Most of us are familiar with the meteoric and often controversial career of the King of Pop, Michael Jackson. Even though he passed away in June 2009, his estate is still facing a significant amount of legal action, with estate valuation playing a major role. Now, the battle continues to rage as administrators work to calculate estate taxes related to financial assets that have been accumulated since Jackson's Read More
OUT-OF-STATE TRUST ADMINISTRATION GAINS TRACTION
Estate planning professionals say that a growing number of Floridians are moving their assets into trusts in no- or low-tax states such as Delaware, Alaska and Nevada. Those trust modifications are coming under the scrutiny of state officials, who say they are losing financial revenue through this type of trust administration tax avoidance. Still, fewer Americans are figuring out ways to bypass estate taxes, even as Read More
TRUST ADMINISTRATION RULING LEAVES SOME UNPROTECTED
A new ruling from a Florida appellate court may change the way that ex-spouses are treated during the estate administration process. The ruling, handed down in November, changes the permissions granted to ex-spouses through trust administration. In many cases, wealthy individuals are more likely to set up a trust that is administered by a trustee who doles out cash according to predetermined rules. Now, the children Read More
BENEFICIARIES ARE IMPORTANT TO YOUR FLORIDA WILL
Which is more important: your list of beneficiaries on file with the banks that oversee your retirement plans or the recipients for those accounts that are listed in your will? You may not realize that the named beneficiaries for your Florida IRAs, life insurance policies, bank accounts and even 529 savings plans will supersede any provisions you include in your will. If your will is up-to-date, for example, but the Read More
CUSTOMIZING YOUR FLORIDA LIVING WILL
If you are a Floridian reaching an advanced age, you may have thought about drafting a living will. Without the proper planning, you could be left out of making your own medical decisions simply because you did not anticipate needing a living will. These important documents help individuals of all ages protect their health care rights, providing information about advance directives and a variety of other Read More
WARHOL PAINTING SPARKS FAWCETT ESTATE DISPUTE
Many Florida residents are avid art collectors, and they understand the potential value of paintings, sculptures and similar objects. It is important to remember to include such valuable objects in individual estate plans because estate litigation processes are rarely prepared to distribute these items if the owners' wishes are not spelled out. An Andy Warhol painting of Farrah Fawcett is at the center of an ongoing Read More
HOW TO START YOUR FLORIDA ESTATE PLAN
Florida employers are increasingly abandoning the traditional pension plan, a move that is now placing the responsibility for retirement savings square on the shoulders of employees. A growing base of experts is now advocating for more awareness about estate planning, as it is a critical step in moving toward a secure financial future. Among the tasks required to develop a comprehensive estate plan: drafting a Read More
PLANNING AHEAD PREVENTS ESTATE VALUATION HEADACHES
When someone tells you to "do estate planning," you may not fully understand what they mean. Do not feel alone. Many Floridians are also confused about financial and health care documents that should be included in a comprehensive estate plan. Establishing your estate value is an important aspect of estate planning, for example. However, you may never have taken a full tally of your personal holdings. Before you get Read More
PLANNING YOUR FLORIDA WILL AS AN UNMARRIED COUPLE
Florida couples who choose not to marry - or who are prohibited from doing so - may worry about the future of their estate because of their non-traditional circumstances. These couples may fear that their will and other estate planning documents will not automatically include their significant other. Experts in the field say there are some extra steps you can take as an unmarried couple to make sure that your Read More
HOW TO TALK TO YOUR ADULT CHILDREN ABOUT YOUR FLORIDA WILL
You have probably already taught your adult children in Florida about the birds and the bees, but there is another important "talk" you need to have with your kids as you both age. That conversation has to do with your will and other estate planning documents. Experts have taken to calling this the "other talk," which outlines your wishes for the end of your life rather than explaining how life begins. As both Read More
