Tag: estate-planning
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How to Prioritize Happiness for You and Your Loved Ones
– The individual should identify what brings them happiness and prioritize those things in their estate planning. – They should consider how their wealth and property can be used to generate happiness for themselves and their loved ones. – They should review their estate planning documents to ensure that they reflect their priorities and align…
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Changes in Taxes for Gifts, Inheritances, and Trusts in 2024
– The annual gift tax exclusion amount for 2024 is $18,000 per recipient, allowing individuals to make tax-free gifts of this amount to an unlimited number of recipients. – The lifetime gift and estate tax exemption amount for 2024 is $13.61 million, meaning that transfers up to this amount do not require a tax payment.…
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“Important Papers for Applying to Medicaid in Florida”
The required documents for Medicaid eligibility in Florida include proof of identity, proof of citizenship or legal residency, proof of income, proof of assets, and documentation of medical condition or disability. It is important to note that the specific documents and requirements may vary based on the individual’s circumstances, and it is advisable to seek…
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Finding the Best Divorce Lawyer
1. Before choosing a divorce attorney, clarify the important issues for yourself and decide whether you need an attorney for mediation or litigation. 2. Ensure the attorney is familiar with the jurisdiction where the divorce will be filed and has experience with local family court judges and resources. 3. Seek recommendations from reliable sources to…
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Managing Your Family’s Wealth: What is a Dynasty Trust and Why You Need One in Florida?
– Dynasty trusts can protect assets from creditors, providing an additional layer of security. – They can help reduce estate tax liability by transferring assets into the trust, potentially reducing estate tax liability. – A dynasty trust is an effective way to provide long-term financial security for multiple generations of a family. – A dynasty…
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“Important Legal Documents for Floridians Over 18”
1. Durable Power of Attorney: Allows individuals to appoint someone they trust to handle their financial affairs, effective immediately and continuing if they become incapacitated. 2. Health Care Surrogate Designation: Lets individuals appoint someone to make medical decisions for them if they can’t make them themselves, ensuring their health care wishes are followed. 3. Living…
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Is Your Will and Estate Plan Fully Finished?
– Ensure that there are backup decision-makers (fiduciaries) listed in the estate plan for key roles such as Personal Representative, Trustee, and Power of Attorney/Agent. – Consider the possibility that the designated individuals may no longer be able or willing to fulfill their roles, and have backups in place. – Regularly review and update the…
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What Happens to My Spouse’s Debts When They Die?
– Most Americans have some form of debt, accounting for an estimated $14 trillion in debt collectively. – While most debts are paid by the deceased person’s estate, in some cases, the surviving spouse may be responsible for paying off the deceased spouse’s debts. – People of all ages, including those nearing retirement or in…
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Creating a Will in Florida: A Simple Guide for High School Students
1. People who eat a lot of red meat are more likely to develop heart disease. 2. Regular exercise can improve mood and decrease symptoms of depression. 3. Children who are breastfed are less likely to develop allergies later in life. 4. Smoking increases the risk of developing lung cancer. 5. High sugar intake is…
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How to Make a Will in Florida
– A will in Florida must be in writing. – The testator must be 18 years old or older, or an emancipated minor, and of sound mind. – The will must be signed by the testator or by someone else in the testator’s presence and at the testator’s direction. – Two witnesses must be present…
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Tax-Free Family Gifts: What High School Students Need to Know
– Planning for the future includes options for education funding, retirement planning, and estate planning. – Services offered by Baird include investment management, insurance planning, and liquidity solutions. – Market insights and wealth strategies are part of Baird’s insights and education offerings. – Baird leaders discuss integration with Hefren-Tillotson, investment in Minnesota, and the client-first…
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“Understanding Undue Influence on Trusts in Florida”
– Undue influence in trust disputes refers to controlling the mind of the settlor by outside influences, to the point where they did not act voluntarily. – It requires proving that the settlor was subject to the will of another when creating or changing the trust. – Mere affection or attachment of one person for…
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Florida Real Estate Market Report 2023: A Guide for High School Students
1. People who exercise regularly have better mental health. 2. Consuming too much sugar can negatively impact cognitive function. 3. Regular meditation improves sleep quality. 4. Drinking coffee can provide a short-term boost in cognitive function. 5. Exposure to nature can reduce stress levels. – Increased vacant land development transactions in central Florida, particularly in…
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“Why Unmarried Couples Should Plan for the Future”
1. Unmarried partners are not protected by state and federal laws when it comes to inheritance, taxes, and decision-making powers. 2. Without estate planning, the state’s intestacy statute will determine who receives money and property, and unmarried partners may receive nothing under the law. 3. If a beneficiary is not designated on a life insurance…