Only 45 percent of Americans today have a will. So many Americans and folks in Florida lack estate planning because many people put off estate planning and because many people overcomplicate estate planning decisions to the point where a plan is not created. While estate planning can be complicated, it does not have to be. This post will discuss a few points to encourage thought about estate planning and the appropriate choices to make for your plan.
If you have children under the age of 18, a will is important because a will can name a guardian in the case that you or your partner passes away….
When it comes to hearing words like “wills“, “trusts”, and “estate planning”, many people think of older individuals and individuals with wealth. Those associations are misguided and it turns out that everyone can benefit from estate planning, even young people.
Young folks in Florida and elsewhere tend to have fewer assets because they are just getting started in life, but that does not mean that they cannot benefit from estate planning. If something occurs to a young adult that leaves the individual unable to handle her or his own financial or medical affairs, a parent or legal guardian will generally not be able to automatically step in to make those decisions….
As the New Year starts, people in Florida should take time to review and update their estate plan. The New Year can be used to review changes in personal circumstances, the law and other factors. This post will talk about a few items to consider during the review of your will, trust and other documents that make up your estate plan. The list of items is not comprehensive.
An important tool in an effective estate plan is to select a trusted person to act on your behalf in legal and financial matters in case you suffer an illness or disability that is incapacitating….
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….
The importance of estate planning is too often realized after the death of a family member. Even in Palm Beach, Florida, there are many cases of heirs getting the surprise of their lives and wishing they had persuaded their loved one to look into proper estate planning before it became too late.
The two main downsides of not doing so are the possibility of a long delay in receiving one’s inheritance or the much worse consequence of inheriting debts….
People may chuckle whenever they read a headline about a multibillionaire deciding to leave their entire estate to their beloved dog or cat. But the truth is, trust planning for pets is becoming more and more common; particularly in Florida, where there is a significant elder population that enjoys the companionship that a pet can provide.
Trust planning for pets may be the last thing on anybody’s mind in this tough economy. It is often difficult enough to handle proper estate planning for human heirs….