Families Find Estate Planning Advice with Tri-County FL Area Estate Planning Attorney
The larger your family, the more complicated your will. This is particularly true of your assets are over the estate tax threshold for your state. Although Florida has no estate tax, you will still need to file a federal estate tax return if you have an estate valued over $5,490,000 (in 2017, it may go up in future years).
In some cases, a Broward-Palm Beach-Dade TriCounty FL estate planning lawyer with tax knowledge can help you drop the value of your estate below the threshold by using tactics such as gifts and trusts. This can make a huge difference to your family and the ability to pass wealth on through the generations.
Even if you do not hit the threshold, you need to make a will if you have property you don’t want to pass on to your spouse or children – if you do not, the state will make the choice for you according to some strict rules. So, if you want your sister to get the grand piano, you will need to make a will. The same goes if you have stepchildren you need to provide for but have not legally adopted.
A good estate planning lawyer will help you draft a will that meets your goals and keeps the transfer of property smooth, with no arguments. For high value estates, you also need a lawyer who can handle probate, estate administration, and filing those pesky tax returns for you.
Anyone who has a good amount of money and a large or complicated family should make a will. This means you should contact an estate planning lawyer for proper, trained advice on the best way to handle things. The choice of a lawyer is an important decision and should not be based solely upon advertisement.