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March 2020 Archives

What types of wills are valid in Florida?

One of the reasons why individuals draft wills is to list the valuable and sentimental property that they have and to document their wishes for what they want to happen with those assets when they pass away. Florida's intestate succession rules apply in instances in which an individual dies without a will in place. This generally means that a decedent's possessions will generally go to their next of kin unless they have drafted a will that states something else.

Creating your will: A critical part of your estate plan

If you've decided that it's time to write a will, then you're going to want to know all the things you can do to make it easier. Everyone is aware that making a will isn't always the most pleasant thing to do. It draws attention to the inevitable, and it can be uncomfortable.

Why your college student needs estate planning documents

If you've got a child going off to college next year, or who recently started college, the last thing on their mind is likely estate planning. However, there are some specific documents commonly included in estate plans that most young people should have once they turn 18.

What to take into account when choosing a guardian for your child

If you have a child with intellectual or cognitive disabilities that is nearing the age of majority, then you may want to start considering identifying and appointing a guardian for them. Don't worry! Selecting a guardian for your child won't take away your ability to care for your son or daughter. It will simply allow you to rest assured knowing that someone else you know and trust will be able to care for your child if you can't. There are some steps that you'll want to take to carefully select the right guardian.

How 529 plans help create estate planning flexibility

For Florida residents, putting money into a 529 education savings plan can be a way to reduce the size of a taxable estate. At the same time, an individual has the power to dictate who the beneficiary of that account will be. Typically, an individual can provide a gift of up to $15,000 in a given year without having to file a tax form. However, individuals can elect to put up to $75,000 in a 529 account at one time without the need to file a tax form.

Why a person might want to create a trust

Florida residents and others might not be comfortable thinking about their own mortality. However, creating a revocable living trust may have several benefits for people today and into the future. For instance, an individual gets to control how the assets inside of the trust are used while he or she is alive. It is even possible to change the trust's terms or revoke it entirely at any time and for almost any reason.

Avoiding estate and gift taxes

Florida residents who have substantial assets might need to navigate the federal estate and gift tax laws. While these laws will not impact many people, they can affect the estates of very wealthy individuals.

Possible drawbacks of overusing beneficiary designations

Some people in Florida may have retirement accounts and life insurance policies that have beneficiary designations. This is a common way to pass these assets, and it keeps them out of the probate process. However, some people may be encouraged by financial advisers to use similar means to pass other assets as well. Unfortunately, this can have serious repercussions for an estate plan.

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
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