Author: WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Tuesday January 5, 2021.

Many people worry about what will happen to their money when they pass away. They have worked hard all of their lives, and they want their families to benefit from their saving and accumulated wealth. The last thing hard-working Americans want is for the government to take the money they have earned away from their family members through estate taxes. If you are worried about the impact of estate taxes on your property, here are some tips to make your family’s tax burden smaller. 

What Is An Estate Tax?

An estate tax is something your estate (what remains of your money or physical property after you die) must pay. Usually, your estate is your home, savings, stocks, and other assets you might have. Your estate must pay a tax after you pass on, and in some cases, it can be very steep. If you aren’t prepared, an estate tax can take up to 40% of the estate that you have left your relatives, which is shocking for many people. If you don’t want to give your money to the government, here are some ways to reduce your estate tax liability. 

How to Reduce Your Tax Liability

First, you need to know that the ceiling of taxable liability that you can claim for your estate is now one million dollars, rather than the five million ceiling pre-2012. While this may sound like a lot of money, it shrinks perceptibly when you figure in your retirement accounts and your home. 

The first thing you need to do to reduce your liability is to be sure you take all of your exemptions that you can for you and your spouse. You are allowed to claim all of the estate when your spouse dies with no liability. Next, if you have assets remaining, you can reduce your tax liability by giving the assets to family, or by putting them in a trust. Both are good ways to reduce your liability. You may also want to include in your estate tax plan purchasing life insurance to cover estate tax costs, so that your family isn’t left to pay tax debt. If you have questions about your estate, and estate taxes, you should consult an estate attorney. 

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Friday December 11. 2020.

When did you last update your will and testament? If you haven’t updated this important document within the past several years, it may be outdated. You may have additional heirs who need to be added to your will, or you may need to remove an heir. Your assets may also have changed. One good idea to ensure your will is always current is to make updating it a holiday tradition.

Why Update Your Will Yearly?

Many people may wonder why updating their will every year is necessary, especially if their assets and heirs haven’t changed. You may not actually need to make changes every year. However, you should still review your will annually. This will remind you of what your last wishes are and give you the opportunity to make changes.

Making this a Habit Ensures Changes Are Made

If you’ve had a new child, gotten divorced, or had any other major life changes, you may recognize that you need to update your will. However, life is busy. You may keep planning on making an appointment to have your will updated, but then you never seem to find the time to do so. If you make updating your will a holiday tradition, you’re more likely to do it because it’s a routine task. This helps ensure that these major life changes are reflected in your will. If they aren’t and you unexpectedly die, it can cause considerable work for your heirs.

Why Update Your Will Around the Holidays?

There’s no specific reason to updating your will around the holidays as opposed to any other time of the year. However, most people do tend to think about things in defined terms, whether that term is a week, a month, or a year. By updating your will around the holidays, you can look at the past year and determine what may have changed. It can be easier to list changes from January up to December instead of from last year’s June to this year’s June. As the year closes, most people have already made all of their major purchases or life changes. However, if you have a wedding scheduled for late December, you can always schedule your meeting to update your will a little later. Just make sure it gets done.

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Sunday November 1, 2020.

When it comes to the care and treatment of a loved one, you want to have your full focus on their best benefit. Setting a medical power of attorney can eliminate a lot of unnecessary stress. It puts your mind at ease because you have an assurance that the desired health decisions will be made according to you and your loved one’s wishes.  Establishing a medical power of attorney in Florida is a relatively simple process. However, having a legal advocate like the Law Office of Wickersham & Bowers will give you the assurance you need to make this process uncomplicated and stress-free.

What You Should Know When Setting a Medical Power of Attorney in Florida

A medical power of attorney (also known as a Florida Designation of Health Care Surrogate or an Advance Directive) is a legal document that authorizes you to appoint yourself (or an alternate individual) to make health-related decisions on behalf of a person who has specific health care preferences in the event he or she cannot make these decisions for themselves. 

For example, if you are appointed as medical power of attorney (MPA) to a loved one, you (or an additional person elected as a secondary authority) can make medical decisions regarding health treatment on behalf of your loved one according to his or her wishes set forth in the MPA documentation.  If a situation occurs when medical choices must be made and your loved one is not in a capacity to give clear instruction, as the MPA, you are the mouthpiece for your loved one when it comes to communicating with health providers. 

It is crucial to complete the medical power of attorney documentation accurately and appropriately according to your loved one’s intentions. Doing so protects the person you are serving in their stead, as well as legally protecting yourself under Florida Statues Section 765.203.

Getting the Best Care When Setting a Medical Power of Attorney

At the Law Office of Wickersham & Bowers, we realize being responsible for the medical wishes of someone you care for can be a tremendous responsibility. That is why we are here to guide you through the process of setting a medical power of attorney. We are here to make transitions in you and your loved one’s life as seamless and easy as possible. For further information about setting a medical power of attorney, please contact us by email or at 386-252-3000 today. Our caring, professional legal team in Daytona Beach Florida is here to help you during your time of need.