You have spent considerable time putting together a life insurance policy that will provide added security for you, as well as benefit your family when you pass away. Now, you are wondering if your investment can do more than provide cash after your death. Fortunately, there are a variety of things that your life insurance policy in Florida can be used for. Being aware of what these things are can give you something to discuss with your family members so you can be confident that they use the funds the way you desire for them to be used.
Your children are grown and make adult decisions, but you might worry that you can't trust their decisions to always be wise, especially when it comes to money. It can be difficult to handle a sudden inheritance when adult children are still young and inexperienced with managing money, or one or more of your children might have made devastating spending decisions in the past. For whatever reasons, you and other Florida residents with significant assets to pass on may worry about your children spending it too quickly.
Setting up a trust in Florida could potentially safeguard your assets. The idea is that someone responsible uses the money in the specific way you intend. If there is a purpose you have in mind for your wealth, then there is likely a trust to fit that specific purpose.
Florida is home to thousands of retirees and if you are one of them, you may have heard your friends and neighbors talking about the financial advantages of the inter vivos trusts they established. If you have long since forgotten your high school Latin, "inter vivos" is a Latin phrase literally meaning "between the living." An inter vivos trust, therefore, is one you set up during your lifetime that takes effect the moment you sign it.
If you live in Florida and have a disabled child or other family member for whom you care, you may wish to consider setting up a special needs trust so that (s)he continues to receive the needed care if and when you are no longer there to provide it. As FindLaw explains, a special needs trust is one you set up to benefit your loved one who does not have the mental or other abilities required to manage his or her own finances.
Hollywood may have contributed to the erroneous belief that you can leave your inheritance to your beloved cat or dog if you have no other heirs. However, real life is not as simple for our furry friends. You may consider your pets to be members of your family, but the law does not see it that way. Fortunately, at the Law Offices of Frye & Vazquez, P.L., we know how you and other Florida pet owners can include pets in your estate planning and make sure their needs are taken care of if they outlive you.
Some Florida residents dread the thought of probate. When your loved one dies, maybe you just want to make the arrangements, attend the funeral and settle any legal matters as fast as possible without any interference from judges or courtrooms.
If you live in Florida and are working on your estate plan, you may have concerns about leaving money or assets to one or more of your children. Parents disinherit their children for many different reasons, but regardless of your reasoning for doing so, establishing a trust may help ensure your wishes come to fruition. At the Law Offices of Frye & Vasquez, P.L., we understand the estate planning needs of parents who wish to disinherit their children, and we have helped many such clients enact plans for their futures, and those of their families.
Some Florida families may worry about establishing financial security for a loved one that is physically disabled or is mentally incapable of managing personal financial matters. Additionally, you may worry that establishing a trust can interfere with government benefits your disabled loved one may otherwise receive. This is where a special needs trust comes in.
If you are a Florida resident and you recently became a new parent, congratulations. Becoming a parent can be one of the most rewarding experiences you will ever have. It can also come with a learning curve, however, with you and your partner trying frantically to learn how to feed, clothe and care for your baby. With everything you have going on at the moment, it may become hard to focus your attention on other areas of your life, such as on estate planning efforts, but that does not make doing so any less important. At the Law Offices of Frye & Vazquez, P.L., we have a firm understanding of the important estate planning steps new parents should take to protect themselves and their families, and we have helped many clients navigate the process of doing so.