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Estate Planning Tips to Help Your Heirs Get Maximum Value

On Behalf of | May 28, 2024 | Estate Planning

For many people in Florida who are getting ready to start their estate planning journey, the main goal is to pass on assets to heirs and beneficiaries in such a way as to maximize the value of the assets that those individuals will receive.

However, there are so many different estate planning options that sometimes it is easy to get lost in the array of possible paths to take. A recent news article suggested some tips that Florida residents may want to think about.

Maximizing value

Let’s face it, when people are thinking about maximizing the value of the assets they want to pass on, they are concerned about one thing in particular: taxes. Fortunately, right now, the tax atmosphere when it comes to estates is rather favorable.

But, that may not last forever. As the recent news article mentioned, the present tax configuration could change at the end of 2025 when certain estate-related tax exemptions are set to change – unless legislation to prevent the change is enacted.

One tip the recent news article mentioned is to give away money while you are still alive – while making sure the amount gifted is under the maximum gift tax threshold. This strategy is all amount reducing the amount of your taxable estate, while also, obviously, benefiting someone else who would likely be one of your heirs or beneficiaries anyways.

The same goes with education or medical expenses – you could pay those on behalf of someone else directly, and there is no limit on how much you pay in those areas as long as it goes directly to the institution in question, i.e. hospital, college or even preschool, for example.

Reducing the impact of taxes on your estate and, as a result, maximizing the value of the assets your heirs and beneficiaries receive, can involve complicated steps that many people wouldn’t necessarily think of when they consider what their estate plan might look like. Be sure to get the right information for your own unique financial and family situation.