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November 2012 Archives

Estate planning for business owners

Conversations about estate planning are often directed towards older Americans-who are nearer retirement. However, it is important for a person of any age to consider estate planning. Advance planning for how one's estate will be managed is especially important if a person has an extensive amount of assets.

Overview of Updated Florida Power of Attorney Laws

The Florida Statute (Chapter 709) that addresses powers of attorney was revised substantially by the Florida Legislature's passage of Senate Bill 670 on May 4, 2011. The new statute became effective on October 1, 2011. While the new law does not make a power of attorney properly executed prior to the effective date void, the new statute nevertheless applies to those powers of attorney that were executed prior to the effective date. Therefore, it is important to review existing powers of attorney to understand which terms will be subject to a different set of rules.General Changes:

Don't forget to include Fido in your estate plans

Are you someone who cares deeply about a family pet? If so, chances are that you go out of your way to make sure your pet is leading a happy and healthy life. But have you ever considered what would happen to your pet if a hurricane or another natural disaster hit Florida?

Baby boomers' estate plans can match their values

For some people, creating an estate plan is not necessarily just about clearly stating where one's assets will go after one's passing. Many baby boomers now aim for their estate plans to reflect their moral values. For instance people who have spent years volunteering their time at animal shelters or the local food shelf may want their estate plan to reflect that passion for non-profits.

Special needs trusts provide protection after child turns 18

People set up trusts for a variety of reasons depending on their situation. Some people set up trusts to distribute assets upon death. However, trust planning is not only important when preparing for one's passing. For instance, special needs planning is important for families with a special needs child to address before their child even becomes an adult.

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