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April 2016 Archives

Jackson estate entangled in tax battle

Florida residents might be surprised at the disparity between the IRS valuation of Michael Jackson's estate at the time of his death and the valuation claimed by representatives of his estate. Because of debts, legal entanglements, and other issues, Jackson's representatives suggest that he was worth only a little more than $2,000 at the time he died in 2009. Conversely, the IRS alleges that the celebrity's estate exceeds $434 million in value.

Managing estate taxes in Florida

Florida does not have an estate or inheritance tax, but wealthy residents of the Sunshine State may want to do some advance planning in order to reduce or eliminate their heirs' exposure to the federal estate tax. There are several ways that those who are concerned about losing some of their fortune to the authorities can reduce their overall burden. The federal estate tax exemption in 2016 is set at $5.45 million.

Updating estate documents, the bypass trust

Some Florida residents might regard estate planning as a one-time thing that they don't have to think about again. However, there are multiple reasons that people may need to update their wills. Common reasons include major life changes like divorce or new members joining the family. Changes are also needed if a beneficiary predeceases the testator.

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