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Estate Planning Archives

Digital assets create special estate planning challenges

The emergence of the digitally connected world has resulted in many people having digital assets. Sometimes, digital assets hold significant value, like cryptocurrency or credit card reward points. Others might lack monetary value, like emails and photographs, but they could hold great sentimental value for people in Florida after the death of a loved one. Before the rise of digital assets, estate planning law accommodated the demands of transferring physical assets fairly well. However, the digital landscape presents special challenges for those want to make arrangements for the future.

Estate planning and art collections

Art collectors in Florida might delay decisions about who will get their holdings when they die. They might have trouble identifying appropriate heirs or even thinking about giving away their art. Collectors prefer to focus on acquisition instead of distribution. Estate plans that fail to address art collections, however, could impose hefty taxes on heirs or lead to disputes among relatives. Potential solutions require careful documentation of art ownership and the exploration of options like giving to charity, shifting ownership to a corporate entity or placing the collection within a trust.

Estate planning resolutions for the new year

The start of a new year is often a time for making resolutions. Creating an estate plan is one such resolution Floridians may consider. The general consensus is that being proactive with estate-related matters could minimize potential issues among heirs and even protect certain assets from estate taxes.

Using powers of attorney and living trusts in an estate plan

Estate planning and procrastination too often go together. People might not want to think about end-of-life planning, or they may think that they don't have enough assets to warrant the effort. Anyone in Florida, however, could benefit from estate planning. It could spare their relatives costly ordeals in the event of a medical crisis or death. At a minimum, people need to establish powers of attorney. For those with assets to pass on, a living trust could achieve their goals.

Life insurance as an estate planning tool for boomers

Baby boomers in Florida are part of what's considered the wealthiest generation in history. This honor was earned, in large part, because of increased diligence with savings and investments. However, it's estimated that more than 40 percent of individuals in this age group don't have an estate plan. One of the often-overlooked options for this purpose is life insurance. It can be an especially appealing choice for baby boomers with significant assets or sizable estates.

Why a pour-over will may be important in an estate plan

Some people in Florida who have created an estate plan that is primarily based on a living trust might also want to make a pour-over will. The advantage of a pour-over will is that it can ensure that any assets not placed in the trust or passing through other means, such as a beneficiary designation, will become part of the trust when the person dies.

How to revoke a power of attorney

Powers of attorney can be a key tool for people in Florida looking to plan for the future and protect their interests. However, sometimes it can be important to revoke a power of attorney, especially if the relationship between the parties is no longer one of trust and confidence. A power of attorney names another person and gives that person the right to act on behalf of another in any of a range of matters. In some cases, they are active immediately, while in other cases, a power of attorney only goes into effect if its creator has become incapacitated.

What parents can do to help adult children without estate plans

Some Florida parents might be in conflict with their children over estate planning, or lack thereof. Many baby boomers who have future finances secured do not understand why their millennial or Generation X children are not prioritizing estate planning in the same way. These children may feel too overwhelmed with the pressures of debt and daily life to worry about an estate plan.

Easing stress with detailed estate planning

Planning for what will happen after death is not enjoyable for most people, but failing to do so can leave friends and family in a difficult position or even lead to conflict among heirs. Taking the time to establish and maintain a comprehensive estate plan in Florida can make things easier for loved ones when the time comes, and it can give the planner peace of mind. When developing an estate plan, it's important to be sure that the relevant information is available to heirs and that the right beneficiaries have been designated.

Living will takes effect if patient is incapacitated

A living will, sometimes referred to as a directive to physicians or health care directive, may be an important part of a comprehensive Florida estate plan. The term is something of a misnomer as a living will isn't really a will at all. Rather, it's a document that sets forth a person's wishes regarding medical treatment in the case he or she becomes incapacitated and cannot express his or her desires.

Consult Our Florida Lawyer for Veterans Aid & Attendance

Feel free to contact us and schedule an initial consultation where we can review your circumstances in an intimate setting and discuss how our Brevard County Elder lawyer can help you. Simply call Amy B. Van Fossen, P.A., locally at 321-426-1848 or toll free at 800-495-9153. We look forward to meeting you.

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