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VanNess & VanNess, P.A.
Toll Free: 866-697-6221 Local: 352-436-4333 Over 100 years of combined experience

Adding pets to a Florida estate plan

As part of an estate plan, it may be a good idea to name a guardian to any pets an individual may have. Failing to do so could result in an animal being sent to a shelter where it may be scared and grieving at the same time. Depending on the situation, it may be a good idea to appoint someone to watch the animal in the event a pet owner becomes temporarily unable to care for the pet.

When to create an IRA trust

Florida residents who are preparing their estate plans may wonder whether they need to use a trust for their IRA. In most cases, assets in an IRA are passed down via a beneficiary designation after the death of the owner. The surviving spouse is usually the beneficiary and can either do a rollover with the IRA or take it as an inherited IRA. For a person under the age of 59 1/2, the advantage of the latter approach is that it allows the person to avoid the 10 percent federal penalty. If an IRA passes to anyone who is not the spouse of the decedent, that person must generally take distribution within a few years of the original owner's death.

Problems that can happen when people are incapacitated

When elderly Florida residents become incapacitated, family members may be left trying to figure out how to sell the incapacitated relative's home in order to pay for needed long-term care. Without a durable power of attorney or a trust in place, doing so can be very difficult for the family.

Tesla owner's account of accident contradicted by his vehicle

Florida motorists who drive sophisticated modern automobiles may want to think twice before they blame negligent actions on some sort of mechanical failure. Many current cars, trucks and SUVs either transmit information to their manufacturers or feature black box devices that record data. This information could be used by accident investigators to determine what occurred in the moments before a crash, and it can leave less than truthful drivers with some explaining to do.

Sophisticated auto technology linked to surge in recalls

Florida residents may be surprised to learn that some of the vehicles currently offered for sale in American showrooms contain far more computer code than the F-35 Lightning II fighter aircraft. While sophisticated collision prevention systems and autonomous vehicle technology have been hailed by companies like Google and Tesla as the way forward towards an accident free self-driving future, research conducted by the financial services and advisory firm Stout Risius Ross has found that such systems are also largely responsible for a recent surge in vehicle recalls.

Some auto manufacturers are still using recalled airbags

Florida motor vehicle owners may have heard about the reports of defects in airbags manufactured by Takata. Despite being linked to multiple injuries and deaths, these airbags reportedly are still being installed in new vehicles. All automobiles containing this brand of airbag must be recalled by 2018.

Estate planning basics everyone needs to think about

Most Florida residents do not like to think about growing older and eventually leaving loved ones behind, but estate planning is important and necessary since no one knows what the future holds. There are a few basic things that adults can do to start preparing regardless of their age or their means.

Tips for approaching elders about estate planning

Memorial Day weekend is supposed to be about celebrating those in our armed forces who have made the ultimate sacrifice, but it is largely about family getting together to remember the past while enjoying the present. In these instances, it may be awkward to talk to one’s parents about estate planning.

VanNess & VanNess, P.A.