What is asset protection in Florida and how does it work?
Florida offers a robust set of protections, thanks to its constitution, statutes, and judicial decisions that have evolved over time to provide a framework for individuals to protect their assets effectively.
Are Gen Zers ready for estate planning
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | April 19, 2024 | Estate Planning
Even though Gen Z is the most tech savvy generation, it is critical for effective estate planning to get an attorney involved to ensure the plan achieves one’s goals and delivers the intended wealth and asset protections.
Life Insurance Pitfalls – The Importance of Hiring Experienced Counsel
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | March 14, 2024 | Estate Planning
Life insurance can be an excellent tool in estate planning. For instance, life insurance can be used to ensure one’s estate has cash on hand to pay creditors, tax obligations, and other post-death expenses. One can also use life insurance proceeds to provide for specific beneficiaries either directly or in trust, with various tax benefits.
Tax Related Duties of a Personal Representative
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | February 20, 2024 | Estate Administration & Probate
When planning your estate, it is important to carefully choose your personal representative (in some states called an executor). This person is responsible for settling your affairs after your death. This role has an extensive list of duties, including organizing your assets, coordinating with your creditors, and fulfilling responsibilities to your heirs or beneficiaries.
A Revocable Living Trust and the Probate Process
Planning one’s estate can be a complicated and confusing process without the assistance and guidance of an estate planning professional. First, a person must decide who will be will be the beneficiaries of their estate. hen decisions need to be made regarding what each beneficiary will receive.
What is your estate tax obligation?
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | December 21, 2023 | Estate Planning
As you address your estate planning, you may begin to see more and more references being made to estate taxes. Most often, this is in reference to the federal estate tax, which you only pay if the taxable value of your estate exceeds the federal threshold (currently $12.92 million in 2023 and $13.61 million in 2024).
Confusing or Missing Documents Often Derail Estate Administration
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | November 2, 2023 | Estate Administration & Probate
In an ideal situation, at your death, your estate would be administered and distributed harmoniously, without snags or mistakes. However, there are a few ways estate administration can go wrong, resulting in resentment and even lawsuits.
Digital Assets and Online Accounts Should Not Be Ignored
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | October 11, 2023 | Estate Administration & Probate
It’s easy to overlook certain assets when preparing an estate plan, especially online accounts and digital assets. To further complicate matters, too many of such assets never provide notice via regular mail, and the only proof of their existence is digital, such that your loved ones might never be aware of them.
Your IRA and Estate Planning
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | September19, 2023 | Estate Planning
It is never too early to create your estate plan to protect and provide for your loved ones. Wills, trusts, and other legal tools enable you to make your wishes known regarding the distribution of property to your heirs. However, it is also important to understand how your Individual Retirement Account (also known as IRA) works in connection with your estate plan.
Types of trusts
On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | August 22, 2023 | Trusts
Trusts can be very effective tools for reducing estate taxes and avoiding the Florida probate process.
However, trusts come in countless shapes and sizes and many people do get confused about the types of trusts exist and how they differ from each other.
