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How To Prepare For The Inevitable Estate Planning Conversations During The Holidays

How To Prepare For The Inevitable Estate Planning Conversations During The Holidays

Whether you want to or not, inevitably conversations about Estate Planning, wills and inheritance come up during the holidays. Here are some tips to prepare for the sensitive estate planning conversations with your loved ones - parents or children - during the holidays. Discussing Estate Planning with your family is never easy. It is even more difficult during what should be a happy gathering during the holiday season.  Rip The Bandage Off And Start The Convo Yourself You might be reluctant to discuss the inevitable with your parents, siblings or your own children. However, you can start the conversation yourself by ripping...

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2 Legal Documents An Adult Child Needs When They Turn 18

2 Legal Documents An Adult Child Needs When They Turn 18

Once your child turns 18, you and your partner are no longer legal representatives. There are two legal documents an adult child needs to make their own financial and healthcare decisions, an Advanced Directive and Power of Attorney. A South Florida Estate Planning Attorney can assist your child with these documents–learn what makes them so important.  1. Advance Directive An Advance Directive, or Advance Healthcare Directive, is a legal document detailing a college student’s preferences and wishes if, for any reason, they cannot make healthcare decisions for themselves. This legal document ensures the person's instructions are followed in the event of an acute...

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National Estate Planning Awareness Week October 17 – 23, 2022

National Estate Planning Awareness Week October 17 - 23, 2022

National Estate Planning Awareness Week is the week of October 17-23, 2022. It is the perfect time to review your current Estate Plan, or create one if you have yet to do so. If you do not have an Estate Plan, you are one of the 66% of people who do not have a will, according to the Caring.com 2022 survey. Check out these Estate Planning tips and debunked myths from our South Florida Estate Planning attorney so you know you are headed in the right direction. Caring.com’s 2022 Wills Survey 6 Myths and Facts About Estate Planning Be Prepared For Estate Planning...

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What Is The Inflation Reduction Act and How Does It Impact Florida Estate Planning?

Inflation Reduction Act

The recently passed Inflation Reduction Act replaced the proposed Build Back Better Act.  It covers many topics, and it is challenging to determine what will affect you. It is now a bill of law, and while the name suggests it is meant to focus on inflation, there are other areas of concern. You will also want to know how it will affect your Estate Planning but more on that later. First, let's review some of the bill's highlights.  Key Provisions of the Inflation Reduction Act The Corporate Minimum Tax Rate Tax rates on individuals and households will see no change, but corporations making...

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Legacy Planning: Does Your Family Pay Capital Gains on Inherited Property?

Inheritances are great for the next generation, but they can complicate taxes. How can you avoid that? How can you leave a legacy to your family without also leaving a large tax burden for your children and grandchildren? The Estate Planning lawyers at The Siegel Law Group can assist. We’ve helped hundreds of people get their affairs in order, bringing them peace of mind in the years ahead. What Taxes Might Beneficiaries Have to Pay on Their Inheritance? Depending on the amount of the estate and other aspects of your particular situation, an inheritance might be subject to estate tax, inheritance tax, and/or...

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August is National Make a Will Month

National Make a Will Month 2022

August is National Make a Will Month, and if you haven’t created a will yet, this is a good reminder that there’s no time like the present to draft your Last Will and Testament. You know you 'should' make out your Will, but there never seems to be enough time to stop and do so. You may have it all planned out but never found time to actually do it. You may even have decided who you want your beneficiaries to be and what they should get. Whatever your reasons for procrastinating, NOW is the perfect time to make a...

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Did Naomi Judd Leave Her Daughters Out Of Her Will? Understanding the Role of an Executor and Their Importance in Estate Planning

Did Naomi Judd Leave Her Daughters Out Of Her Will?

Understanding the Role of an Executor and Their Importance in Estate Planning American country singer and actress Naomi Judd passed away earlier this year, and when it was recently released that her husband was named executor of her Will, tabloid newspapers were quick to announce that her daughters, Wynonna and Ashley Judd, had been excluded from her Will.  However, not being named executor of their mother’s Will doesn’t prevent them from receiving an inheritance. Naomi Judd may have already taken care of her daughters via other Estate Planning tools such as Trusts, or perhaps with prior gifts before her passing; they may even...

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Black Panther Star Chadwick Boseman Died Without a Will: Don’t Let This Happen To Your Loved Ones

Black Panther Star Chadwick Boseman Died Without a Will Don’t Let This Happen To Your Loved Ones

Fame, success, celebrity and wealth do not guarantee that your loved ones will be protected after you die. Actor and Black Panther star Chadwick Boseman passed away in 2020 without a Will, and now that his estate is settled, public court documents show:  Chadwick's spouse received $1.5 million  his family received $1.5 million  the government received $1.5 million  … and the probate court cost his loved ones roughly $900,000  If you live in Florida and you are married and die without a Will, how much your spouse inherits depends on whether or not you have living descendants -- children, grandchildren or...

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Did You Recently Move to Florida? You Need to Update Your Estate Plan!

Did You Recently Move to Florida? You Need to Update Your Estate Plan!

Over the previous decade, nearly three million people have moved to Florida. From affordability to no income tax, the Sunshine State maintains an alluring lifestyle, with plenty to offer beyond pleasant weather.  Yet, when relocating, people frequently forget to review their estate planning documents. Since laws vary from state to state, there are no guarantees your current documents will fulfill the requirements of your new home.  If you are moving to Florida, you should execute your Estate Planning documents according to its state laws.  5 Reasons to Update Your Will and Trusts When You Move to Florida 1. Reduce Property Tax Homestead laws are designed...

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New Estate Tax Savings For Floridians

New Estate Tax Savings For Floridians

A Trust is an essential tool in Estate Planning. It involves creating a legal document in which you transfer ownership of property and assets to a trusted third party, or trustee. Once funded, you can designate beneficiaries and dictate the terms for how distributions are made.  For married couples, Spousal Limited Access Trusts (SLATs) protect assets, shield against creditor claims and help avoid estate taxes and gift taxes. However, previous Florida state laws limited protections for the primary contributor. Recent amendments to state laws help to rectify the situation. These changes make creating a SLAT easier and provide greater estate tax...

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