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August 2013 Archives

The importance of keeping an updated estate plan

Regardless of a person’s age, he may want to give some thought to what will happen to his property and money if he is killed in an accident. Estate planning can provide some peace of mind as it presents a person with the opportunity to set up protections and guidelines regarding who will receive a part of the estate and exactly what each person will receive. For example, a will makes it easier for a surviving spouse to receive control of property and funds and can prevent siblings or parents from going after the estate.

Ongoing will contest over estate of heiress

After the death of a Miami person with a sizable estate, even if there was a will in place, family members and others may disagree with the distribution of assets outlined in the document. One reason cited, when wills are contested, is the competency level of the deceased at the time the will was created. If family members believe the person was incapacitated by age, sickness or mental illness, the validly of the will may be questioned and taken to court.

Heirs say IRS overvaluation raised amount of estate tax owed

When a person passes away in Florida and leaves behind property and investments, family members may be responsible for paying a tax, based on the total worth of the inheritance. In such cases, the Internal Revenue Service may examine the estate and determine its value in order to calculate the amount of estate tax owed.

Florida woman denied the right to take care of elderly husband

It can be a heart-wrenching decision to declare a loved one incapable of making financial and personal choices on his or her behalf. However, sometimes it’s necessary to appoint a guardian due to a family member’s incapacity. When parents or spouses age, they often are unable to take care of their estate on their own, and can be taken advantage of. Unfortunately, even attempts to take care of family members can be derailed by others who would like to handle the estate – or even by the estate owners themselves.

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