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

Family businesses and succession planning

A family business is not only a significant source of income. It is also an asset that can continue to generate wealth for future generations. Florida business owners can take advantage of succession planning to ensure that their companies are able to be transferred to their heirs. A well-planned succession is an important part of guarding and accumulating generational wealth.

Determining asset distribution of a decedent

When a Florida resident dies, his or her beneficiaries may enter into disputes over who should get the decedent's personal property. This may occur even if the decedent had a will or trust specifying what was to happen to that property. In some cases, the property may only hold sentimental value as opposed to being worth anything on the open market. Examples of sentimental items may include family pictures.

Avoiding conflicts between trustees and beneficiaries

Many Florida residents decide to leave their children or grandchildren an inheritance through a trust rather than in a lump sum pursuant to a will. A trust can allow funds to be transferred to beneficiaries outside of probate court, and the funds can be disbursed incrementally over a period of time. A trust is a legally enforceable document that is managed by a trustee chosen by the settlor.

How a trust protector can help protect an estate plan

Florida residents who are creating an estate plan might want to use a revocable trust in order to have greater control over the distribution of their assets or because they wish to avoid probate. A trustee is appointed to administer a trust, but with no court overseeing the procedure, people might still might be concerned about whether their wishes are carried out. A trust protector can also be named to act as a neutral party in any disputes that arise. Depending on the powers granted to the trust protector, this person might also have the ability to alter the trust if necessary.

Care for pets in Florida with a trust fund

In most cases, pets are considered to be the property of the person who owns them. Therefore, they would likely go through probate if its owner had a traditional will. However, it may be possible to provide for an animal through the creation and funding of a pet trust. The trust would call for a caregiver to make sure that the animal's needs were being met.

Final estate planning tips

Florida residents who are approaching death may want to review their estate plan to avoid unnecessary legal issues for their families to resolve. Toward the end of life, people may become mentally incapacitated, rendering them incapable of making important decisions on their own. Therefore, durable powers of attorney should be created that can be executed as soon as it becomes necessary to do so.

Social media app use while driving is dangerous

Most people in Florida probably equate distracted driving with texting while driving. Texting and driving is a major type of distraction, but it is not the only problematic activity in which drivers engage with their smartphones. Using social media applications has emerged as another major issue when people are behind the wheels of their vehicles.

VanNess & VanNess, P.A.