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Florida Probate, Estate Planning News and More

We frequently update this page with recent estate news from the communities in Lee County, Charlotte County, Collier County, Henry County and Highland County. If you need help identifying issues and implementing your estate planning goals, contact the Matthew A. Linde,  P.A. for more information.

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Estate Planning

• Consider a Florida Trust or LLC When Leaving a Vacation Home to Heirs
  Jan 31, 2012

  If you have a vacation home, you may want to consider setting up a trust or an LLC (Limited Liability Company) for intrafamily transfers. They are also useful for as blueprints for sharing expenses. After all, a major issue will be paying the costs of maintaining the home – utility bills, insurance, and taxes - when the prior owner dies.
  According to a Wall Street Journal article, some other factors that you may want to consider include:
  

  • how well family members get along;
  • how far they live from the vacation home;
  • what will happen if children who inherit the home get married; and
  • who will utilize the property.
  If you want the home to stay in your family, understand that lack of financial resources and distance could lead to the house being sold.
  If you leave the home to your family in a trust, you can use life insurance to fund the trust. This would pave the way for a trustee to manage the vacation home and insurance proceeds would cover expenses. If an heir seeks to sell, trust money could be utilized to buy out that heir.
  If your children get along and estate taxes aren’t an issue, you may want to opt for an LLC and a maintenance fund, along with an operating agreement. A Fort Meyers estate planning attorney can review your situation and explain your options in greater detail.
  
  Help from a Fort Myers Estate Planning Attorney is Just a Phone Call Away
  
  Fort Myers estate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your estate planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 239-939-7100 or 888-643-6514.
  

• What type of emotional legacy are you leaving? Your Will in Florida
  Jan 30, 2012

  If you have several heirs, you might want to think about your emotional legacy. Part of your estate planning process should be based on how you expect to be remembered and how family relationships will be affected by your decisions.
  
  Some advisers, according to a Wall Street Journal article, agree that when loved ones receive different disbursements in a will it can lead to problems, despite how reasonable the circumstances may be.
  
  For example, parents might decide to leave more of their estate to the child who has the most children and maybe less to a child they have helped out financially in the past. Under other circumstances, they may want to avoid enabling a child with gambling or drug problems. 
  
  However, it’s worth noting that things change over time. In the future, long after you have written your will, there may be more grandchildren or a previously financially secure child may become seriously ill.
  
  Whatever decisions you make, you’ll need to be clear with your children about how your estate will be divided. By all means, there should be no surprises in your will. Now is the time to explain why you are doing what you’re doing.
  
  If you need help with your estate planning, you can schedule a consultation with a Fort Myers estate planning attorney.
  
  Help from a Fort Myers Estate Planning Attorney is Just a Phone Call Away
  
  Fort Myers estate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your estate planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 239-939-7100 or 888-643-6514.
  

• Florida Estate Planning: Federal Tax Laws Revised for 2012
  Jan 27, 2012

  Now that 2012 is upon us, be aware that there have been some changes in tax laws. Many changes have risen from inflation adjustments, which may affect your income tax bracket. Since the changes apply to 2012, they will not affect your 2011 tax returns.
  
  Revised Tax Laws for 2012
  
  A Wall Street Journal article outlines some of the changes. 
  

  • The tax bracket thresholds have increased for all filing statuses. For example, if you are married and filing jointly, $70,700 acts as the demarcation line between the 15 percent and 25 percent bracket. That’s an increase from $69,000.
  • There has been a slight increase in your standard deduction. If you are single, your basic deduction is $5,950; for 2011 it was $5,800. If you’re married, your standard deduction is $11,900; in 2011 it was $11,600. Different amounts apply for those who are blind, older than 65, or both.
  • Each dependent and personal exemption is now $3,800, an increase of $100.
  • The earned income tax credit maxes out at $5,891, changed from $5,751.
  • The exclusion amount for foreign earned income is $95,100, an increase over $92,900 in 2011. 
  If you have any legal concerns about your taxes, you can schedule a consultation with a Fort Myers tax litigation attorney.
  
  Help from a Fort Myers Tax Litigation Attorney is Just a Phone Call Away
  
  Fort Myers tax litigation attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your tax litigation concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 239-939-7100 or 888-643-6514.
  

• Leaving a Stretched Florida IRA to a Beneficiary
  Jan 26, 2012

  If your financial portfolio includes an IRA and you have no plans to deplete it, it's very important that you name a beneficiary.  Your IRA can be advantageous to beneficiaries, whether it's a Roth or traditional IRA, according an article at Forbes.com. However, specific guidelines will need to be followed to bypass significant taxes and have funds available for your beneficiary's lifetime.
  
