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Estate Planning Archives

Using professionals for estate planning

Florida residents may not think twice about seeking out professional assistance when they are sick. The same principle should apply to estate planning. Using professionals when creating an estate plan can help reduce the likelihood that there will be complications with a person's estate after they die.

Don't forget the house when creating an estate plan

A home can be a Florida resident's biggest asset. Therefore, it is worth including in an estate plan. Doing so can prevent a potential source of family infighting after a homeowner passes on. What is done with the home after the current owner passes depends on a variety of factors. For instance, potential heirs may not want to pay taxes, insurance and maintenance costs.

What a pour-over will can accomplish

A pour-over will can provide a convenient way for a Florida estate owner to ensure that assets find their way into a trust after they pass. The document states that any assets that haven't been put into the trust are to be placed there upon the grantor's death. It is important to note that a will itself is subject to probate even though a living trust is not.

Steps for successful estate planning

Florida residents who have accumulated a lot of assets will want to create an estate plan that can help sustain wealth throughout future generations. While this may be a common goal, in reality, wealth is rarely sustained past the children. However, there are steps that can be taken to safeguard one's estate so that the goals for the assets are achieved.

Planning for the funeral

Florida residents have the option of putting funeral instructions into their will. However, there is a chance that the will won't be discovered until after the funeral has taken place. Therefore, those instructions might not be followed despite the fact that they are generally considered to be binding on an executor. These days, it is more common to use a planning declaration document.

Avoiding common pitfalls in estate planning

Estate planning in Florida can be simple or complex depending on the nature of the estate and the needs and goals of the individuals involved. The federal lifetime estate and gift exemption, which was increased in 2018 to $11.18 million, has established a favorable circumstance for those who wish to make transfers of wealth on death or during their lifetimes. In order to get the most out of an estate plan though, there are a few points for people to keep in mind.

Protecting assets and values in an estate plan

For some people in Florida, estate planning can be part of an overall effort to pass on certain values to children and grandchildren. The estate plan can be the culmination of a lifetime of teaching children to value money for what it can do rather than as an end itself. For example, a person may want to emphasize the importance of charitable giving and supporting one's community. Leaving a portion of an estate to a charity can help illustrate this.

How parents can help their special needs children

Millions of parents in Florida and throughout America have children who have special needs. This may require them to provide care or find ways to obtain the care that their children may need for their entire lives. Parents of special needs children can name a guardian to watch over their kids in the event that they are no longer able to do so. Taking this step can be especially important once a child becomes an adult.

Changes that may be needed in an estate plan

When people move to Florida from another state, this could be one reason to review their estate plan and see if it needs updating based on the difference in state laws. However, there are a number of other reasons to review an estate plan regularly. For example, an estate plan that has been designed to avoid estate taxes may be out of date since the exemption has increased significantly.

Estate planning can help care for one's family

Many people in Florida may be considering how they can manage their estates to best protect their assets and provide for their loved ones after they pass away. By preparing an estate planning checklist, people can help prevent problems later down the line for their families. Since estate planning involves thinking about death and complicated family relationships, people often put off the task. According to a 2016 survey, over 64 percent of Americans do not currently have a will, which is one of the most basic estate planning documents.

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