Preserving Your Legacy When You Have No Heirs
Individuals who have no heirs may be tempted to forgo creating an estate plan, thinking that it doesn’t matter who takes their property after death. However, failing to dictate who inherits from you merely allows the state to decide on your behalf. Individuals who you had never intended to acquire your assets...
Year-End Estate Plan Review Checklist
As 2024 winds down, it’s important to review and consider making revisions to your estate plan. Most people believe that once estate plans are created, they never have to look at them again. But a great deal of life can happen in a year, and you are probably in a different place...
Types of Assets That Are Exempt From Probate in Florida
When someone dies, in most cases their estate must be probated to determine who will inherit which assets. The process can be costly and time-consuming, and it opens the estate to often unwanted public scrutiny. Fortunately, there are ways to avoid or minimize the impact of probate. In fact, certain types of...
When to Consider a Revocable vs. Irrevocable Trust
Trusts are key components of a comprehensive estate plan that offer a number of potential benefits. Two of the most common types of trusts used in estate planning are revocable and irrevocable trusts. There are advantages and disadvantages to both, and deciding which one is right for your unique plan will require...
Estate Planning for Snowbirds and Part-Time Florida Residents
“Snowbirds” are people who spend the warmer months of the year in cooler northern climates, and then migrate south to escape the cold of winter. Many of these individuals are part-time Florida residents. But like anyone else who lives in our state, part-time or otherwise, they need sound estate planning counsel. The...
How Much Does an Estate Have to Be Worth to Go to Probate?
Probate is a court-supervised process by which a person’s last will and testament are validated or “proven.” Once probated, debts of the estate can be paid and assets can be distributed to heirs. Because of the time and expense that are necessarily involved in probating an estate, many interested individuals (particularly heirs)...
Is Intellectual Property Part Of An Estate Plan?
Estate planning ensures that your assets are distributed according to your wishes after death. Regarding estate planning, most people usually consider tangible assets like real estate, bank accounts, and personal belongings. As a result, intellectual property (IP) is often overlooked. In Florida, incorporating intellectual property into your estate plan can be...
What Happens if You Write the Wrong Date On an Estate Planning Document?
We all have undoubtedly had situations where we unconsciously put the wrong date down on a piece of paper, whether it be a check issued in the new year that still has the prior year or some other mistake with an incorrect date. However, placing the wrong date on an executed estate...
Who Gets The Family Pet? Pet Trusts In Estate Plans
In Florida, Pet Trusts give pet owners a unique and practical way to ensure their beloved animals are cared for after their passing. These legal arrangements allow individuals to allocate funds and appoint a caregiver for their pets, ensuring their welfare is maintained according to the owner's wishes. With Florida's specific statutes...
How To Manage Inheritances Without Conflict In A Blended Family
To prevent future conflicts, estate planning for blended families can be tricky, requiring careful consideration and strategic action. When families merge, the complexity of relationships and financial entanglements increases, making it essential to create a well-thought-out estate plan that respects the wishes of all parties involved. By addressing these challenges proactively, you...