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Gainesville, FL Estate Planning, Will & Trust Law Blog

Monday, July 9, 2018

Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away


Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away

 

Preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning - including your business and your estate plan - is key. Below are some tips on how to protect your company and keep the business on track and operating day-to-day in your absence.

 

Preparing for the Unexpected

If you are a small business owner, your focus is likely on keeping the company running on a daily basis.


Read more . . .


Monday, July 2, 2018

The Biggest Threats to Successful Estate Planning


The Biggest Threats to Successful Estate Planning

 

Poor estate planning is a recipe for disaster. Look no further than Dickens’ Bleak House—or a telenovela—to witness the tragedy and melodrama inadequate estate planning can cause. While having your estate planning documents prepared is the first hurdle to overcoming these types of disasters, there are several threats that lurk around the corner that might derail your wishes.

 

Family Conflict

According to a TF Wealth survey of over 100 estate planning professionals, family conflict is the number one risk to a peaceful inheritance. If children are treated differently under the estate plan, there is often an assumption that a mistake was made in drafting the documents or that someone has exerted undue influence on the parent.
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Monday, June 25, 2018

Five Surprisingly Common Planning Mistakes Baby Boomers are Making in Droves


Five Surprisingly Common Planning Mistakes Baby Boomers are Making in Droves


Baby boomers - the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes those born between 1946 and 1964, have entered and continue to enter into retirement. As they make this financial transition into retirement, many are learning that they have made some of the most typical retirement mistakes. 

 

But, even if you’ve made a financial mistake or two, there’s still time to avoid these five surprisingly common planning mistakes baby boomers are making in droves.

 

Mistake #1: Believing Estate Planning is Only for the Wealthy: While baby boomers are not the only ones guilty of this mistake, the common misconception is that only the ultra-rich need to have an estate plan prepared.

 


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Friday, June 22, 2018

After Tax Reform, Is Estate Planning Still Necessary?


The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018, according to estimates from the nonpartisan congressional


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Tuesday, February 11, 2014

Executor (Personal Representative) - A poem


I ran across this poem today by Edgar A. Guest.  He certainly makes a decent case for naming a professional as the executor of your Will.

THE EXECUTOR
I had a friend who died and he,
On earth so loved and trusted me,
That ere he quit this earthly shore,
He made me his executor.
He tasked me through my natural life,
To guard the interests of his wife,
To see that everything was done,
Both for his daughter and his son.
Read more . . .


Wednesday, September 25, 2013

FUN ESTATE PLANNING JUMBLE (with permission from author Jeff Knurek)

 

Jumbles:  BOGUS, LLAMA, DISMAY, CASHEW

Answer: When she suggested her Dad talk to a lawyer about his estate planning, he said WILL DO


Thursday, September 12, 2013

Not Married but Living Together

Did you know?

If you live with your significant other, you may run into problems if you try to buy a life insurance policy and name yourself as the beneficiary.


Read more . . .


Thursday, September 5, 2013

American Taxpayer Relief Act

The American Taxpayer Relief Act was signed into law

On January 2, 2013 President Obama signed the American Taxpayer Relief Act (ATRA) into law. This came the day after the Senate and House of Representatives passed the bill.


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Tuesday, July 30, 2013

Post - DOMA Tax and Estate Planning

DOMA Here is a great podcast from Bob Keebler that covers tax and estate issues after the Defense of Marriage Act (DOMA) decision by the Supreme Court of the U.S. This podcast (transcript also available) discusses the complexity of moving from a same-sex marriage state to an opposite-sex only marriage state, income tax planning for same-sex married couples, estate and gift tax planning, the marital deduction, gift splitting and portability issues, as well as IRAs and retirement plans. Enjoy!

 

Thursday, July 18, 2013

TOP 10 ESTATE PLANNING MISTAKES

10 PLANNING MISTAKES

 

1)       Failing to Address Health Care Decisions

2)       No Plan to Control Financial & Property Matters During Incapacity

3)       No Strategy to Transfer Assets

4)       Failure to Understand & Plan For Taxes

5)       Thinking Children – Minor And Adult – Don’t Need Inheritance Protection

6)       Failing to Transfer “Values”

7)       Not Preserving Tax Deferral Benefits of Retirement Plans

8)       In second marriages, failing to protect your spouse, and your kids

9)       Access to Medical Records – Failing to Plan for HIPAA

10)    Failing to Plan for Tangible Personal Property

 

 

No one knows what tomorrow may bring and if here is an unexpected death, who would take custody of the children? Who would get mom’s antique piano and what would happen to that retirement nest egg? 

No one particularly welcomes thoughts of death or dying but we strive to make estate planning a painless and rewarding process. Clients are often anxious the first time we meet, but by helping them clarify and get things in order, it really lifts a burden off their shoulders.  It is never too early or too late to discuss estate planning strategies.

Throughout your life, things change.  You change, your assets change, your family changes, the law will definitely change.

At White & Crouch, P.A., we foster a lifetime, ongoing relationship with our clients.  Call us today.


Wednesday, June 26, 2013

Can't I just get my Will from LegalZoom?


Legal Zoom does great marketing and seems like a great alternative to those pesky lawyers.  I mean gosh, you have to go there, you have to talk to them and you just wind up with documents, right?  

Of course, I am an attorney and so I may have biased opinion but after reading this post, http://www.texaswillsandtrustslaw.
Read more . . .


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From our office in Gainesville, the estate planning firm of White, Crouch & Mills, P.A. advises and represents clients in communities throughout Alachua County, Marion County, Levy County, Putnam County, Clay County, Bradford County, Union County and Gilchrist County in North Central Florida. Call us at 352-372-1011 or contact the firm by email to arrange an initial consultation with us today.



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