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Disinheriting Your Family: Is It Possible in Florida?

By Legacy Protection, LLP |

The answer to this question depends on a variety of factors. Regardless of your reasoning, Florida allows you to have control over what you want to do with your money…some of the time. If you are thinking about disinheriting a member of your family in your will, it’s best to get the help from… Read More »

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EstatePlanning5

Building an on-off switch into your estate plan

By Legacy Protection, LLP |

The right estate planning strategy for you likely is the one that will produce the greatest tax savings for your family. Unfortunately, there can be tension between strategies that save estate tax and ones that save income tax. This is especially true now that the Tax Cuts and Jobs Act nearly doubled the gift… Read More »

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EstPlan4

Wills Do a Lot, But They Won’t Do This

By Legacy Protection, LLP |

With estate planning, one of the biggest things you’ve probably been told is to have a will. They are extremely useful documents that everyone should have drawn up, regardless of age, marital status, or financial status. Wills are simply a way to provide direction to distribute assets after your death. If you have young… Read More »

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EstPlan11

An ESOP can benefit a business owner’s retirement and estate plans

By Legacy Protection, LLP |

Employee stock ownership plans (ESOPs) offer closely held business owners an exit strategy and a tax-efficient technique for sharing equity with employees. But did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including lack of liquidity and the need to provide for… Read More »

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EPlanning

Estate Planning Tips for Beneficiaries With Special Needs

By Legacy Protection, LLP |

When you or a loved one becomes disabled, financial concerns are amplified. It can be difficult to find time to plan finances, manage businesses, and pay bills. Matters are made even more complicated when people want to leave large sums of money to beneficiaries with special needs, because it could affect their government benefits,… Read More »

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EstatePlan5

Hastily choosing an executor can lead to problems after your death

By Legacy Protection, LLP |

Choosing the right executor — sometimes known as a “personal representative” — is critical to the smooth administration of an estate. Yet many people treat this decision as an afterthought. Given an executor’s many responsibilities and complex tasks, it pays to put some thought into the selection. Job description An executor’s duties may include:… Read More »

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EstatePlanning2

Your Most Common Estate Tax Questions, Explained

By Legacy Protection, LLP |

2019 is officially underway, and with a new year comes new financial change. 2019 brings several changes to estate and trust income brackets, as well as exemption amounts for estate, gift and generation-skipping transfer (GST) taxes. You may already know that tax brackets have changed, and are wondering how this might affect your estate… Read More »

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Depressed

Sudden impact: When a spouse unexpectedly dies

By Legacy Protection, LLP |

What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges. First steps first By no means complete, the following are areas that will need to be addressed: Death certificates. One of the first things to… Read More »

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YoungCouple

Estate Planning For Millennials

By Legacy Protection, LLP |

Whether you’re 23 or 36, it’s never too early or too late to start planning your estate. Many millennials are most likely now out of college and entering the workforce, dealing with many unfamiliar financial planning vehicles like 401k plans, pensions, and stocks. But, your estate is much more than that. It’s planning out… Read More »

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EstatePlanning3

Have you had your annual estate plan checkup?

By Legacy Protection, LLP |

An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan. 2019 vs. 2018 amounts Here are a few key figures for 2018 and 2019: Lifetime gift and estate tax… Read More »

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