Estate Planning Tax Law Changes 2021
Changes To Estate And Gift Tax Law The New Tax Law: The 99.5% Act On March 25, 2021, Senator Bernie Sanders introduced a bill into the U.S. Senate to impose higher taxes on certain estates. The bill is called “For the 99.5% Act” and proposes changes to estate tax law and gift tax law. Shannon Miller and her team explain how these proposed tax law will impact you. Changes to Estate Tax Threshold Currently, the estate tax exemption amount for 2021 is $11,700,000.00 per individual ($23,400,000.00 for married couples who use...
Read MoreDurable Power of Attorney: The Document You Need Right Now
The Durable Power Of Attorney is the most important document that we, as attorneys, draft for our clients. If you reach the age of 70, you have an 80-85% chance of becoming incapacitated before you die (yes, for women, it is 85%, sorry gents!). This means you need a trusted person as your Agent under your Durable Power Of Attorney to take care of financial decision-making if/when you cannot. If you do not have a Durable Power Of Attorney, and bills need to be paid, or managed (let’s say you get the...
Read MoreAsset Management: Avoid Adding People Onto Your Accounts As A Joint Account Holder
How To Title Your Assets So They Are Distributed The Way You Intend Unfortunately this happens on a regular basis. And it may cause some unexpected problems with maintaining control of your assets. Here is a scenario: You are having health care issues or lost a spouse and need some help. Your banker, trying to be helpful, suggests adding your daughter to your accounts. These accounts may hold the majority of your assets. You may not realize making her a joint account holder gives her unlimited access to...
Read MoreWhat To Do And Not To Do With Your Estate Planning Documents
Shannon Miller, founder of The Miller Elder Law Firm, is a Florida Bar Board Certified Elder Law Attorney talks about what to do with your estate planning documents. A common question I get in my practice is “I have an estate plan in place, my affairs are in order, now what do I do with it?” First of all, congratulations! 50% of Americans do not have an estate plan. You are on the right track for planning many events you will experience as an older adult. The better the planning, the easier the decision...
Read MoreLegal Documents You Need If You Get COVID-19
Elder Law Attorney Shannon Miller Walks You Through The Legal Documents You Need Shannon Miller, Florida Bar Board Certified Elder Law Attorney and founder of The Miller Elder Law Firm talks about steps to take during COVID-19 to get your legal documents in order. We have had many phone calls at our office asking “What do I do if I get the virus?” and I would like to address these issues head on to help you through the process. As we know, the older population is at higher risk to become sick which could...
Read MoreEstate Planning: A New Process During COVID-19
No Contact Options For Signing Estate Planning Documents COVID-19 is a very serious threat and we understand the need to protect our clients, who are often more vulnerable than others due to their age and pre-existing conditions. We are getting many inquiries about estate planning stimulated by the “what if” scenario. “What if I get sick, have to be on a ventilator for weeks at a time, or die–how will my family know how to handle my affairs?” We encourage everyone to use this time to work...
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