Tag: life-insurance
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Tax-Free Withdrawals from Your Private Company
1. Capital repayments: When a closely held corporation repays debt that has been capitalized, it is not treated as a dividend. The corporation can also deduct the interest paid on the debt. This assumes that the debt has been properly documented and that the corporation’s debt-to-equity ratio is not excessively high. 2. Salary: Reasonable compensation…
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Florida’s Response to Last Minute Marriages
1. Florida law now allows family members to contest deathbed marriages, which previously allowed the surviving spouse to inherit the decedent’s property. 2. Deathbed marriages were often used by individuals to take advantage of elderly single persons and claim their wealth. 3. Surviving spouses in deathbed marriages had rights to live in the family home…
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Understanding Florida’s Probate Process
1. Probate is the court-supervised process of administering a deceased person’s assets in Florida. 2. A personal representative is appointed to take charge of the probate process, including identifying, gathering, and securing the estate assets. 3. The probate process involves paying valid creditors, taxes, and expenses, followed by distributing the remaining assets to the beneficiaries…
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Why Choose an S Corporation for Your Business?
1. S corporation shareholders are not personally liable for corporate debts, as long as the corporation is adequately financed and maintains its separate entity status. 2. S corporations allow shareholders to deduct their percentage share of losses on their personal tax returns to the extent of their basis in the stock and any loans made…
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Choosing the Right Trust for Your Inheritance: Revocable vs. Irrevocable Trusts
– Revocable trusts offer control and flexibility as they can be changed or revoked during the grantor’s lifetime. They also help avoid probate and ensure privacy and uninterrupted asset management if the grantor is incapacitated. However, they are part of the taxable estate and may not be suitable for certain assets. – Irrevocable trusts provide…
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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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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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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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“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…