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
WHAT WILL HAPPEN TO THE KIDS?
You are on your way back from a lovely date night when a tragic car accident occurs. With both parents catastrophically injured, would your children know what to do? Or, would they end up having to spend weeks in state custody because you failed to provide for their care in an estate document? Even if you are a Florida parent who prides yourself on parenting abilities, you may not be fulfilling all of your duties Read More
HANDLING FLORIDA VACATION HOMES IN ESTATE PLANS
Few states boast more vacation homes than Florida. With its white sands and alluring temperatures, Florida is a fantastic place to retire. What happens, though, when an individual's estate value is questioned or even altered because of vacation home holdings? Proper treatment of second homes in an estate plan can lessen the number of problems experienced by relatives and beneficiaries after a benefactor dies. People Read More
