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King & Wood, P.A.

Recent Activity

Mary Kathryn King Joins the Firm

Mary Kathryn King has joined King & Wood, P.A. as an Associate Attorney, resident in Jacksonville, Florida. She will practice in the areas of business law, real property, probate, wills & trusts, guardianship, and fiduciary litigation. Ms. King is a graduate of the Florida State University College of Law (J.D.,... Continue reading

Posted yesterday at King & Wood, P.A.

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Collecting Social Security from Divorced Spouse

“It’s always smart to maximize your Social Security benefits, and if you are divorced, one way to do that might be to take them based on your ex’s earnings record. Here are some of the rules on how that works.” Any divorce is tough, but late in life divorce presents... Continue reading

Posted 4 days ago at King & Wood, P.A.

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Do You Have to Do Probate when Someone Dies?

“For most of us, the first time we ever thought about probating a will is when someone in our family has died. So, what does it mean to probate a will?” Probate is a Latin term meaning “to prove.” Legally, a deceased person may not own property, so the moment... Continue reading

Posted 5 days ago at King & Wood, P.A.

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What Do I Need to Know about Estate Planning?

“Expert tips on why starting your estate plan early, choosing beneficiaries, and thinking about how you want to transfer your wealth to the next generation are critical for your financial future.” Your idea of planning for the future may include vacations and visits to family and friends—estate planning, not so... Continue reading

Posted 6 days ago at King & Wood, P.A.

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Can a Daughter Help Parents by Buying Home?

“I am one of three daughters who will inherit our home when our parents pass away. They have a mortgage on the home and some credit card debt. Would it be wise for us to purchase their home before their death, so their mortgage debt is paid off?” A daughter... Continue reading

Posted 7 days ago at King & Wood, P.A.

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Your Will and Estate Planning Checklist

“Most people should have a will, but it's rarely the most significant estate planning document that an individual will hold.” Dying without a last will creates additional costs and eliminates any chance your wishes for loved ones will be followed after your death. Typically, people think about last wills when... Continue reading

Posted Jun 6, 2021 at King & Wood, P.A.

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Michael Jackson Estate’s Big Win against IRS in Tax Court

“A ruling that Michael Jackson’s image and likeness at the time of his death were worth about $157 million less than the IRS estimated warns the agency not to look too far down the road, when assessing the value of a celebrity’s estate.” Estate planning lawyers agree: the recent victory... Continue reading

Posted Jun 3, 2021 at King & Wood, P.A.

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Tackling Estate Plan Quarter by Quarter

“Death, taxes and our fingers are a few things we can count on. As for the former, taxes will be owed, and death is certain.” Most of us know that a tax bill is typically due on April 15, and we know that our paychecks will include deductions for taxes,... Continue reading

Posted Jun 2, 2021 at King & Wood, P.A.

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When Should Children Receive an Inheritance?

“Is it better to help your children when you’re still alive? Or wait until after you die?” Should an inheritance remain an inheritance, given to children only after their parents die, or should parents use some of the money to help their kids out while they are still living? That’s... Continue reading

Posted Jun 1, 2021 at King & Wood, P.A.

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What Does SLAT Mean in Estate Planning?

“These spousal trusts are garnering attention as estate and gift tax exemptions are poised for overhaul.” Interest in SLATs, or Spousal Lifetime Access Trusts, has picked up as the new administration eyes possible revenue sources from estate and gift taxes. According to a recent article titled “What Advisors Should Know... Continue reading

Posted May 31, 2021 at King & Wood, P.A.

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What Does the Executor Do?

“If the deceased has a will, it usually names a close relative, friend, accountant, attorney or financial institution to act as executor of the will.” The executor of an estate is the person who manages all the decedent’s financial affairs. If the person wants to have more than one person... Continue reading

Posted May 30, 2021 at King & Wood, P.A.

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Should You Get Medical Power of Attorney?

“Ensuring that your wishes on your medical care are followed is up to you. Take action now while you’re well, or you could lose a say in the matter during a crucial time later.” The pandemic has created awareness that being suddenly incapacitated by an illness or injury is no... Continue reading

Posted May 27, 2021 at King & Wood, P.A.

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What Is Benefit of a Roth IRA at the Time of Retirement?

“Although the Roth IRA is often touted for the unique combination of benefits it offers to retirement savers, some of its perks often go overlooked. Here are four that you should know about.” It’s been called the gold medal of retirement accounts, and for good reason. The Roth IRA is... Continue reading

Posted May 26, 2021 at King & Wood, P.A.

