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estate planning Archives

Estate planning and revocable trusts

The benefits of estate planning affect more people in today's economy than ever before. Still, when most people hear the words "trust fund" they think of a wealthy individual setting vast sums of money aside for distribution to specified beneficiaries after their death. This article will demonstrate that customized trust instruments are not restricted to the wealthiest among us.

Estate Planning - the right time to create or review your estate plan

Estate Planning - When is the right time to create or review your estate plan? We all know people who believe that you can plan too much, and tell you to "live in the moment." But attorneys with experience in estate planning in Florida know the benefits of taking a long-term view of your estate plan to maneuver the twists and turns of life that might come your way. When you anticipate aspects of life changing over time, and make relevant estate planning revisions as those changes occur, those you love the most will benefit.

Estate administration can have tax implications even with reforms

Estate administration and tax implications from recent tax reforms are extremely important matters. Now that the end-of-year holidays are behind us tax season is in full swing. As you may know, 2018 is the first year in which the full effects of recent tax reforms apply. This has some experts predicting that issues related to tax returns and tax refunds will be complicated this year.

Estate planning includes much more than asset distribution

Many believe the only goals of estate planning are to account for an individual's assets, and the distribution of a person's estate to intended heirs and beneficiaries. A comprehensive view of estate planning encompasses a broad scope of matters - including questions about end-of-life wishes.

Ending guardianships in Florida

Florida residents who ready are to relinquish their guardianship duties should make sure that they take the proper steps. Guardianship duties can be relinquished if the court restores some or all of the ward's capacity or rights. It will be necessary to file with the court a suggestion of capacity that stipulates the ward has the abilities to responsibility exercise the rights that have been taken away by the court.

Definitions and laws in estate planning

Some people may think of writing a will as a fairly straightforward process, but there can be a number of nuances in the process. For example, like most states, Florida does not recognize either holographic wills or nuncupative wills. The former is a will that has been handwritten and signed by a person without witnesses while the latter is an oral will.

Some common sources of estate conflicts

As Florida residents enter the later years of life, they might think about creating an estate plan. This process frequently involves writing a will, but people should be mindful of how their heirs might respond to their decisions. Squabbles and outright legal battles among siblings, surviving spouses or other heirs could emerge from unequal bequests or inadequate executors.

Small business owners can benefit from estate planning

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.

The importance of estate planning at any age

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.

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