Many Florida residents view their pets as family. However, they may not have included their pets in a will. It is a good idea for people to include their pets in their estate plans so they are truly prepared for any situation that may arise.
As a Florida resident who worked hard to create a lasting legacy, chances are, you drafted an estate plan with the hope that doing so would allow you to maximize the amount you were able to leave behind for your loved ones. At the Law Offices of Frye & Vasquez, P.L., we understand that reducing the amount of tax assessed against your estate is an effective method of maximizing what you can leave behind. We also have considerable experience in helping clients accomplish this and many related estate planning endeavors.
Our most recent post in this blog discussed special needs trust planning for a loved one who is unable to make his or her own financial decisions. However, as we at the Law Offices of Frye & Vazquez, P.L., are aware, many Florida residents have physical disabilities yet are mentally competent. Therefore, you might be interested in learning about first-party special needs trusts.
As you may know, it is important that people with special needs, such as a lifelong disability, get the medical care they need, as well as other benefits and services. A disabled Florida resident who owns too many assets may become ineligible for Medicaid and other government benefits. As such, effectively planning the estate of a loved one with special needs can get complicated, but it can be done in a way that safeguards his or her property and keeps these essential government benefits intact.
When Florida residents serve as the guardians of their elderly parents, they usually assist with medical and financial decisions. However, some seniors may still drive themselves to medical appointments and run their own errands. The time may come when a senior can no longer drive safely and it is important for guardians to recognize the signs that someone should stop driving.