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Florida has a reputation for being a tax-friendly state. There is no state income tax and Floridian’s Social Security, retirement accounts and pension plan income are all free from taxes. Florida does not have a State estate or inheritance tax. These are two different types of taxes often called death taxes because they are paid after someone dies. Heirs and beneficiaries in Florida do not pay income tax on the money they inherit from an estate, called an estate tax, because inherited property does not count as income for income tax purposes. Someone who does not live in Florida but... The post Do I Have to Pay a Florida Inheritance Tax? appeared first on Siegel Law Group.
Alex Trebek, the famous host of TV game show Jeopardy!, recently announced that he will suspend further pancreatic cancer treatment if this round is unsuccessful. Trebek’s new memoir, The Answer Is … Reflections on My Life was released on Tuesday. By writing the book, Trebek says he is able to define his own legacy. Part of his legacy is that all money he receives for the book will be donated to charity. How An Estate Plan Defines Your Legacy It isn’t necessary to write a book to define your legacy. Creating an Estate Plan defines your legacy by making important... The post Alex Trebek Is Defining His Legacy: How An Estate Plan Defines Your Legacy appeared first on Siegel Law Group.
Estate Planning options and jargon can be confusing. So how do you know the best way to transfer your property to your loved ones after you pass away? Many people will argue that a Will is the best method; while others recommend a Trust. In many cases, someone will have both a Will and a Trust. There are benefits and drawbacks to each. Your decision on whether it’s better to have a Trust or a Will should take into consideration your personal concerns and priorities, as well as the nature of your estate and beneficiaries. First, let’s look at how Wills... The post FAQs: Is It Better to Have A Trust Or A Will? appeared first on Siegel Law Group.
The post This Father’s Day, Gift Your Children Peace of Mind appeared first on Siegel Law Group.
Celebrating Three Years of Continued Growth We are proud to announce that Siegal Law Group, P.A., has been named a 2019 Law Firm 500 Honoree, a distinction exclusively awarded to the Fastest Growing Law Firms in the U.S. The Siegel team’s devotion to professional excellence and quality client service each day helped us achieve 72% growth in 2019, earning us recognition by Law Firm 500 as the #68 fastest growing law firm in the country. Siegel Law Group is dedicated to providing excellence in South Florida Estate Planning and Elder Law Representation, and are proud of our commitment to our clients. This marks our third year in a... The post The Siegel Law Group Named 2019 Law Firm 500 Honoree appeared first on Siegel Law Group.
Power of Attorney is one of the most important tools in your estate plan. When you designate someone to have Power of Attorney, you grant them legal control to make decisions on your behalf, when you are unable to make those decisions. The person who you name as your power of attorney has an overriding legal obligation (known as a fiduciary duty) to make decisions that are in your best interests. This is not the same as “medical power of attorney,” which would be more in line with your medical needs and decisions at that time. Reasons to Change My... The post When Should I Change My Power of Attorney appeared first on Siegel Law Group.
Most will be familiar with the names of at least one of these famous people: Groucho Marx, (movie actor, comedian) Pauly Shore (movie actor, comedian) and Stan Lee (founder of Marvel Comics and creator of Spider-Man). Why do I mention them and what do they have in common? They’ve all been involved in legal proceedings involving a claim of undue influence. So what is undue influence and how can it impact us and our loved ones? Let’s have a look. What Does Undue Influence Look Like? When it comes to our personal estates, we plan carefully to ensure our families... The post The What, Who, and How of Undue Influence (And How To Protect Yourself) appeared first on Siegel Law Group.
Do you have a close family member with special needs who requires care and assistance? If so, you may be interested in creating a “Special Needs Trust.” This legal tool can help you provide for your family members with special needs while allowing them to remain eligible for their benefits. How Does a Special Needs Trust Work? In order for someone to qualify for SSI or Medicare, there is a limit to how much they can have in the bank. An inheritance, or large sum payment, can disrupt this balance and jeopardize their benefits. A Special Needs Trust ensures this... The post Should You Consider A Special Needs Trust? appeared first on Siegel Law Group.
Famous icon, Aretha Franklin, recently passed away, and now her sons are fighting over control of her estate. Their family tensions are spilling over into the news. Her sons are contesting the validity of her will. One son argues that an old will is valid;and another son says that there is a 2014 handwritten will that was found under cushions in Aretha’s Detroit home. This is likely the last thing that Aretha wanted to happen to her family. Estate planning isn’t different just because someone is a wealthy celebrity. The amount of wealth may be different; but the problems of... The post Are Celebrities Different When It Comes To Families Fighting Over Estates? appeared first on Siegel Law Group.
It’s more common than you think. Imagine that you are expecting to inherit a significant portion of your parent’s estate, only to discover that he or she left a large amount to someone that you never expected. This type of shock can change a child’s life, and leave them feeling confused, angry and wondering if they have any options. Fortunately, there are ways to challenge a will when the circumstances don’t add up. A will is a document that specifies a person’s final wishes for distribution of their estate, and care of minor children. In some situations, people with an interest... The post Can You Imagine Challenging Your Parent’s Will? appeared first on Siegel Law Group.