Estate Planning

An Irrevocable Life Insurance Trust (ILIT) is a trust specifically established to own your life insurance policy for you. You establish the trust by transferring ownership of your life insurance policy to the trust. The fact that it is an irrevocable trust means that it cannot be rescinded, changed, or amended after it is created. Once you put your life insurance in the trust, you cannot change the trust terms or get back ownership of the life insurance policy you placed in the trust. 

You do, however, have great power as you are establishing the terms of the trust.
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How do I best ensure my heirs receive my cryptocurrencies?

Cryptocurrency soared in popularity and value in recent years.  As more of our economy has moved to the digital world, it is perhaps no surprise that our currency is becoming digitalized.  Digital currency allows for ease of transfer at any time of the day. Over $335 billion is now held in cryptocurrencies. With the increasing popularity of cryptocurrencies, laws and regulations have had to evolve to address concerns.
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There are many reasons why the validity of a will may be challenged. In most cases, however, a family member may feel that he or she has been wrongfully cut out of a will or that the contents of the will do not appear to accurately reflect what they thought would be in there. Whatever the reason, there are several grounds upon which a person may bring a challenge to a will.
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Will My Small Estate Need to Go Through Probate in Florida?

Some of us will have smaller sized estates. Perhaps you are just starting off in your career, single, or elderly, you may not have that many assets. Those with smaller sized estates may find themselves wondering whether they really need an estate plan and if so what that should be included within that plan. Our Read more . . .

What Circumstances Could Give Rise to a Claim of Undue Influence?

An estate plan is intended to represent the last wishes and desires of its creator. With an estate plan, you can direct whom you want to receive your hard-earned assets, name a guardian for any minor children, and address your own healthcare needs. Sadly, at times, vulnerable individuals are pressured or tricked into creating an estate plan that does not actually represent their wishes. Undue influence is a significant issue in estate planning, particularly when an elderly or ill individual is involved. Our Read more . . .

A guardianship is a legal relationship established between the guardian and the ward. When a person is deemed to be legally incapacitated, the court will establish a guardianship where the ward is the incapacitated individual and the guardian becomes a surrogate decision-maker, acting on behalf of the ward and appointed by the court. A guardianship may also be established for a minor who is not incapacitated, but still needs someone to look after them and act on their behalf.

The role of the guardian, in any circumstance, comes with substantial responsibilities that must be properly executed. A guardian can be held accountable for a failure to properly uphold his or her duties regarding acts taken on behalf of a minor or an incapacitated individual.
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Finally having an established estate plan can be a big relief. It is so often something on a person’s to-do list that keeps being put off. When you have an estate plan in place, it can feel like a weight has been lifted from your shoulders. You know that your wishes have been memorialized in legally binding estate planning documents. You know how your family will be provided for after you pass.
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Finally having an established estate plan can be a big relief. It is so often something on a person’s to-do list that keeps being put off. When you have an estate plan in place, it can feel like a weight has been lifted from your shoulders.
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Will my assets be seized to cover the costs of my nursing home care?

The American population is aging and currently over 10 million Americans need long-term care services.  More than 70 percent of all people over the age of 65 need to anticipate requiring long-term care at some point during their lives, which could involve moving into a nursing home or benefitting from care at home.  With the costs of long-term care ever rising, it is critical that you take steps well in advance to protect your assets so that you can qualify for Medicaid. Our
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What are the benefits of placing your retirement assets into a revocable trust?

Working Americans may contribute significant assets to their individual retirement accounts over their lifetime.  With so much wealth becoming concentrated in IRA accounts, it is worth considering placing your IRA funds within a trust.  An IRA trust is a revocable living trust that is designed to be the beneficiary of your IRA assets upon your death.  This type of trust can come with several key benefits, including protection from the beneficiary’s creditors and the ability to spread out distributions.  Our Read more . . .

In all of the decisions that come in the estate planning process, you may wish to breeze through things like selecting who will be the executor of your estate. However, this is an important choice that merits some time and consideration. The executor is charged with overseeing the entire estate during the probate process. These are serious responsibilities that must be handled with great care. Some people wish to just select a friend or family member for the role of executor.
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