While some Floridians may have estate plans in place that they feel will make certain their wishes are followed, some fail to pay attention to the beneficiary designations they have made on their life insurance policies, retirement and other accounts. Not paying attention to these beneficiaries can cause significant problems after a person has died, sometimes resulting in the proceeds passing in a manner that was not intended at all.

One problem that sometimes occurs is when people fail to update their designated insurance policy and retirement account beneficiaries after they divorce….

Boyes, Farina & Matwiczyk, P.A., announced Attorney Duane L. Pinnock has been named a “2016 Top Lawyer” in the South Florida Legal Guide’s (“SFLG”) 2016 edition. He will be honored, along with the others selected, on February 4, 2016 at a reception to be held at Sabadell Financial Center in Miami, FL. SFLG’s “Top Lawyers” are selected by peer nominations, which are then reviewed by the publication’s editorial department. Each lawyer’s accomplishments, standing with the Florida Bar and other credentials are taken into consideration during the selection process….

A living trust is a legal document that allows its creator, acting as the trustee, to hold title to assets inside of the trust. This may help those assets avoid probate, which may save thousands in legal fees and allow assets to be transferred much sooner. With a living trust, the grantor has the ability to revise it until he or she passes on. There are several other benefits that individuals may want to consider as well.

For parents with children, it may give them greater control over how and when their children have access to benefits inside of a retirement account or life insurance policy….

Florida music fans have likely heard about David Bowie’s death from liver cancer on Jan. 10. He passed away shortly after he turned 69 and released a new album. Although the details of Bowie’s estate plan have not been made public, it is known that Bowie had been interested in estate planning for some time.

Until the 1990s, Bowie struggled with his finances and nearly went bankrupt. A few years after he married Iman, Bowie pulled out of his financial trouble with the help of an investment banker….

People in Florida who are setting up trusts as part of their estate plan may be surprised to learn that these types of instruments have become much more intricate over the years. For example, there are new roles and positions possible in irrevocable trusts that were largely not used in the past.

In general, trusts used to have just a trustee and perhaps a co-trustee. Now, although laws vary from state to state, there may be many roles associated with a trust including an administrative or general trustee, a distribution committee and a trust protector….

Florida residents who are planning their estate might be interested in learning about health care advance directives. Besides expressing a person’s wishes for medical care in the unfortunate event they cannot speak for themselves because of a serious injury or illness, these legal documents have several other benefits, too.

When it comes to long-term health care needs, many people decide to plan for these needs once when they learn they have a life-threatening injury or illness. However, having health care advance directives is a good idea for healthy people to have in place, so that they can be prepared in case they one day become unable to think or speak for themselves….

In 90 percent of high-net-worth families, most or all of that wealth is gone by the third generation. In some cases, the wealth is eroded because of capital gains and transfer taxes in addition to how assets are divided among the generations. Wealth can also be eroded through the generations because of a variety of business risks as well as attacks by third parties

However, it may be possible for an individual to keep his or her wealth and legacy alive for many generations by creating a family trust….

A large number of Floridians put off planning their estate. When people do not plan, they can leave a lot of disorganization behind for their family members. There are some specific documents that are necessary to have in place in order to avoid confusion.

When a person owns property jointly, that property will automatically pass to the named co-owner. An example of jointly owned property is a house that a person owns with someone else….

Florida residents who are using trusts as a part of their estate plan may want to change those trusts in light of new laws. Since 2013, federal income tax laws have changed so that the highest marginal rate is at a far lower adjusted gross income threshold for trusts than it is for individuals. As a result, it might be necessary to alter the terms of the trust so that the tax is assessed on the grantor or the trust’s beneficiaries….

Florida residents who are working on an estate plan may want to consider a Totten trust if they want to avoid making a will or going through the probate process. With a Totten trust, a person opens a bank account and makes deposits for a beneficiary. The person is able to withdraw money from the account or close the account altogether without the beneficiary’s permission, and the trust can be maintained without the beneficiary’s knowledge.

The money transfers to the beneficiary either on the owner’s death or with an action by the owner such as giving the beneficiary the passbook….