  To make this a reality, you should schedule a consultation with an experienced Fort Myers estate planning attorney. When your beneficiary inherits the IRA, the key is not to roll it over or move it in any other manner. 
  
  It will need to be re-titled with the names of the deceased and the beneficiary. With this "stretch IRA," your beneficiary cannot withdraw money in a lump sum; money can be withdrawn in increments over the beneficiary's lifetime.
  
  Required minimum distribution (RMD) withdrawals are required to start December 31 on the year following the inheritance of the IRA. Although they are taxable, the amount is much less than what would be taken from a lump sum.
  
  Since the stretch IRA is supposed to last a lifetime, you can calculate your life expectancy, based on IRS standards, and divide your IRA balance by those years to get your RMD.
  
  Help from a Fort Myers Estate Planning Attorney is Just a Phone Call Away
  
  Fort Myers probate attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your probate concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 239-939-7100 or 888-643-6514.
  

• When a Loved One Dies and Leaves You with Debt in Florida
  Jan 25, 2012

  If your loved one has accumulated a significant amount of debt, understand that it will not automatically go away upon his or her death. There are a number of things that may happen to debt. The following questions have been answered by a Wall Street Journal article. 
  

  • Who pays what? If it was a joint credit card account, for example, the survivor will be responsible for making the payment. If the account is only in the deceased person's name, you may be off the hook legally. How the person died does not affect who is responsible.
  • What tactics will debt collectors use? If you have a will, a debt collector could go to probate court and file a claim. However, assets going to relatives are typically off-limits.
  • What if the deceased didn't have a will? Debt collectors will try to persuade someone who isn't obligated to pay.
  • What do lenders do for protection? Risky borrowers are generally charged higher interest rates.
  • How is a mortgage affected? The house could be repossessed if only the deceased signed the mortgage. If the survivor is also a borrower, then he or she will be responsible for paying. 
  To ensure that you have a solid estate plan, you should schedule a consultation with a Fort Myers probate attorney.
  
  Help from a Fort Myers Probate Attorney is Just a Phone Call Away
  
  Fort Myers probate attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your probate concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 239-939-7100 or 888-643-6514.
  

• Estate Planning in Florida: Keeping Your Beneficiaries Informed
  Dec 31, 2011

  Besides signing papers to establish your estate plan, you need to make sure your heirs will be able to find your documents. According to an article in The Wall Street Journal, many states, including Florida, are investigating whether certain insurers are not paying unclaimed policies to beneficiaries.
  
  Insurers, however, claim they are conducting business lawfully. Based on policy contracts, they don't have to take action to determine whether a policyholder is still among the living, but they are required to pay when beneficiaries do request payment.
  
  To avoid any problems with your policy, you can get the assistance of a Fort Myers estate planning attorney to help you secure important documents and keep your family posted of their whereabouts.
  
  If you fail to keep any important papers in order, financial consequences could be significant. The National Association of Unclaimed Property Administrators has verified that state treasurers are holding $32.9 billion in unclaimed assets, including bank accounts. If you think you have unclaimed assets, visit MissingMoney.com.
  
  Experts suggest you create a folder of documents that your loved ones can access in an emergency. You can also leave your documents with your Fort Myers estate planning attorney or keep them at home in a fireproof safe. Just make sure someone you trust knows the combination.
  
  Help From an Estate Planning Attorney in Fort Myers is Just a Phone Call Away
  
  Fort Myers estate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your estate planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 239-939-7100 or 888-643-6514.
  

• 4 Things You Should Know About Estate Planning in Florida
  Dec 30, 2011

  If you have been procrastinating about your estate planning, now is a good time to stop putting it off. If you need assistance, you can get in touch with an estate planning attorney in Fort Myers. To help you get started, here are 4 things you should know about estate planning, according to an article at CNNMoney:
  

  • Despite how much or how little you are worth, you should have an estate plan to outline your financial goals when you die.
  • There are several elements to an estate plan. They include a will, living will, and power of attorney. Depending on your situation, you may also need a trust.
  • When you take inventory of your assets, you should include all investments, insurance policies, retirement savings, business interests, and real estate holdings. Now is the time to decide who will get your assets and who will handle your affairs if you are incapacitated.
  • If you discuss your estate planning with your heirs, you may prevent confusion and disputes down the road. When you make your intentions clear, you can dispel potential conflicts.
  
