Family Limited Partnerships (FLPs) are a popular estate planning tool that can help families transfer wealth while potentially reducing estate and gift taxes through valuation discounts. Because these discounts can significantly lower asset values for tax purposes, the IRS closely scrutinizes FLPs to ensure they serve legitimate estate planning objectives. […]
Many people, without knowing so, have non-probate assets. For instance, many of us have bank accounts. That bank account may have a transfer-on-death (TOD) designation naming one child as the beneficiary. But what if the account holds $50,000 and the will states that the estate assets are split evenly among […]
Owning a vacation home or Airbnb rental can be an excellent way to build wealth and generate steady passive income. After investing the time, money, and effort to purchase and maintain a rental property, the last thing you want is for a single lawsuit to put your investment—and even your […]
Losing a loved one is already an emotionally overwhelming experience, and navigating the probate process that follows can add an additional layer of stress and complexity. In an ideal situation, probate in Florida is a time-consuming but manageable process that allows an estate to be properly settled and assets distributed. […]