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Author Archives: Site Administrator

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Annual Gala Dinner at The Dali Museum

By Legacy Protection, LLP |

Our law firm was a corporate sponsor of the Annual Gala Dinner at The Dali Museum. Jay Fleece, Cynthnia Fleece, Ria McQueen and Bill McQueen. Lucas Fleming, Tara Fleming (they were guests of ours) and Bill McQueen.

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incomplete

How incomplete nongrantor trusts can help avoid state income taxes

By Legacy Protection, LLP |

With the federal gift and estate tax exemption at $11.40 million for 2019, people whose estates are below the exemption amount are shifting their focus to income tax reduction. High-income taxpayers — particularly those who live in high-income-tax states — may want to consider incomplete nongrantor trusts, which make it possible to eliminate state taxes… Read More »

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liquidity

Consider an intrafamily loan to cover estate taxes

By Legacy Protection, LLP |

Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity needed to pay those taxes. An intrafamily loan is one option. While a life insurance policy can be used to cover taxes and other estate expenses, a benefit of using an intrafamily… Read More »

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power of attorney

Unleash the power of a nonspringing power of attorney

By Legacy Protection, LLP |

Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power of attorney (POA) • specifically, a… Read More »

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Golden eggs marked IRA on a background of dollars

Should you name a trust as IRA beneficiary?

By Legacy Protection, LLP |

An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA benefits The benefit of an IRA is that your contributions can grow and compound… Read More »

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20181101

Intellectual property requires careful estate planning

By Legacy Protection, LLP |

If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have great value, in many ways they’re treated differently from other property types. 2 estate planning questions For estate planning purposes, IP raises… Read More »

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20181025

Take caution when including employees in your estate plan

By Legacy Protection, LLP |

If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences. Unraveling the (tax) code Generally, money or other property received by gift… Read More »

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‘Eldercaring’ program serves the courts and Florida’s aging citizens

By Legacy Protection, LLP |

Learn about “Eldercaring” in the courts and how it can help Florida’s aging citizens: https://www.floridabar.org/news/tfb-news/?durl=/divcom/jn/jnnews01.nsf/8c9f13012b96736985256aa900624829/d0857dbc17af0f2e8525831d00459620

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ExpertPanel

Creating A Legacy: The Art of Planning

By Legacy Protection, LLP |

Presented by the Community Foundation of Tampa Bay and the Museum of Fine Arts, St. Petersburg, Bill McQueen joined Emily Benham, Stephen Peters, Beth Knowles, and Beverley McLain on the Expert Panel for “Creating A Legacy: The Art of Planning”.

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20181012

Turn down an inheritance using a qualified disclaimer

By Legacy Protection, LLP |

If you are about to receive an inheritance from a family member, you can use a qualified disclaimer to refuse the bequest. The assets will then bypass your estate and go directly to the next beneficiary in line. It’s as if the successor beneficiary, not you, had been named as the beneficiary in the… Read More »

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