What I Wish I Knew About Estate Administrator Duties [Guest post from Sarah Bacon] My grandmother first asked me to be her executor in a text message. We got her an iPad for Christmas, and although she was 90 years old, it took her about an hour to become a pro. I said, of course I would. She responded, “TY.” …
Climate Change Slashes Florida Real Estate Market Values
Climate Change Puts Florida Real Estate Investments at Risk Residential real estate has long been our national go-to investment. And for good reason: the U.S. housing market is valued at $50 trillion, nearly double its GDP. However, a recent study estimates $1.47 trillion in home values could be lost due to climate-related risks—a serious concern for those with real estate …
The Difference Between Estate, Inheritance, and Gift Taxes
Estate, Inheritance, and Gift Taxes Can Be Minimized—If You Plan Ahead If you’ve spent your life building a real estate portfolio, you’re probably aware of the realities of paying property taxes in various locations. However, you may not have considered the taxes your heirs could pay on these properties—and not just estate tax. While estate, inheritance, and gift taxes are …
Preventing Financial Abuse of Vulnerable Adults in Florida
Laws and Legal Documents: Preventing Financial Abuse of Vulnerable Adults in Florida Florida is the number one retirement destination in the nation; unfortunately, that makes us a top scammer’s paradise. New legislation has put in place a series of protections preventing financial abuse of vulnerable adults, but there’s a lot more we can do on the individual level to protect …
Covering the High Cost of Care for Elderly Relatives
The High Cost of Care for Elderly Loved Ones As the Baby Boomer generation ages, more Gen-Xers and Millennials will face the challenge of balancing their lives and careers with the competing need to care for aging loved ones. Taking the time to plan for the future now—before your relative needs you—can prepare you for the cost of care for …
Understanding the Updated Homestead Exemption in Florida
Florida’s New Homestead Exemption: What Homeowners Need to Know About the Updated Law One of the biggest benefits of living in Florida is the Homestead Exemption, which reduces the taxable value of your primary residence. Recent legislative changes have enhanced the Homestead Exemption, further bringing down yearly property taxes for Florida homeowners. [TABLE OF CONTENTS] What is Homestead? Homestead could …
Florida’s New Laws Protecting Minors on Social Media
Florida Kids Banned from Facebook and TikTok Due to New Laws Protecting Minors on Social Media Lawmakers across the United States have been grappling with the growing concern over the safety of children on the internet. Florida recently became one of a handful of states to pass laws protecting minors on social media, the Online Protections for Minors Act. However, …
Is Your Business Ready for Trump’s Tax Plan Changes?
Trump’s Tax Plan Changes: Your Business Needs to Be One Step Ahead Donald Trump’s campaign included a range of tax modifications for individuals and businesses, and we’re still waiting to see which ones will make it into law. Many of President Trump’s tax plan changes could have a significant impact on corporate tax liability—and depending on how you structure your …
Spousal Lifetime Access Trusts (SLAT): Pros and Cons
Understanding Spousal Lifetime Access Trusts A properly-drafted trust can be a powerful estate planning tool, providing care and comfort for loved ones while minimizing taxes for surviving family members. In the case of the Spousal Lifetime Access Trust (SLAT), you could be able to provide your surviving spousepartner with income for the rest of their lives (or vice versa). However, …
Step-By-Step Guide to Set Up a Gun Trust in Florida
How to Set Up a Gun Trust in Florida A Florida gun trust is a wise choice for anyone who wishes to manage their collection legally and efficiently, particularly if they own Title II firearms, also known as NFA items. While we don’t recommend taking this on without a lawyer, our guide explains the key steps and necessary forms for …