The recent deaths of prominent and even legendary musicians has emphasized the importance of estate planning to many in Florida. Aretha Franklin died in August without a will, despite having an estate worth approximately $80 million and a valuable music catalog with years of revenues to come. She was not alone, of course; Prince passed away in 2016 without a will, despite a $300 million estate and one of the most iconic music catalogs of all time. Jimi Hendrix, Kurt Cobain, Tupac Shakur and Bob Marley all passed away without wills, leaving it up to others to distribute their assets.
A Florida resident who is creating an estate plan might want to leave a portion of their assets to charity. However, it's important that they do so in a way that lowers the overall tax burden.
Hydroplaning is an ever-present threat when it rains in Florida. When there is too much water on the road for vehicles' tires to handle, the tires will push that water underneath them. The thin layer of water that develops between the tires and road will cause the tires to lose traction. They are, in effect, floating above the road.
According to a new survey from Caring.com, nearly 80 percent of millennials do not have a will. It's also common for younger or childless and unmarried individuals in Florida to procrastinate or not see the importance of making estate plans. Part of the reason for this may be a desire not to face the unpleasant facts of life or make decisions at a time when it seems unnecessary to do so. However, dying intestate, a legal term meaning without a will, results in many distribution decisions being made by the courts.
Florida residents who assume that it is only the younger generation who drives distracted may be interested in the results of a study conducted by Volvo and the Harris Poll. Thousands of participants were asked about the distracting activities they engage in behind the wheel. Just over 80 percent of millennials and Gen Xers admitted to phone use; this was followed by 71 percent of Generation Z, 64 percent of baby boomers and 59 percent of the Silent Generation.
It is important for small business owners in Florida to have an estate plan so that their intentions for their businesses are clear. If there is no estate plan, the business along with the rest of the estate could be caught up in legal proceedings for a year or more.