Boyes, Farina & Matwiczyk

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Notables

Trusts Becoming More Popular For Estate Planning In Florida

…Planning one’s estate is an important endeavor, which should not be ignored. It is best to avoid procrastinating on making these decisions. Estate planning in Florida or elsewhere can come in many different forms. One form of asset protection which has seen an increase in popularity is using trusts. This method comes with a variety of advantages and useful qualities.

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No Need To Procrastinate With Estate Planning In Florida

Many people are waiting until next year before dealing with planning their estate, since they do not know whether new estate planning laws will be in effect by next year. Some people in Florida with a higher amount of assets are uncertain how future laws will affect their estate planning decisions.

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Guardianship Of Michael Jackson’s Children Will Be Shared

…After the “misunderstanding” that led to TJ Jackson being appointed emergency guardian of Michael Jackson’s children, the family has developed a plan for him to be a permanent co-guardian of the children. The crux of the plan is that Katherine Jackson, Michael Jackson’s mother, will be able to focus on raising the children, while TJ can focus on the financial and logistical parts of the guardianship.

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Real Estate Investment Trusts Can Help Avoid Corporate Taxes

…A trust is a contract that specifies the terms in which a party is to control property or assets for the benefit of others, known as beneficiaries. The party or person in charge of the trust is known as the trustee. There are a variety of reasons and benefits to create trusts in Florida and elsewhere.

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Guardianship Is Vulnerable To Abuse In Florida And Elsewhere

…When a person becomes incapacitated, he or she is not able to make financial and other important decisions for himself or herself. At this point it is sometimes necessary to appoint an individual who can be legally in charge of making these types of decisions for the person. In Florida, this agreement is known as guardianship, and it becomes the legal responsibility of the guardian to act in the best interest of the incapacitated person.

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Democrats Drop Estate Tax Change That Would Also Affect Florida

…When a person dies and the decedent’s assets are transferred to another party, those assets are subject to taxation. The estate tax has been under scrutiny by lawmakers for the past several years. Some politicians want to continue the tax breaks started during the Bush administration; however, the Obama administration is proposing to end the Bush-era cuts on the estate tax, which could affect many in Florida.

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A Conservatorship Can Be Abused In Florida And Anywhere Else

…When a person becomes unable to make decisions for himself or herself, the court may step in and deem the individual incompetent. The next step is to assess the individual’s circumstances and to appoint a conservator for his or her benefit, when necessary. A conservatorship in Florida and elsewhere is meant to ensure the safety and well-being of someone who needs another party to look out for their own best interests.

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Florida Guardianship Allows Parents To Continue Care Of Minors

…When a loved one is deemed incompetent or unable to make decisions on their own behalf, it is important for family members to make arrangements to protect their legal right to care for their loved one should the state or another party wish to intervene. Without ensuring legal guardianship in Florida, in some cases, another entity could step in to take control.

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Kinkade Art Fortune Feud Exemplifies Benefits Of Estate Planning

Estate planning is always a responsible and sensible strategy. Having the details of your estate clearly defined and documented can save your heirs not only countless hours of work, it also helps your loved ones understand your intentions and carry them out with as little acrimony and emotional distress as possible.

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Missing Florida Man’s Mother Wins Battle Over Conservatorship

…In the midst of authorities searching for a wealthy Florida philanthropist who went missing after a boating trip last month, the man’s mother filed for a petition in court to be named the sole conservator over his estate. Since the first few days after his disappearance the philanthropist’s mother and wife have been battling each other in court over conservatorship of his estate.

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