Plan

February 4, 2016 Posted by: Barbara Buxton

Keeping Your Kids From Overspending Their Inheritance

You have saved up a significant amount of money for your Florida heirs, but you are concerned about their ability to spend their money wisely. For those who stand to inherit property, good financial foresight is a must. That is why about one in three benefactors is drafting an estate plan that will reduce the likelihood [...]

January 22, 2016 Posted by: Barbara Buxton

Develop Florida Estate Plans Early for Best Results