Since many people never get around to making a will, those who do may breathe a sigh of relief and even have a feeling of accomplishment. But what if something happens to you before you die that makes it necessary for loved ones to make decisions for you? Or what if someone you named in any of those documents is no longer your choice for the role you chose for them?
The best recent real life example of what can happen without proper planning is the story of Lamar Odom, the former NBA player, who married Khloe Kardashian in 2009….
Have you considered what will happen to the wealth that you have accumulated after you are gone? How much of it will go to your children or loved family members? Will these individuals be capable of sustaining and further growing the Florida business that you have strived to create? These are all questions that one must consider when deciding how to preserve wealth. If you have a lot of financial assets, it is only natural to want to spread those funds amongst your children, but it must be done efficiently….
No parents or guardians like to think about what would happen to their children and assets if something were to happen to them but, if you have been successful in life and collected numerous assets or wealth in Florida, you might want to consider setting up a trust fund for your children. Though this may seem like a simple procedure, there are some common mistakes that parents make that can create roadblocks for their family.
One of the first mistakes made is choosing the wrong trustee to be in charge of the trust….
If you have a disabled relative or elderly family member in Florida who requires assistance to preserve their health, you may want to consider gaining guardianship or conservatorship so that you are able to make critical decisions for that person. Some elderly individuals give power of attorney to a relative as they age, but some situations can occur that reber them suddenly helpless before this can happen. In these situations, you can go through the legal process of becoming an adult guardian….
The purpose of a trust is to protect and hold a person’s assets for the benefit of another individual or an organization. A trust can specify how and when assets are passed onto this beneficiary. There are many different types of trusts, which are each designed for a particular purpose. One type of trust under Florida law is called a charitable trust.
The most common charitable trust is called a charitable remainder trust. When setting up a charitable remainder trust, the first step is to choose a charity to be the beneficiary….