Financial experts are now saying that it may be a good time for people to consider planning their estates if they have not done so yet. Estate planning laws are currently ideal for asset protection and transferring wealth while avoiding taxation. Business owners in Florida who are near the end of their lives and are looking to pass their assets on to their heirs may want to act quickly in order to take advantage of the 2012 rules….
Most people plan their estates with their family and close friends in mind. They want to make sure their loved ones are taken care of. However, one ‘loved one’ which is commonly overlooked during estate planning in Florida and elsewhere is the family pet. With the onset of the recent Hurricane Sandy, many people have been forced to think about what to do with their family pets in the case of a disaster or accident. There are a variety of tips which many estate planning experts suggest when dealing with the family pet….
Even celebrities need to plan ahead. This is what George Lucas, the creator of the ‘Star Wars’ films series, has been working on lately. Lucas has decided to sell his company, LucasFilm, to Disney for $4.05 billion in cash and stock. Many financial experts believe that the 68-year-old Lucas was purposely making an estate planning move when he decided to sell his company.
By deciding to sell his company now, Lucas is helping his family avoid the legal tangle that could occur when his loved ones must decide what to do with his multibillion dollar film empire….
Guardianships are meant to protect the interests of individuals who are not capable of doing so themselves. However, determining which people really are not able to make decisions for themselves may not be straightforward. Many cases in Florida and elsewhere may be subjective and will depend upon interpretation. There are many instances when the ward does not believe he or she requires a guardianship. This is the situation in a recent case involving a 28-year-old woman with Down syndrome….
Marriage can make some issues more complicated. This can be even truer for financial issues such as estate planning. However, remarrying can make estate planning even more complicated, especially if there are children from a first marriage that a parent wants to protect in the event of his or her death. Luckily, there are special types of trusts which are especially designed for people in Florida who are on their second or third marriage.
These special types of trusts are called QTIP trusts, which stand for qualified terminable interest property trust….