Florida Elder Law & Estate Planning Blog

Five Reasons You Might Want to Disclaim An Inheritance
January 21, 2024

The legal term for rejecting a bequest is disclaiming.  When you disclaim a bequest from an estate, you are effectively saying: Treat me as if I had predeceased the person who died and left me the inheritance. Then distribute the…

Updated Estate Tax and Gift Tax Rates For 2024
December 19, 2023

Beginning in 2024 there are new estate tax numbers you should be aware of, particularly if you have a substantial estate that is taxable right now, or one that is likely to be taxable in the future. The Federal Lifetime…

Frequently Asked Questions About Life Insurance And Estate Planning
October 5, 2023

Clients often ask us about how their life insurance policies fit into their estate planning, and vice-versa. In this post we answer frequently asked questions on this subject. We will also tell you about specific traps you should avoid. Note:…

Making Annual Gifts Can Help Reduce Future Estate Tax Liability
August 23, 2023

The current Unified Estate Tax and Gift Tax Exemption allows you to pass $12.92 million, tax-free. This can include tax-free gifts you make during your lifetime, or bequests made after your death, or a combination of the two. A married…

Establishing Florida Domicile: Clearing Up The Confusion
March 7, 2023

Florida drivers license data prove what so many of us are noticing in our communities: record-setting numbers of people are relocating to Florida from other states. Our new neighbors are people of all ages, not just retirees. Leading the pack…

Gift Tax and Estate Tax Changes Coming in 2023
October 29, 2022

Families and individuals with significant assets will have new opportunities in 2023 to transfer tax-free wealth to their heirs. Your estate planning attorney can provide you with guidance on any gifting you should be doing to take advantage of the…

estate tax portability
Great News For Those Who Missed the Portability Filing Deadline
July 20, 2022

Great news for those who missed the deadline to file for portability: Uncle Sam is giving you a second chance. Portability allows a surviving spouse to claim for his/her own estate any unused portion of the deceased spouse’s unified estate…

What Grandparents Should Know About 529 Plan Impact on Taxes, Medicaid Eligibility
June 12, 2022

Good news if you are a grandparent who owns a 529 account, and for your account beneficiary: Beginning in the 2024-2025 school year, contributions you make to a 529 plan need not be reported on the student’s FAFSA application (Free…

estate tax
Estate Tax and Inheritance Tax: Know The Difference
February 16, 2022

“I figured out why Uncle Sam wears such a tall hat. It comes in handy when he passes it around.”  -Soupy Sales As Soupy’s quip suggests, there are taxes for just about everything – including death. Clients doing estate planning…

Alert: Estate Tax and Gift Tax Changes In 2022
December 6, 2021

Two key estate planning numbers will change effective January 1, 2022: The lifetime unified gift and estate tax exemption, and the annual estate tax exclusion. These changes may impact you if you have a taxable estate. The lifetime exemption is…