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November 2019 Archives

Discuss your will with your adult children

There will come a time in your life when you should have a difficult discussion with your adult children. That discussion is about what they will do and what they will inherit when you die. No one wants to think about or talk about death, but it is an important discussion you need to have. Your adult children should know about your wishes, your will and how the estate will be divided.

Planning how a trust will end

Some people in Florida may want to consider creating a trust as part of their estate plan. A trust can be a good way to protect assets, but people should also be aware that trusts come to an end as well. It is important to plan how this will happen to ensure that the purpose of the trust is fulfilled.

Smart tactics to avoid estate taxes

If you are planning your estate as someone with a high amount of assets, you will likely be concerned about estate taxes. While estate taxes at death are faced by less than 1% of the American population, these individuals must do what they can to minimize the taxes that their estate will be subject to.

Drafting an estate plan to avoid probate

Florida residents usually put estate plans into place to reduce their tax burdens and ensure that their assets are passed to their loved ones in accordance with their wishes. This is generally done by using wills. Wills must go through the long and sometimes costly probate process before property can be distributed, but this step may be avoided by placing assets into trusts or using beneficiary designations.

An overview of federal estate tax laws

When a person passes away, the contents of their estate will be subject to a wide range of fees and procedures. State laws can determine whether an estate will be subject to estate or inheritance taxes. However, federal law also has a large impact on when estates have to pay federal tax and under what circumstances exemptions occur.

What are the different types of guardianships in Florida?

A guardian is someone who is appointed by a Florida judge to render financial or other personal decisions on behalf of a child or someone with physical or mental disabilities. Guardianships can be either involuntary or voluntary in the state of Florida.

The importance of continuous estate planning

Florida residents have likely heard of filmmaker John Singleton. He passed away in April 2019, and at the time of his death, he only had a will that was last updated in 1993. He had at least five children when he passed, and there is speculation that he may have had two more daughters. Regardless, his lack of estate planning may make it difficult for his family to settle his estate in a timely or affordable manner.

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