WHAT ARE ESTATE TAXES AND DO I NEED TO WORRY ABOUT THEM?
Estate taxes are different in every state. The estate tax is a tax on your right to transfer property at your death. It is calculated by ascertaining the total of what a person owns or has an interest in at the time of his or her death. This is the fair market value and not what you actually paid, it is your gross estate. The items used to calculate this are for example real estate interests, business interests, stocks and investments, cash and securities, insurance, trusts, annuities, and other assets.
IS ESTATE PLANNING DONE BECAUSE OF TAXES?
Estate planning in Miami Beach, Florida is done to protect an individual and their loves ones from guardianship and probate court involvement; and additional planning may be done to help with estate taxes.
DO THE TAX LAWS CHANGE?
Yes, the tax laws can change. In my over twenty-two years of being an estate planning attorney in Miami Beach, Florida, the tax laws and exemption amounts have changed drastically. When I first started, I remember the exemption being $500,000.00 and now an individual exemption amount is $11,180,000 in 2019.
CAN I GIVE FINANCIAL GIFTS?
Yes, an individual can gift up to $15,000.00 per year to each person. This is helpful in giving money to relatives, loved ones, or any person.
SHOULD I USE ALLY M. GLASER, A MIAMI BEACH ESTATE PLANNING AND PROBATE ATTORNEY?
Yes, it is always best to use an attorney to assist you in these legal matters. It is best to invest in a good, experienced, attorney who can assist you in doing your estate planning documents properly and having a good estate plan in place so that you and your loved ones can avoid probate court. As an attorney that handles both Dade and Broward probates and estate planning matters, I know how important proper funding and attention to detail is in preventing these probates. I am happy to help you and your loved ones; call or email today.