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

Dealing with a vacation home in an estate plan

Florida residents who own a vacation home might want to leave the home to their children as part of their estate plan, but there are a number of questions they should ask themselves first. They should also find out if their children even want the home. The distance of their family from the home and the cost of upkeep may be factors. Heirs might prefer a liquid asset.

Advantages of a living trust

Florida residents who are considering preparing an estate plan might want to use a living trust. If most of a person's assets are tied up in life insurance, retirement accounts and bank accounts that are designed to pay to a beneficiary on death, then a living trust may not be needed. However, if there is a reason a person wants to try to avoid probate, then a living trust may be a good idea. These reasons might include plans to disinherit a family member or owning real estate in a different state. In the former case, probate gives family members the opportunity to go to court and fight the disinheritance. The latter case can result in an estate having to go through probate in two states.

Estate planning for LGBT couples in Florida

Thanks to the Supreme Court ruling in Obergefell v. Hodges, same-sex marriage is legal in all 50 states. This means that same-sex couples can create an estate plan that looks like one a heterosexual couple may create. It is just as important for a same-sex couple to make a will, which allows property to be allocated based on individual preference as opposed to state law.

A lawful will can ensure assets go to chosen beneficiaries

Planning is an essential part of the lives of most people in Florida. Even those who are impulsive and choose to do things on the spur of the moment may want to plan for the distribution of their assets upon their demise. Because death is a depressing thought, it is not uncommon for individuals to procrastinate with drafting a lawful will

Estate planning with a special needs child

Parents in Florida that have special needs children may worry about how their children will have financial support when they are gone. Setting up an estate plan that provides for a special needs child is crucial for these parents. However, many parents of special needs children make mistakes in their estate plan that can negative consequences down the line.

Revocable living trusts won't protect assets from creditors

Revocable living trusts can have many estate planning benefits for Florida residents with a significant amount of assets. A revocable living trust holds assets during a person's lifetime and then passes those assets to the named beneficiaries after the settlor dies. During their lifetime, settlors are able to maintain full control of the revocable living trust, moving assets in and out of the trust as they see fit.

Toyota recall raises further questions about airbags

Thousands of Florida residents have taken their cars, trucks or SUVs to authorized repair facilities in recent months to have potentially dangerous airbags manufactured by the Japanese auto parts supplier Takata replaced. The Takata airbag recall is the largest auto recall in U.S. history, but a June 29 announcement by Toyota that 1.4 million vehicles were being recalled due to an unrelated airbag safety issue has led consumer advocates to fear that these problems may even more widespread than initially thought.

VanNess & VanNess, P.A.