DELAWARE REPEALS ITS ESTATE TAX EFFECTIVE JAN. 1, 2018

♠ Posted by Marc J. Soss in 2018 state estate taxes,Delaware repeals estate tax,Estate planning attorney,estate taxes,florida estate planning,florida probate lawyer,inheritance tax

Effective January 1, 2018, Delaware residents will no longer be subject to a state estate tax. Delaware becomes one of the thirty-three (33) states that do not impose either estate or inheritance taxes or both. The repeal is the result of Democratic Governor John Carney Jr. signing a stand-alone estate tax repeal bill. One estate lawyer commented “[t]he very wealthy don’t have to move down to Florida.” The Governor and legislature recognized that that if wealthy folks stay in Delaware, instead of changing their residency to avoid the state estate tax, the state will generate more revenue from...

Read More

ESSENTIAL ESTATE PLANNING DOCUMENTS

♠ Posted by Marc J. Soss in Connecticut Estate Planning,Estate planning attorney,florida estate planning,florida probate attorney,florida probate creditors,health care planning,Power of Attorney

Regardless of your state of residency it is important to have your estate planning documents in order. The following is a list of essential documents and how they will benefit you. Last Will & Testament: a legal document in which you express your wishes as to how your estate (assets, accounts, real estate, etc.) is to be distributed at your death, and nominates the individual(s) or entity to manage the estate until its final distribution. Without this document the state statutes will control who administers your estate and to whom does it pass. ​ Power of Attorney: a written document in...

Read More