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February 2014 Archives

Philip Seymour Hoffman's will may be a financial mistake

Florida residents may remember the Oscar-winning actor Philip Seymour Hoffman, who was found dead in February. Now, people with knowledge of his estate are suggesting that its structure may not have been the best possible one from a financial standpoint.

The five "W's" may help Floridians avoid probate problems

The so-called "five W's" are generally associated with the field of journalism as a way to describe the minimum components necessary to write an informative story. However, using this idea in the estate planning realm can help individuals, including residents of Florida, to organize their thoughts when it comes to planning an estate to help minimize the potential for probate litigation.

A trust can help Florida residents prepare for long-term care

Florida is well-known as a popular relocation destination for older Americans. Because of the climate and other factors, many individuals decide to spend at least a portion of their retirement years in the Sunshine State. Because of this, there are an increasing number of members of the baby boom generation living here.

Inheriting relative's retirement income can cause tax problems

In an age when pensions have gone the way of cassette tapes and laser disks, many people are planning for retirement through the use of Individual Retirement Accounts, or IRAs. The advantage to these accounts is that, with a so-called simple IRA, money is placed into the account before being taxed, thus reducing the account holder's yearly taxable income by the amount saved. This money is generally invested and, hopefully, is worth much more than was originally put into it when the account holder is ready to retire. Then, the money is taxed when it is withdrawn from the account.