While most people adequately plan and manage their daily affairs, however, many fail to make adequate arrangements related to the distribution of their property after their passing. For example, according to statistics, as much as 60% of Americans have no valid Will in place. A Will is an essential estate planning document every adult should prepare - regardless of their age or the value of their property and assets. Read More
3 Ways You Can Minimize Your Estate Tax
One of the primary reasons to create an estate plan is to ensure that a person’s wealth will be swiftly and effectively transferred to their heirs. The estate tax, however, can often get in the way of fulfilling this goal by reducing the amount of wealth the deceased person’s family members will receive. The estate tax is a federal tax levied against the net value of a decedent’s estate owned at the time of their Read More
Don’t Put it Off: Why You Need a Will, Even If You’re Young and Healthy!
More than half of Americans don’t have any of the essential estate planning documents such as a Will. There may be many explanations for this trend, but one of them likely lies in the current U.S. demographics. In 2019, Millennials are projected to overtake Baby Boomers as America’s largest demographic. Currently, they constitute about a quarter of the total U.S. population. And a grand majority of Millenials - up to Read More
Estate Planning: The Advantages of Creating a Trust
When people think about estate planning, they usually think about having a simple Will. Indeed, a Will is one of the most important elements of a solid estate plan and, in fact, one of the most important documents one needs to write in his or her adult life. However, a good estate plan must include arrangements that go beyond a Will. Why? Simply because a Will is limited. For example, even with a Will in place, a Read More
Estate Planning 101: Understanding the Florida Probate Process
Much like other legal processes, each state governs and adjusts their procedures accordingly. Florida probate is no different. In fact, Florida recently implemented a ”summary administration” process that allows residents to streamline the probate process, thus making it less time-consuming, and less stressful than ever before. Who Benefits From Summary Administration? Under Florida probate laws, an estate Read More
Understanding Powers of Attorney in Florida
A Power of Attorney is a legal document that grants authority to one person over another, primarily providing the ability to make medical or financial decisions on the party’s behalf, or in the event that they become incapacitated or unable to make decisions for themselves. A Power of Attorney’s power/reach goes only as far as the person giving it specifies. For instance, a Power of Attorney may give the Read More
A Brief Guide to the Responsibilities of a Legal Guardian
A guardianship is a legal provision to protect the interests of a person (referred to as a ward) who is considered incapable of managing their own affairs. Appointed by the court, guardians are granted authority to make healthcare and financial decisions, as well as other decisions that affect the ward’s day to day life. But they are also bound by a duty to act in the best interest of their ward. Some decisions that Read More
A Brief Introduction to Undue Influence
Undue influence in the context of estate planning is essentially the manipulation of a vulnerable testator by someone who wants to profit from that vulnerability. Accusations of undue influence generally arise in disputes over the validity of a will, particularly if the person who drew it up was ill, elderly, or otherwise dependent on others at the time. The alleged manipulator is accused of interfering with the Read More
Three Health Care Provisions Every Estate Plan Should Include
There is more to creating an estate plan than simply putting together a will or trust. In addition to ensuring that all of your money and property pass to your beneficiaries, you should be making health care provisions that indicate what treatments you do and do not want under certain conditions, allow family members to make decisions on your behalf, and enable someone to access funds to cover your medical care in Read More
Florida Estate Planning: Understanding Elective Shares
In Florida, an elective share is a means by which a married individual receives a fair share of their deceased spouse’s estate, even if estate planning documents have excluded them entirely. State statutes allow a surviving spouse to receive no less than 30% of their husband or wife’s estate, limiting the damage of a malicious or “influenced” disinheriting. Computing an Elective Share Elective shares are Read More
