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Florida Estate Planning: Despite the benefits already inherent in living in a state with no inheritance or estate tax, you should make plans to protect your estate even further, such as developing a proper estate plan. Proper estate planning should provide answers to such questions as 1) who should own your property once you pass away, 2) what property should they own (and how much), and 3) whether the property should be owned jointly or separately. Estate planning also assists in the decision of whether trusts are needed for management, control or tax savings; and whether gifts, annual or lifetime, should be made.

Estate planning provides for the management and transfer of your property Spring Hill FL Homes For Sale in the event of your death or incapacity in an efficient and, in some cases, tax saving, manner. A well-thought-out estate plan allows you to designate your beneficiaries, provide for the management of your assets and eliminate or minimize any federal taxes that may be due. Without sufficient careful planning, your property may pass to unintended beneficiaries; may be diminished in value by unnecessary taxes or unsound investments; may be subject to inadequate investment oversight; or may not be readily available to you and your family in the event of your death, illness or incapacity. All of these possible problems may cause financial instability or distress during your lifetime or after death.