HOW DOES MY IRA FIT INTO MY ESTATE PLAN?

When Florida residents assess the value of their estates, they are encouraged to consider both testamentary and non-testamentary assets. Estate administration professionals encourage those with IRAs and other specialized accounts to carefully plan for these assets' distribution in the event of their untimely deaths. Some measure of anticipation is required in order to correctly deal with a pending IRA. An IRA is a Read More

TOO YOUNG FOR A WILL? THINK AGAIN

When most young adults head off to college, the last thing they are thinking about is establishing their will or estate plan. Many might not even know why you need a will, or which provisions should be included to protect their assets. But as these young people enter the workforce, even for modest summer jobs, they will begin to accrue property that would need to be distributed upon their death. If you are a single Read More

$40 MILLION ESTATE IN JEOPARDY, MAN LEFT NO WILL

A Polish Holocaust survivor earned the dubious distinction of leaving behind the largest unclaimed estate in New York history. The man, who died at age 97, left behind nearly $40 million, but it remains unclaimed because no estate administration documents existed to guide the distribution of his estate. The man left behind no remaining relatives. He was childless and his wife died in 1992. The public administrator Read More

IRREVOCABLE TRUSTS: NOT JUST FOR THE RICH

Experts in estate and trust administration know all the ins and outs of irrevocable trusts. Still, these legal contracts can become confusing for the layperson, sometimes discouraging individuals from including trusts in their estate plans. Even though trusts may seem intimidating, probate attorneys say they can often save your heirs a significant amount of stress while potentially saving you money. Most people Read More

ATTORNEY: WOMAN BULLIED INTO CHANGING WILL

The will of an elderly Florida woman is being contested by her grandson after the woman's estate was given to a local police officer. The officer stands to gain about $300,000 in connection with the probate decision. Estate litigation in the case began shortly after the woman's death in 2012. She had changed her will and trust to include the officer as the beneficiary of her home, vehicle and various stocks and Read More

FAMILY MEETINGS HELP WITH ESTATE PLANS

So, you are a Florida resident who has created a comprehensive estate plan, complete with trusts, appropriate division of property and provisions to prevent over-taxation. You have worked in cooperation with a qualified attorney to ensure that your will execution will go off without a hitch. Do not look twice, but you might have forgotten an important step in this process if you have not communicated your wishes to Read More

BASICS OF FUNDING A LIVING TRUST

Think you don't have enough money to consider using trusts in your estate plan? Think again. Experts say that trusts are applicable for a variety of clients. In fact, the amount of money in your bank account rarely disqualifies you from effectively using trusts to distribute your wealth after your death. Today, we are going to consider the fundamental characteristics of revocable and living trusts to help you Read More

INCLUDING PETS IN YOUR ESTATE PLAN

Many Florida residents consider their pets to be a part of their families; but will attorneys feel the same when the time comes to execute their wills? Smart estate administrationplanners say you ought to provide financial accommodations for your pets in your will. A variety of options exist to make sure your furry friend is well-off after your passing. Pet trusts exist specifically to help you provide for your Read More

USE POWER OF ATTORNEY WISELY

Powers of attorney are among the most powerful documents in will execution and estate planning. These documents allow other people to handle someone's financial or health matters if they are incapacitated. Not surprisingly, these wide-reaching powers are often abused by the trusted person who is named as the recipient. Attorneys give a variety of useful strategies for protection your elderly friends and relatives Read More

MAKE CHANGES TO YOUR IRA TO PROTECT YOUR HEIRS

As the Baby Boomers progress into retirement age, more people within that generation are considering how to manage their IRA in their estate administration plans. IRAs are among the most difficult assets for everyday investors to manage. Tax experts say that a few simple steps can help Florida residents craft an excellent estate plan for their IRA and other assets. First, remember to always update your beneficiary Read More