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best-estate-planning-lawyers

Top Estate Planning Firms in St. Petersburg

By Legacy Protection, LLP |

Legacy Protection Lawyers, LLP has been selected as one of the top three Estate Planning firms in St. Petersburg by Three Best Rated®. Upon being reviewed for professional attributes that included reputation, history, complaints, local reviews, nearness, satisfaction, trust, and cost to generate excellence and verified using a 50-Point Inspection by the employees at… Read More »

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20180719_1

Double duty giving with charitable gift annuities

By Legacy Protection, LLP |

If you’re charitably inclined, you may wish to consider a charitable gift annuity. It can combine the benefits of an immediate income tax deduction and a lifetime income stream. Furthermore, it allows you to support a favorite charity and reduce the size of your future taxable estate. What is it? A charitable gift annuity… Read More »

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20180713

21st century estate planning accounts for digital assets

By Legacy Protection, LLP |

2019 Newsletter June 5, 2019 A win-win proposition Even though you can’t physically touch digital assets, they’re just as important to include in your estate plan as your material assets. Digital assets may include online bank and brokerage accounts, digital photo galleries, and even email and social media accounts. If you die without addressing… Read More »

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20180705

Basis consistency rules may come into play if you’re administering an estate or inheriting property

By Legacy Protection, LLP |

When it comes to tax law changes and estate planning, the substantial increases to the gift and estate tax exemptions under the Tax Cuts and Jobs Act are getting the most attention these days. But a tax law change enacted in 2015 also warrants your attention. That change generally prohibits the income tax basis… Read More »

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20180628

The BDIT: A trust with a twist

By Legacy Protection, LLP |

The beneficiary defective inheritor’s trust (BDIT) allows you to enjoy the benefits of a traditional trust without giving up control over your property. BDITs can hold a variety of assets, but they’re particularly effective for assets that have significant appreciation potential or that may be entitled to substantial valuation discounts, such as interests in… Read More »

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20180621

A SLAT offers estate planning benefits and acts as a financial backup plan

By Legacy Protection, LLP |

The most effective estate planning strategies often involve the use of irrevocable trusts. But what if you’re uncomfortable placing your assets beyond your control? What happens if your financial fortunes take a turn for the worse after you’ve irrevocably transferred a sizable portion of your wealth? If your marriage is strong, a spousal lifetime… Read More »

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20180607

The pros and cons of a SCIN

By Legacy Protection, LLP |

Many estate planning techniques are intended to minimize or even eliminate gift and estate taxes when transferring assets to family members. Sometimes, the most powerful techniques also have a significant drawback: mortality risk. For example, you may have to outlive the term of a trust to realize its tax benefits. A self-canceling installment note… Read More »

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20180531_1

Naming a minor as beneficiary of a life insurance policy or retirement plan can lead to unintended outcomes

By Legacy Protection, LLP |

A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making your young child the beneficiary of such assets may seem like an excellent way to provide for him or her in the case of your untimely death,… Read More »

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20180524

Use the proper tools to fix a broken trust

By Legacy Protection, LLP |

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have options to fix a “broken” trust. How trusts break There are several reasons a trust can break,… Read More »

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20180517

If charitable giving is part of your estate plan, consider a donor-advised fund

By Legacy Protection, LLP |

Do you make sizable gifts to charitable causes? If you’re fortunate enough to afford it, you can realize personal rewards from your generosity and may be able to claim a deduction on your tax return. But once you turn over the money or assets, you generally have no further say on how they’re used…. Read More »

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