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Tag: life-insurance

  • What does the process of estate planning entail?

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    What does a comprehensive estate plan entail? Estate planning involves the development of a comprehensive strategy and the creation of legal documents to safeguard, preserve, and distribute assets before and after death, benefiting loved ones and charitable organizations. This process considers the impact of state and federal tax laws, as well as administrative regulations. Additionally,…

  • What are Beneficiary Designations?

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    Beneficiary designations allow for the transfer of certain assets upon death without going through the probate process. Non-probate transfer laws vary by state, with life insurance death benefits and bank accounts often being cited as typical instances. You can bypass the need for probate when transferring certain assets upon your death by utilizing beneficiary designations.…

  • What other basic documents does your law firm regularly prepare in the estate planning process?

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    Family Limited Partnerships and Limited Liability Companies as well as a variety of trust documents, including: “Crummey Power” Trusts; Life Insurance Trusts; Dynasty Trusts; Asset Protection Trusts; Grantor Trusts; Non-Grantor Trusts; Minor’s and Grandchildren’s Trusts (utilizing the annual exclusion from the Federal gift and generation-skipping transfer tax); Qualified Personal Residence Trusts; Grantor Retained Annuity Trusts;…

  • What Determines If Medicaid Will Pay For My Nursing Home Care?

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    If you satisfy the criteria of being a U.S. citizen or eligible alien, a resident of Florida, and at least 65 years old or disabled, then your eligibility for Medicaid will be assessed based on your income and resources (assets). Income comprises various sources such as wages, benefits from Social Security, pension, and Veteran’s benefits.…

  • What Assets are Considered Exempt from Claims in a Florida Lawyer’s Probate Case?

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    Which assets are not subject to probate administration? What assets are eligible for protection? Which assets can be exempted in a probate estate handled by a legal firm in Florida, such as household furniture, furnishings, and appliances, valued at a maximum of $20,000 in the deceased person’s primary residence, two vehicles owned by the deceased…

  • What is considered bad faith behavior?

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    Life and property insurance providers have a duty to promptly investigate your claim, typically within 30-60 days of filing for life insurance or property insurance. Many insurers may try to dissuade you from seeking legal representation by unreasonably delaying your life, homeowners, renters, or property insurance claim, offering a lower settlement amount, or employing other…

  • What factors determine trust status for the person establishing the trust?

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    There are numerous administrative “defects” that can deliberately activate trust status, but some of the most common include the grantor’s capability to exchange assets with the trust, the trust’s ability to cover premium payments for a life insurance policy on the grantor’s life, and the naming of a Trust Protector who holds the authority to…

  • How much does it cost to go through the probate process in Florida?

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    What assets need to go through the probate process in Florida? The Florida Estate Administration Group offers flat fees for probate services, ranging between $1,500 and $5,000. Court costs for probate cases generally range between $350 and $700. These amounts can vary depending on the size and complexity of the estate, what kind of estate…

  • What are the requirements for applying for and being eligible for Medicaid?

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    Medicaid application eligibility requirements first necessitate having the necessary medical need for Medicaid. Once this requirement is met, there are two additional tests to be passed: an income test and an asset test. Currently, the income limit is set at $2,199, while the assets allowable include a residence, assets up to $2,000, a life insurance…

  • What kinds of property are not controlled by my Will?

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    Non-probate assets such as joint bank accounts, life insurance proceeds, “in trust for” accounts, “pay on death” accounts, “transfer on death” brokerage accounts and any other assets with a designated beneficiary do not pass under your Will. Generally, these assets pass outside your Will to some designated beneficiary or to a survivor. Since these assets…

  • What is the significance of estate planning and why is it crucial?

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    What does the term estate planning mean? Estate Planning is a procedure of preparing for the unexpected in life. Without even realizing it, you have likely engaged in the Estate Planning process most of your adult life ? for example, obtaining a life insurance policy, naming beneficiaries on your retirement plan, or when you are…

  • What is my taxable estate?

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    Your taxable estate comprises of the total value of your assets including your residence, additional properties, business interests, your portion of joint accounts, retirement accounts, and life insurance policies ? minus liabilities and deductions such as funeral expenses paid out of the estate, debts owed by you at the time of death, donations to charitable…

  • What is an Irrevocable Life Insurance Trust and how does it function?

