How Do I Create a Trust in Florida?
When people talk about including a trust as part of their estate plan, they usually mean a revocable or “living” trust. Under the right circumstances, creating a trust can help your loved ones avoid the probate process and save taxes. However, many factors affect whether creating a trust is in your best interest. Therefore, getting […]
Qualified Plans and IRA Required Minimum Distributions for Beneficiaries Upon Death of the Participant
The Internal Revenue Service (IRS) has established rules for required minimum distributions (RMDs), which are the minimum amounts individuals must withdraw from IRAs and other retirement accounts based on age. However, different rules apply to RMDs when the plan participant passes away, and an heir has inherited a qualified plan or IRA. Understanding the required […]
4 Steps to Take to Prepare for the Change in the Estate and Gift Tax Exemption
The Internal Revenue Service (IRS) recently announced an increase in the estate and gift tax exemption for 2025. The basic exclusion amount will increase to $13.99 million per person for transfers during life and after death. The Tax Cuts and Jobs Act (“the Act”) is the federal legislation that doubled the exclusion to $11.18 million […]
3 Challenges People May Face When Going Through Probate
When your loved one passes away and has a will in place, you might think that handling their estate should be a straightforward process. Even if probate proceedings are necessary, you may not expect any complications. However, while many probate proceedings do go smoothly, some do not. Various challenges may arise during probate proceedings, including […]
U.S. Supreme Court Rules in Favor of IRS in Estate Tax Concerning Shareholders’ Life Insurance Policy Proceeds
The U.S. Supreme Court recently issued a unanimous opinion in Connelly v. Internal Revenue Service. This ruling resolves a common estate tax issue for corporate shareholders in favor of the IRS. The high Court’s decision creates various estate planning opportunities to avoid placing an increased estate tax burden on the owners of closely held corporations. […]
The Importance of Periodic Estate Plan Reviews and Updates
While you may have already established a comprehensive estate plan for yourself and your family, your obligation to maintain that estate plan continues. Life rarely goes as planned, and unexpected changes often occur when you least expect them. Furthermore, as time passes, you may have different perspectives or feelings about your assets, your family members, […]
Charitable Giving and Estate Planning: Making a Lasting Impact
A Boca Raton estate planning attorney at Kramer Green can help you create a comprehensive estate plan that serves your needs. We can help you determine what your objectives are for your estate plan and how to meet those goals during the estate planning process, including any charitable giving you wish to include. Together, we can […]
The Basics of Estate Planning: A Comprehensive Overview
Although almost everyone passes away owning at least some property and owing at least some debts, a surprisingly large number of people fail to create an estate plan. When individuals pass away without an estate plan, their family members are left with a financial and logistical mess to figure out, which can make a difficult […]
Estate Planning for Young Families: Protecting Your Loved Ones
Whether you are new parents, or you have just started to think about having children, you may not automatically consider the need for estate planning for your family. After all, you may have just purchased your first home, embarked on your career, and started accumulating savings. However, regardless of the amount of assets you may […]
Partition Action: Forcing the Sale of Jointly Inherited Property
If a partition action is necessary, you should seek help from a knowledgeable attorney. When an individual who holds real estate solely in his or her name passes away, real estate ownership must pass to the person’s heirs through the probate process. If the person left a will, the real estate and other probate property […]