Some adults lack the capacity to manage all of their property or to take care of their own essential health and safety needs. A resident of Palm Beach Gardens that falls into this description can have a guardian appointed by a court to look after them. If the court determines, after thorough examination, that a person does need a guardian and that no less restrictive alternative is sufficient, then any adult in Florida may be appointed, or relatives of the individual whether or not they live in Florida….
Although most people have heard of the gift tax, the name is somewhat misleading. In most cases, individuals who give large gifts will never pay taxes for doing so. Those who give more than $14,000 to an individual in 2014 will have to tell the IRS about that gift on Form 709. It is important to understand that the $14,000 limit applies to each person who receives a gift.
The $14,000 limit applies to both property and money and is doubled for a married couple giving a joint gift….
If a Florida resident dies without a will, the state intestacy statute determines how the decedent’s assets will be distributed. If there is a surviving spouse with no living descendants or only descendants in common with the decedent, the surviving spouse receives all of the estate. If the surviving spouse has at least one descendant who is not also a descendant of the decedent and at least one descendant who is a descendant of the decedent, the surviving spouse receives half of the estate and the mutual descendants share the other half….
Florida residents who are planning to leave an estate must follow the state’s guidelines on probate planning and estate planning so that their beneficiaries do not have to endure an estate dispute. Probate is a legal process in which the courts identify the decedent’s assets, pay the cost of the probate action, pay off his or her debts and distribute any remaining assets to his or her designated beneficiaries. The formal process of estate administration ensures that the probate of wills follows the state’s legal requirements….
Estate planning can be a complicated process for many people. However, in can be helpful for some to separate the basic estate planning steps into two categories. The first considers the people who are involved in and benefit from the estate plan, and the second category focuses on the vehicles used to distribute the estate.
Choosing the people who will benefit from an estate plan may be subject to the benefactor’s preference. Different entities that commonly receive assets from a benefactor include family members and charitable organizations….