What will happen to your kids if you die? Although this is an unpleasant thought, it is important to realize that documents designed to "give your children away" are a critical part of any set of estate planning documents. Determining the guardian you want for your children -- as well as the guardian of your estate -- can be an agonizing process, but it certainly is an essential decision. Too often, young families Read More
WHY ESTABLISH A SPECIAL NEEDS TRUST?
Estate planning can be a challenge for anyone, but it is particularly important for those who are leaving behind dependents or heirs who have special needs. Did you know that there are special types of trusts that can be set up to accommodate your loved ones' health needs? That is right, a Special Needs Trust -- and many other types of trusts -- can be set up to protect assets for those who need ongoing financial Read More
ESTATE PLANNING CAN GUIDE DISTRIBUTION OF YOUR DIGITAL ASSETS
What happens to your digital assets after you die? An increasing number of Florida residents are taking the time to address this concern in their estate planning documents, as the national debate rages about whether online accounts should die along with their users. A new movement among attorneys would allow family members to get immediate access to relatives' digital accounts -- unless the information is somehow Read More
DO YOU HAVE AN OUTDATED WILL OR ESTATE PLAN?
How old is your Florida estate plan? Experts say that even the ultra-wealthy – those with more than $500 million in net worth – often have estate plans that are at least five years old. It is important to remember that your estate planning documents do have a shelf life; they need to be reviewed periodically to ensure that they are still relevant and accurate. Financial experts say that estate plans should be Read More
SINGER LOU REED COULD HAVE USED A PRIMER ON TRUST MATTERS
Florida residents have almost certainly heard the Lou Reed song that instructs listeners to "take a walk on the wild side." It seems that Reed himself may have followed that example in his own estate plans. Would you believe that his estate already earned more than $20 million since Reed died in October 2013? Yes, that only counts income that arrived after the man's death. That is certainly a lot of money. Managing Read More
AVOID ESTATE PLANNING ISSUES AFTER ILLNESS DIAGNOSIS
Your probate and estate situation can change at any minute. Imagine being diagnosed with Alzheimer's disease, for example. What happens if your Florida estate plan is not prepared with a power of attorney or health care proxy to help provide for your care? Experts say that a diagnosis of such a devastating illness -- especially one that is almost certain to affect cognitive function -- should be a cue to update your Read More
TRUST MATTERS: CONSIDER IRREVOCABLE, REVOCABLE OPTIONS
Choosing the right trust for your Florida estate plan is not always the easiest process. With the variety of trust options available, you may be wondering exactly which type of trust administration tools would fit your estate needs. Experts say that those who are considering using trusts should consider a few key factors before deciding which type of estate planning document to use. First, you should examine your Read More
FAMILY FEUDS CAN BE AVOIDED WITH ESTATE DOCUMENTS SUCH AS A WILL
It turns out that "Family Feud" is not just a popular game show -- it also describes the aftermath of many poorly drafted estate plans. With the recent economic turmoil of the Great Recession still fresh in many Floridians' minds, a growing number of legal estate challenges are cropping up in the state's courts. How can you protect your estate plan andwill from being subject to litigation after your death? Today, we Read More
CHOOSING AN EXECUTOR FOR YOUR WILL CAN BE A DIFFICULT PROCESS
When you choose a person or an entity to serve as the executor of your will, you are trusting that your property will be divided according to your wishes. What happens, though, when you do not have children or any relatives who are willing to execute your Florida will? For some people, finding just the right person can take more effort during the estate planning process. During your estate planning process, you must Read More
ESTATE PLANNING AT YOUR WEDDING? IT’S ACTUALLY IMPORTANT
Planning a wedding is fun! You have to think about the cake, the colors of the decorations, the ceremony and even the people you want to have as bridesmaids and groomsmen. Most Florida residents probably avoid thinking about estate planning during this magical time; after all, what could a will have to do with your marital bliss? It turns out that prenuptial agreements, trusts and wills all play a very important role Read More
