Updating Your Estate Plan In Florida Before Tax Season

In this article, you will discover:

• Why you should update your estate plan before tax season.
• The biggest mistakes in estate planning that lead to a higher tax burden.
• Why you should keep your beneficiary designations up to date.

Why Should I Update My Estate Plans Before Tax Season In Florida?

Concerning updating your estate plan and how it would help before tax season, taking a personal inventory of your assets and how they are titled is essential.

If you take matters into your own hands with regard to estate planning, you may make decisions that could have adverse tax consequences. Suppose you are concerned about avoiding probate for a piece of real estate. Without an attorney’s advice, you decide to add someone to the title, giving that person rights of survivorship. That decision may adversely affect or impact your tax situation.

Which Financial Documents Should I Review Before Filing Taxes?

You should review your previous tax returns with your accountant to determine whether there are opportunities for amendments and any losses you can carry forward. You should also discuss with your estate planning attorney and your tax advisor how those changes might impact future beneficiaries.

Do Florida Trusts Help Minimize Estate Taxes And Protect Assets Before Tax Season?

Trusts can help year-round. There isn’t a specific time, before or following tax season, that Florida trusts help. From an estate tax perspective, depending on how the trust is structured and the type of trust, you could minimize estate taxes upon the death of a first or second spouse.

Attorney Myrna Setty is a skilled and experienced lawyer based in Tampa and Wesley Chapel, FL, who has helped countless clients like you navigate the intricacies of estate planning law. With more than 20 years of experience, she is prepared to assist you with updating your estate plan to minimize your tax burden so you are protected now and in the future.

Still have questions? Ready to get started? Contact the Law Firm of Myrna Serrano Setty, P.A. today to schedule a free initial consultation.

The Biggest Estate Planning Mistakes That Lead To Higher Tax Burdens In Florida

One of the biggest mistakes is adding others to a real estate deed. This decision can significantly impact the person who will inherit the property. It may lead to missing out on the opportunity for a stepped-up basis. Later, when the beneficiary sells the property, they might pay more taxes than they would if they had simply inherited the entire property after you, the grantor, passed away.

Should I Update My Beneficiary Designations Before Filing Taxes?

This decision isn’t limited to tax season. You should always ensure your beneficiary designations are current. If you neglect that, your estate planning wishes won’t be carried out as intended. For example, the wrong beneficiary could inherit. If the beneficiary is a minor child who inherits without the benefit of a trust, that could result in higher taxes and the involvement of court-supervised guardianship.

Still Have Questions? Ready To Get Started?

For more information on updating your estate plan in Florida, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (813) 686-7175 today.