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February 2014 Archives

Requirements of competency in appointing of a guardian

Struggles over be appointed guardian can be emotionally draining. For example, the circumstances of children of an elderly parent who no longer can take care of his or her self can sometimes end up pitting siblings against each other.

Trusts can play important role when it comes to estate planning

It appears that the recently deceased movie star, Paul Walker, did many things right when it came to distribution of his millions of dollars in assets. Perhaps most importantly, it appears he at least understood that having a will is only a small portion of what is required when it comes to estate planning.

When it comes to estate taxation, not every state like Florida

The federal exemption for individuals concerning estate taxation is now $5.34 million and $10.68 million for couples.  However, there are still individuals living in certain states where the exemption rate is much lower than it is on the federal level.

Do not overlook your IRA in the estate planning process

It is never too early to set up estate protection for your family. While you hope that you will live to a great age, nothing is certain in life. Therefore it is important to make sure that provisions are in place to provide for those you love. Wills, trusts and other legal tools enable you to make your wishes known regarding the distribution of property to your heirs.

Probate 101

While many Miami, Florida, residents understand that it’s very important to plan ahead and make major estate planning decisions before their passing, fewer may have a clear understanding of the various components that go into the process. For instance, many people do not know what probate is or how it works, even though they are familiar with the term. Provided below are a few key points to help define probate and explain how it works.

Message from a Deceased Colleague

"Congratulate Bob on his anniversary" was the LinkedIn message that I received via email last week. While that message might seem ordinary or innocuous to those who don't know Bob, seeing it in my inbox resulted in a morning jolt that made my head spin. You see, Bob had passed away a few weeks earlier. After thinking about it for a few seconds, I realized that the message was automatically sent out by LinkedIn, and that, obviously, no one had updated or deleted Bob's LinkedIn account. And who can fault his family or Bob's accounting practice partners for not immediately taking care of this small detail in their time of grief.

Estate planning 101

While just about everyone can think of something better to do than begin planning for the prospect of illness and death, it is always recommended that individuals think about such things ahead of time so that they have the opportunity to make important choices and decisions for themselves. After all, the process of estate administration is much more straightforward when a clear plan is in place. Here are a few important documents every Miami, Florida, resident should consider including in their own estate plan.

Family pets can be accounted for in estate planning too

While countless people living in places like Miami, Florida, would agree that the family pet is exactly that, the law has yet to recognize animals as anything but property. That’s why it’s incredibly important that pet owners account for the future of their furry and feathered friends in the event they are no longer able to care for them themselves. Creating pet trusts can help to ensure that animals are well taken care of at all times.

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