The larger your family, the more complicated your will. This is particularly true of your assets are over the estate tax threshold for your state. Although Florida has no estate tax, you will still need to file a federal estate tax return if you have an estate valued over $5,490,000 (in 2017, it may go up in future years).
In some cases, a Broward-Palm Beach-Dade TriCounty FL estate planning lawyer with tax knowledge can help you drop the value of your estate below the threshold by using tactics such as gifts and trusts. This can make a huge difference to your family and the ability to pass wealth on through the generations.
When the threshold is not reached, having a will is still important particularly if you have items that you aren't willing to pass on to a spouse or a child - because if you lack a will, the state is going to make all the choices according to a stringent set of rules.
This means that if the grand piano is supposed to go to your sister, you can make sure that she gets this item by drafting a will. This is also true for stepchildren who have not been adopted if you want to pass assets on to them.
A good estate planning lawyer will help you draft a will that meets your goals and keeps the transfer of property smooth, with no arguments. For high value estates, you also need a lawyer who can handle probate, estate administration, and filing those pesky tax returns for you.
Wills should be made by all those who have large families or lots of money. As such, you should get in touch with an estate planning attorney to get helpful advice on how to handle things properly. Choosing a lawyer is incredibly important and requires you to look beyond professional advertisements.
In some cases, a Broward-Palm Beach-Dade TriCounty FL estate planning lawyer with tax knowledge can help you drop the value of your estate below the threshold by using tactics such as gifts and trusts. This can make a huge difference to your family and the ability to pass wealth on through the generations.
When the threshold is not reached, having a will is still important particularly if you have items that you aren't willing to pass on to a spouse or a child - because if you lack a will, the state is going to make all the choices according to a stringent set of rules.
This means that if the grand piano is supposed to go to your sister, you can make sure that she gets this item by drafting a will. This is also true for stepchildren who have not been adopted if you want to pass assets on to them.
A good estate planning lawyer will help you draft a will that meets your goals and keeps the transfer of property smooth, with no arguments. For high value estates, you also need a lawyer who can handle probate, estate administration, and filing those pesky tax returns for you.
Wills should be made by all those who have large families or lots of money. As such, you should get in touch with an estate planning attorney to get helpful advice on how to handle things properly. Choosing a lawyer is incredibly important and requires you to look beyond professional advertisements.
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