Miami residents may be encouraged by estate planning experts to begin drafting the instruments that detail how they would prefer that their assets and property be dispersed early on in their lives. There may be wisdom in such counsel, given that most may not know when they will meet their end. However, one should also keep in mind that a person's familial and social relationships may change over time, thus necessitating that he or she revise any estate planning documents to ensure that they reflect his or her current desires. If and when such changes are made, it may not be surprising that some of those affected by them (in a negative way) may choose to challenge their validity.
Despite the best efforts of estate planning experts, many in Miami still may not have any form of a written will. If you count yourself amongst this group, then you may be running the risk of having the state decide where your assets should go once you are gone. If you do happen to die without a will, your estate will then be dispersed through a process known as intestate succession.
Being asked to serve as trustee of a trust account created by a family member, friend or colleague in Miami may be a daunting task. As we here at The Law Offices of Frye and Vasquez, P.L. can attest to, the relationship between trustees and beneficiaries can be a tenuous one. If you are new to the position of a trustee, then it may be important to know exactly what your duties are, both in satisfying the interested parties to your trust and in fulfilling its purposes.
Many in Miami may never have to worry about the issues of estate taxes. That is because the law allows an individual an estate tax exemption equivalent. Often referred to as the estate tax threshold, this figure represents the amount that one may leave to the beneficiaries without being subject to the federal estate tax. According to Forbes Magazine, that number is $5.45 million for 2016. Spouses may also combine the values of their estates to protect as much as $10.9 million from tax.