If you were one of America's richest families, how would you avoid paying estate taxes? That is a question that the Walton family, the founders of the ubiquitous Wal-Mart mega-chain, must answer on an annual basis. With an estate value reaching into the hundreds of billions of dollars, the Waltons' exploitation of legal loopholes is nothing short of admirable. Critics say that the Waltons' deft manipulation of the Read More
HANDLING ELDER CARE IN A NEW WAY
Florida's aging population is facing important life decisions. Whether older residents are making provisions for their will execution or deciding whether to enter an assisted care facility, they may feel overwhelmed by the options. Even worse, family members can often become combative when attempting to make decisions for their loved ones. If you and your relatives are unable to peaceably solve your end-of-life care Read More
DEATHBED MARRIAGES CONTINUE TO CAUSE HEADACHES
Deathbed marriages have become a topic for debate throughout the nation. When two people tie the knot as one is about to pass away, estate litigation is almost certain to follow. As many states grapple with the rights and responsibilities that should be awarded to spouses in such cases, Florida has made definitive steps to delineate the legal rules surrounding deathbed marriages. Florida is considered a Read More
SHOULD YOU CONSIDER A TRUST?
When you hear the phrase "trust fund," you might immediately think of heiresses and high-level socialites who benefit from money set aside by their families. What you might not realize, though, is that trusts have a much wider application for Florida benefactors than simply providing extraordinary amounts of money for a child. In fact, you do not have to be wealthy to choose to administer a trust. In the right Read More
HOW DO YOU MANAGE YOUR DIGITAL ASSETS?
As we have discussed before in this blog, Floridians' digital assets and holdings are becoming increasingly important in the state's estate administration landscape. Gone are the days of entirely "analog" assets, with the advent of Facebook, Twitter, online banking and a variety of other virtual processes. So far, the nation has yet to develop a set of uniform laws to deal with the complications that can result from Read More
WOMAN WITH DEMENTIA MAY HAVE BEEN MANIPULATED
Years before one Florida woman made major changes to her million-dollar estate, she had been formally diagnosed with dementia. Courtroom documents show the elderly Florida woman's estate has been beleaguered by probate litigation problems after she agreed to hand over $1.8 million to a Portsmouth police officer, who relatives contend was a scam artist. A state report dated in April 2012 indicated the woman had Read More
GANDOLFINI WILL DESCRIBED AS ‘CATASTROPHE’
Even the rich and famous sometimes fail to plan ahead. That is what attorneys are saying about the late James Gandolfini, the famous 'Sopranos' actor whose estate is supposedly facing a multi-million dollar tax burden. It is not clear whether the man truly understood hisestate value, a situation that has left his estate in shambles thanks to an inadequate will. The deceased star could see as much as $30 million of Read More
CONCEPTION AFTER DEATH? MANAGE YOUR WILL ACCORDINGLY
Conception after death: It sounds like something out of a science fiction movie, but the legal realities of conceiving children after one or more parents are dead are increasingly relevant. The law is clear about estate planning for children who are alive at the time the documents are drafted, but they are not so clear about your estate's relationship to children conceived after your death. Who should be concerned Read More
USE TRUSTS TO PROTECT ASSETS AFTER DEATH
Even though many Floridians may have heard of trusts, they may not fully understand what these important legal documents can do for their estate plans. In fact, proper trust administration does not require a significant amount of effort; your local qualified probate attorney can help you learn more. Today, we will discuss the aspects of trusts that you should discuss with your estate planning professional. There Read More
BEWARE POWER OF ATTORNEY ‘SUPERPOWERS’
Many individual estate plans include durable power of attorneys. Those who employ this method should realize that a new Florida law could change the way this document is administered. This law went into effect in October 2011, but many still do not realize that it could affect their will execution plans. It allows you to give additional powers to the person who is designated to make important financial decisions when Read More
