What does Bono have to do with South Florida estate planning? Probably not much. After all, most of Bono’s assets probably lie overseas and are governed by that country’s specific estate planning and probate laws. However, as a non-US citizen, his estate tax exemption amount for all property held in the United States will be a measly $60,000. He may want to become a resident of Florida so that he can avoid the state estate tax shouldered by the residents of many of the other 50 states. He should also consider some agressive estate tax planning and probate avoidance techniques to assure that his family or his charities end up with more of his assets than the IRS does. After all, they say that this is the Golden age and nothing changes on New Year’s Day.
For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at firstname.lastname@example.org to schedule your free consultation.
It’s a Wild world. Are you protected?