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    There is a widespread misconception that life insurance funds are exempt from estate tax. While the funds received by your loved ones are not subject to income taxes, they are considered part of your taxable estate. As a consequence, your loved ones may lose over forty percent of the funds’ value to federal estate taxes.…

  • How can Collaborative Divorce assist individuals in navigating intricate financial arrangements, such as investments and pensions?

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    Collaborative Divorce offers the opportunity to engage neutral financial professionals known as Allied Experts. These professionals can provide invaluable guidance in comprehending, appraising, and considering options for dividing intricate assets while taking into account long-term financial stability, retirement, and estate planning objectives. It may be beneficial for both parties to examine beneficiary designations under life…

  • Welcome to Hoiberg Group: Your Go-To Source for Legal Help!

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    – Traditional IRAs provide tax incentives for retirement savings and allow earnings to grow tax deferred. – Contributions to traditional IRAs may be tax deductible, and money is not taxed until it is withdrawn. – There are annual limits to contributions and penalties for early withdrawals from traditional IRAs. – Roth IRAs have different rules,…

  • “Should You Get a Prenup Before Getting Married in Florida?”

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    – A prenuptial agreement, also known as a premarital agreement, is a contract made between prospective spouses before marriage. – It addresses rights to alimony, division of property and debts, and distribution of property in the event of divorce or death. – Benefits of having a prenuptial agreement include facilitating a quick resolution in the…

  • Everything You Need to Know About Naming Your Life Insurance Beneficiary

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    – Business owners can use life insurance to equalize the value of each child’s inheritance or to buy the deceased partner’s interest from their family. – Parents with young children can use life insurance to pay for the expenses of raising children and provide for a surviving parent if the deceased parent was the family’s…

  • Understanding the Tax Implications of Employer-Provided Life Insurance

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    1. If an employer provides group term life insurance coverage higher than $50,000, the excess amount is considered taxable income to the employee. 2. The cost of group term insurance is determined based on an IRS table, which can result in higher taxable income for older employees. 3. The taxable amount is reported on Box…

  • Florida Law Gives Spouse a Share of the Estate, Even if Disinherited

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    – In Florida, the surviving spouse has the right to claim a portion of the deceased spouse’s estate, regardless of what is written in the will. – This law, known as the elective share statute, was created in 1975 to ensure that the surviving spouse and children are not left without means after the death…

  • “Understanding the Benefits and Drawbacks of a C Corporation”

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    Pros of a C Corporation: – Allows the business to be treated and taxed as a separate entity from the owner – Provides protection from the debts of the business – Can control day-to-day operations and corporate acts such as redemptions and acquisitions – Lower corporate tax rate of 21% Cons of a C Corporation:…

  • Understanding Your Retirement Account Beneficiaries

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    1. Beneficiaries of retirement accounts, such as 401(k) plans and traditional IRAs, will have to pay ordinary income tax on distributions they receive. 2. Inherited assets like bank accounts and real estate are usually passed to beneficiaries income tax free, but this is not the case with retirement accounts. 3. Distributions from pretax 401(k) accounts…

  • Maximize Your Tax Benefits with “Head of Household” Filing Status

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    – Taxpayers who qualify as head of household may receive more favorable tax filing status compared to single taxpayers. – To qualify, a taxpayer must maintain a household for more than half the year and have a “qualifying child” or relative whom they can claim as a dependent. – A “qualifying child” is defined as…

  • Protecting Your Wealth: What’s Safe from Lawsuits in Florida

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    – Florida’s homestead exemption protects primary residences on land of half an acre or less in a municipality or 160 acres or less in other areas from creditor judgments. However, this protection may not apply to properties with mortgages or to second homes and investment properties. – Most retirement accounts like 401(k)s and IRAs are…

  • Life Insurance Basics: Choosing the Right Type for You

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    – Many people only start thinking about life insurance when they get a full-time job and are offered enrollment in their employer’s group life insurance policy. – Life insurance is a contract between an individual and an insurance company, where the company agrees to pay a specified sum of money to the beneficiaries upon the…