  Estate planning can be very difficult, with tax laws continually changing and other legal issues often cropping up. To protect your interests, you should schedule a consultation with an estate planning attorney in Fort Myers.
  
  Help from an Estate Planning Attorney in Fort Myers is Just a Phone Call Away
  
  Fort Myersestate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your estate planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 239-939-7100 or 888-643-6514.
  

• Beware of Gift Tax Rules in Florida Estate Planning
  Dec 29, 2011

  If you have any concerns about filing a gift tax return, you may want to schedule a consultation with a Fort Myers estate planning attorney. Generally, gifting over $13,000 to an individual necessitates the filing of a gift tax return, according to Better Business Bureau. However, there are exceptions to this rule, depending on who you are gifting and what the gift is for.
  
  If you are gifting your spouse, a gift tax return will not be necessary. Charities don’t count either because the IRS will consider gifts to charities contributions that may be tax deductible. School tuition doesn’t count either, and neither does medical expenses, even if you are paying those expenses for a non-relative.
  
  However, such gifts must be paid directly to a hospital or school. Keep in mind that if you make a contribution to a Section 529 plan (college savings), your payment will not go directly to a college, so it likely will not be waived.
  
  When you make a gift valued at more than $13,000, don’t stay awake at night worrying about the gift tax. The IRS will spot you $5 million throughout your lifetime, meaning you can gift $5 million in your lifetime, and $13,000 per person annually, before you trigger the gift tax. However, you still must file a return so the IRS can keep track of transfers.
  
  Help From an Estate Planning Attorney in Fort Myers is Just a Phone Call Away
  
  Fort Myers estate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your estate planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 239-939-7100 or 888-643-6514.
  

• There's More to Florida Estate Planning than a Will
  Dec 27, 2011

  Although the most important document that you need for your Florida estate plan is a will, there are other must-have documents tailored to certain circumstances, according to an article in The Wall Street Journal:
  

  • Revocable trusts - these can be changed during your lifetime and they’re more private than wills and more difficult to dispute.
  • Letter of instruction - provides your executor with contact information for your Fort Myers estate planning attorney, financial advisers, and accountant. It can also provide funeral instructions.
  • Durable financial power of attorney form - without this, no one will be able to make financial decisions if you become incapacitated.
  • Proof of ownership - documentation of any real estate ownership, stock certificates, cemetery plots, vehicles, escrow mortgage accounts, and so forth. It’d be a good idea to keep copies of your last 3 tax returns available. They can provide a snapshot of your assets.
  • Life insurance and retirement accounts – copies of your insurance policies, especially those provided by an employer, should be accessible by a close family member. You should also compile a list of annuities, pensions, 401(k) plans, and individual retirement accounts.
  
  These are just a few of the documents that should accompany your will. Additional documents include a healthcare power of attorney form, marriage license, or divorce papers. You can always discuss your individual needs with a Fort Myers estate planning attorney.
  
  Help From an Estate Planning Attorney in Fort Myers is Just a Phone Call Away
  
  Fort Myers estate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your estate planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions – 239-939-7100 or 888-643-6514.
  

• Financial Tips for Surviving Spouses with Inheritances in Fort Myers, FL
  Nov 29, 2011

  As estate-tax rules become more complicated and the market more volatile, some people are putting more of their savings into IRAs, an article at The Wall Street Journal states. Consequently, some widows and widowers are being negatively affected by mistakes made regarding their inheritance.
  
  When you inherit your spouse's IRA, you can roll it over into your own IRA. If you are 59 1/2 or older, this makes sense but if you are younger and need to access your IRA, you could face a 10% penalty. One option is an inherited IRA, in which you may have to follow a withdrawal schedule.
  
  Your portfolio should reflect investments in your inherited IRA or inherited brokerage accounts. Widows and widowers should get help to assess risk tolerance and then redeploy assets in a way that brings about comfort.
  
  Another mistake some widows and widowers make is collecting minimal Social Security benefits at age 60. More benefits can be collected if you wait until your full retirement age, which is based on your birth year.
  
  For more tips on protecting your finances in these volatile times, you should meet with your estate planning attorney in Fort Myers, Florida. Take control of your money, don't let the government diminish your rightful stock options simply because you weren't aware of all the new rules and regulations.
  
   Help from an Estate Planning Attorney in Fort Myers is a Phone Call Away
  
  Fort Myers estate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with estate planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions - 239-939-7100 or 888-643-6514.

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