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Do You Understand Your Estate Plan?

May 17, 2012

in Estate Planning

It is not uncommon for clients to create an estate plan and later not understand how their estate will be handled. The keys to an effective estate plan include not only executing well planned documents, but also understanding the importance of titling your assets and the impact that will have in the ultimate disposition of our estate. Often clients are unaware that the title to their assets and various beneficiary designations either partially or completely sidestep their estate plan. Please join us for one of our Estate Planning Seminars to better understand your estate plan.

Establishing a Trust

April 16, 2012

in Estate Planning

You love your heirs too much to pass them assets outright!

While you may trust your spouse and/or kids implicitly and have no concern about their use of your assets, establishing a trust for their benefit may be the best gift you could provide. Leaving assets outright leaves them subject to future creditors, marriages and divorces. For example, your spouse may inherit your assets and then be unlucky enough to be in a car accident which results in a creditor seeking to collect. The assets inherited from you are subject to the claims of those creditors. Alternatively, if you placed those assets in a trust for the benefit of your spouse they will be protected from creditors. The same applies to your children, the assets they inherit in a trust will be protected from their creditors and future divorces so long as they remain in the trust, all the while being held for the benefit of your children.

Please feel free to attend one of our upcoming Estate Planning Seminars to learn about this and other estate planning ideas that allow you to protect your family.

Our next Estate Planning Seminar, “The Essentials of Estate Planning” is April 18th from 5:00pm – 6:30pm.  Seating is limited. Please  RSVP to Annette at ahoskins@blalockwalters.com or (941) 748-0100.

Click here for the printable flyer.

Taxes on Investment Income Are Coming!

March 28, 2012

As you may recall, the 2010 Health Care Bill included an additional 3.8% “Medicare Tax” tax on net investment income, commencing on January 1, 2013. This new “Medicare Tax” will be imposed on taxpayers with adjusted gross income in excess of $250,000 for married taxpayers and $200,000 for non-married taxpayers. Once taxpayers reach the income [...]

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Non-Profit Compensation – Beware of IRS Approval Requirements

December 31, 2011

Most of us engage with non-profits in our community because we are committed to their mission, and as a result of this passion, often times those related to us also become engaged in supporting our chosen organizations. In addition, these organizations are often organized and controlled by a small group of dedicated employees and volunteers. [...]

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Who Will Manage Your Affairs?

December 7, 2011

Consider for a moment that you are traveling through life carrying along all of your “stuff” (a very technical term for your assets), including things like your home, investments, real estate, bank accounts, your car, etc. If something were to happen in your life and you were to become incapacitated (unable to manage your affairs) [...]

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IRS Issues Guidance on Marital Portability Election!

October 10, 2011

In December, 2010 the concept of “portability” was adopted in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.  Portability essentially allows a surviving spouse to use their own exclusion amounts and any remaining unused exclusion amounts of the deceased spouse.  The IRS recently published guidance in Notice 2011-82 on the Marital [...]

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IRS Deficiency? What Are Your Options?

October 1, 2011

For those who have a deficiency with the IRS, often the question is what are the options. Failing to address a deficiency with the IRS can result in liens on your assets, a sweep of your bank account and/or the garnishment of your wages. Assuming the time period to appeal the amount due has passed; [...]

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Establishing Florida Residency? Take the Time To Review Your Estate Planning Documents

September 28, 2011

Whether you are new to Florida, or have been here for years but have recently decided to become a Florida resident, now is the perfect time to review your estate planning documents.  In addition to ensuring your documents accomplish your estate planning goals, you also want to be sure your documents satisfy the specific requirements [...]

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The Importance of Transferring Assets to a Revocable Trust

September 2, 2011

Revocable Trusts are designed to avoid the probate process, but often they are unsuccessful because people fail to complete the critical step of transferring their assets into the trust vehicle. Probate is the process of transferring title to your assets after your death. During your lifetime you are able to transfer assets by executing a [...]

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Florida Adopts a New Durable Power of Attorney Statute

August 4, 2011

Effective October 1, 2011, Florida Statutes Chapter 709 will be substantially revised. Durable Powers of Attorney executed prior to October 1, 2011 will remain effective, with the new statute applying to all newly executed documents. Those serving as an agent under a power of attorney will now have expanded duties in a fiduciary capacity, including: [...]

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