A few things are always important when you are negotiating a divorce, especially when a lot of value in assets and possessions are at stake. One of the most vital is full disclosure to attorneys and the court because mediations and other resolutions rely on complete trust.
What changes may affect a high-asset divorce?
Exemptions for many types of inheritances, trusts and gifts doubled to a total of more than $11 million per person for the 2018 tax year. This only applies to federal taxes, as Florida state taxes on inheritances and gifts are different than those set in Washington.
How can this be useful?
Some trusts that are set up to benefit children of divorce or settle other financial issues in divorce mandate that benefit payments are sent directly to recipients, which may be heavily taxed. Making a new trust or adding value to an old trust may now be easier and more profitable for trust accounts over time.
What sort of additions can I make to a trust?
Cash is always an easy medium to add value to a trust. Securities and other dividend-yielding financial instruments may also be added, and may even yield better returns for beneficiaries in the future.
Do I need a lawyer for a divorce?
Florida and other states do not require spouses to be represented by a lawyer, but it is usually advisable especially in the case of a high-asset divorce. An attorney can help navigate the multiple steps of divorce with less chance of missing a vital element that may mean savings for you and the children of the marriage.