I am a resident of Florida. I would like to leave my condo in Florida to my friend’s daughter, who I consider my stepdaughter, after my death. She is a resident of New Jersey and they would use the condo as a vacation home. Will she be considered my daughter for tax purposes, and which state’s tax laws will count?
Estate planning can come in a variety of forms, from basic beneficiary designations when you open a bank or brokerage account to more complex and comprehensive plans.
Develop a successful transition plan that will provide for you, your heirs and your business.
The coronavirus pandemic has certainly caused havoc and concern for many people, particularly in regard to their health and their finances — and these two areas intersect in estate planning. So, if you haven’t drawn up your estate plans yet, or you think they may need to be revised, now may be a good time to act.â€
Beneficiary mistakes can result in retirement plan assets being transferred to unintended beneficiaries.
The period leading up to and shortly after losing a close relative is often one of the most emotionally demanding times that we, as humans, experience.
Death is not a favorite conversation topic. However, we all know it is something we must at some point discuss. The loss of a close friend or family member, or an event, such as the COVID-19 pandemic, seems to bring the topic to the forefront.
Small businesses are often caught up in growth cycles, profits and ensuring that products arrive to consumers on time. The life of a small business owner is a hectic one with many owners failing to follow basic estate planning and business law practices.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
’Per stirpes’ vs. ‘per capita.’ Making the wrong choice could cause an estate planning disaster.
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