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What Is the Main Purpose of a Trust?

“Before you decide to put your home in an irrevocable trust, it is important to have a basic understanding of what you are doing and why.” There are advantages and disadvantages of an irrevocable trust, and you’ll want to be fully informed before taking steps that may be costly to... Continue reading

Posted May 25, 2021 at King & Wood, P.A.

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Largest Tax Bill in History Filed in South Korea

“Picasso, Monet and Dalí are among the assets South Korea’s richest family is parting with, as it prepares to pay one of the largest inheritance tax bills in history.” How’s this for a big inheritance tax bill: $10.8 billion! The Samsung family announced that it would be paying the sizable... Continue reading

Posted May 24, 2021 at King & Wood, P.A.

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How to Protect Loved Ones from Elder Abuse

“The pandemic has kept our aging parents away from us and us away from them for over a year. This isolation is not total. Some people have access, some ignore warnings and some are intent on using the pandemic to hide their actions.” Predators had an open season on the... Continue reading

Posted May 23, 2021 at King & Wood, P.A.

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How Do I File Taxes on a CARES 401(k) Withdrawal?

“Penalties were waived on 401(k) and IRA withdrawals for coronavirus costs, but you still owe the taxes.” Several bills were passed by Congress to ease financial challenges for Americans during the pandemic. One of the provisions of the CARES Act was to allow workers to withdraw up to $100,000 from... Continue reading

Posted May 20, 2021 at King & Wood, P.A.

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Can Estate Taxes Be Avoided with a Trust?

“The estate tax exemption raised by the Tax Cuts and Jobs Act will sunset in five years—possibly sooner, as the new Congress gears up for a Biden tax overhaul.” If the federal estate tax exemption is lowered, as is expected, it could go as low as $3 million, reports the... Continue reading

Posted May 19, 2021 at King & Wood, P.A.

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What Is the Purpose of an Estate Plan?

“You can reduce stress and expenses for yourself and your family, if you develop an estate plan that includes these important documents.” No one wants to think about becoming seriously ill or dying, but scrambling to get an estate plan and healthcare documents done while in the hospital or nursing... Continue reading

Posted May 18, 2021 at King & Wood, P.A.

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Do I Have to Pay Deceased Loved One’s Taxes?

“When someone passes away, their tax headaches don’t die with them. In fact, those obligations can further complicate the lives of survivors: Federal estate taxes may be due and state inheritance taxes could also come into play.” Sooner or later, someone has to resolve the tax liabilities when a loved... Continue reading

Posted May 17, 2021 at King & Wood, P.A.

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What Is a Holistic Estate Plan?

“No one can predict the future—and navigating that reality is precisely what makes estate planning so complicated.” Estate planning is more than a tax strategy. It’s about creating a legacy and protecting your family for the short and long term, explains the article “Create A Holistic Estate Plan Now For... Continue reading

Posted May 16, 2021 at King & Wood, P.A.

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Does Executor have to Be a Family Member?

“What happens if you don’t have any family to be personal representative? Other than a family member, who can be personal representative?” Executor, executrix or personal representative, whatever name you use, is the person who will be in charge of your estate and follow the directions in your last will... Continue reading

Posted May 13, 2021 at King & Wood, P.A.

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A Trust can Protect Inheritance from Relatives

“You may love your son-in-law or daughter-in-law now, but that could change down the road. So, if you don’t want your money going to your child’s future ex, here’s what you should do.” It’s always exciting to watch adult children build their lives and select spouses. However, even if we... Continue reading

Posted May 12, 2021 at King & Wood, P.A.

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A Trust can Protect Inheritance from Relatives

“You may love your son-in-law or daughter-in-law now, but that could change down the road. So, if you don’t want your money going to your child’s future ex, here’s what you should do.” It’s always exciting to watch adult children build their lives and select spouses. However, even if we... Continue reading

Posted May 12, 2021 at King & Wood, P.A.

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Will Inheritance and Gift Taxes Change in 2021?

“Facing down an uncertain election outcome and the possibility of tax reform in 2021, many families started transferring substantial amounts of wealth last year, making large gifts to take advantage of the historically high gift and generation-skipping transfer tax exemptions.” Uncertainty is driving many wealth transfers, with gifting taking the... Continue reading

Posted May 11, 2021 at King & Wood, P.A.

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