Animal lovers know what it means to say that their pets are part of the family. There is a special bond that is formed between animals and their owners. It doesn’t matter if it’s a dog, a cat, or even a snake. The reality is that these pets are special to their masters and so it should come as no great surprise if accommodations are made for them through proper trust planning.
As we’ve noted before on this blog, despite the humor some may find in the practice, creating trusts for pets happens more these days than ever, especially in Florida, with its growing elder population….
When it comes to estate planning in contemplation of that journey everyone must take, it is as important to think about estate administration which will occur after you have gone. Determining where your assets will go and on what terms is not the only consideration that needs to be made. Especially for wealthier individuals, the estate does not simply get divided after your death. Estates often continue earning profit for the advantage of the beneficiaries, and that requires management….
A recent story of an abandoned property may underscore for Florida readers what can happen if estate planning is avoided. A woman lived in her small 1100-square-foot home for many years. She shared the place with her husband until his death. The woman’s health declined over the ensuing years, and dementia set in. without any estate planning measures in place. She was well liked, but her health issues turned her ornery, and she refused to see a doctor….
Estate planning is not a Herculean task, but then again, it’s not so easy, either. There are many ways to get tripped up, from drafting a confusing will to inadvertently paying more than your fair share of taxes.
Here are four areas to which people in Port St. Lucie will want to pay attention, as well as suggestions for how to avoid any possible mistakes….
Clean house in terms of assets: Having many assets hidden in scattered pockets is going to make it very hard for whomever has to metaphorically clean house after you pass on.
A recent court decision in another state underscores why it is important for Florida residents to engage in careful estate planning, including the necessity of periodically checking to ensure that existing plans still meet the needs of the parties involved.
In the case, an estate named an executor and alternative executor, along with a two irrevocable trusts. When all was said and done, an appeals court decided a lower court had gotten involved where it was not necessary, and simply directed the judge to follow what the deceased person had originally planned….