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…
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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…
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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:…
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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…
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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…
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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…
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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…
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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…
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“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…
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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…
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