After a person dies, their assets that have been left behind must be properly distributed among heirs. However, along with physical assets, sometimes guardianship over other people who were dependents of the decedent must also be addressed. Usually, in Florida or any other state, these dependents are either children or elderly parents or relatives. One guardianship case regarding what to do with the children of a deceased mother was recently decided by a probate judge.
The guardianship case has a significant financial impact because there is approximately $800,000 at stake in this custody dispute….
Most people do not particularly enjoy talking or thinking about their own deaths. However, death is a fact of life and this will be something which a person’s loved ones will have to deal with at some point. It is helpful to think about the financial consequences of a family member’s eventual death, since it will be up to the decedent’s survivors to settle that person’s financial affairs in Florida or anywhere else. With that being said, it is possible for a person to make things easier for their family members by employing some simple steps during his or her estate planning….
When a Florida resident becomes older, it may be more difficult to take care of daily needs. In many cases, the person may require somebody else to make important decisions on his or her behalf. This is the situation in which former actress, Zsa Zsa Gabor, currently finds herself. The former actress is now in a conservatorship under her husband because she is incapable of making decisions for herself due to her ailing health.
The most recent major decision the husband has made is to sell the couple’s home, which they have lived in for almost 40 years….
People commonly invest in trusts as part of their estate planning strategies. Trusts can be an effective tool if used correctly. However, it is necessary to adapt to changing tax laws which affect how trusts are taxed. The recent fiscal cliff tax agreement and other changes in tax laws have prompted many in Florida and elsewhere to adjust their estate planning strategies.
One estate planning technique which many people are utilizing in the wake of the new estate planning and tax law environment is known as ‘sprinkling’…
It almost seems counter-intuitive, but giving gifts can be a positive contribution to many estate plans. In Florida as well as elsewhere, estate tax planning and other objectives can be served by gift-giving. This is first of all a tool that can be appropriately used to transfer assets out of a person’s estate while he or she is living. That will generally serve the purpose of lessening federal estate taxes, along with possible state inheritance taxes and administrative fees at death….