Recently, a client asked for help with a family member who held a significant estate, including real property, bank accounts, and other assets. Unfortunately, the family member was suffering from mental incapacity. As a result of the individual’s mental decline, fines were collecting on the real property because of county violations that were not being […]
Occasionally, we receive questions from clients about Florida’s escheat process. The primary concern clients have is that the State of Florida – rather than the clients’ children and other heirs – will receive the clients’ estate when the clients die. Happily, this is generally not the case. What is the Escheat Process? Simply put, the […]
Beneficiary designations are a common element in estate plans. We have opportunities to set up these arrangements when purchasing life insurance, setting up retirement plans and bank accounts, and on other occasions. It is a good idea to slow down and think about beneficiary designations. Correctly used, beneficiary designations can be a great convenience that […]
As perhaps a universal rule, clients desire to retain the flexibility to change their estate plans. Changes may become desirable as family members are born or die, as estates increase or decrease, as desires and objectives change, and as other life events occur. Irrevocable trust planning refers to a subset of estate plans in which […]
Divorce is an unfortunate reality. According to the American Psychological Association, about 40% to 50% of married couples in the United States divorce, and the divorce rate for subsequent marriages is even higher. With this in mind, divorce is often an import part of estate planning. Prenuptial and Postnuptial Agreements The first question in considering […]
Often, estate planning clients know they need to have a Last Will and Testament and perhaps even a Revocable Trust. Sometimes, however, they may not realize that they also need other documents to complete their estate plan. The simple reason why multiple documents are necessary is because each document has a separate purpose. The Last […]
Estate planning clients often ask questions about taxes. What will be owed? How are they paid? When are they due? Who must pay them? There are several taxes that apply in the context of estate planning. The most common of these are income taxes, estate taxes (also known as inheritance or death taxes), and gift […]
It is often said that it is a bad idea to make ‘big’ decisions within the first year after a loved one dies. Unfortunately, that is often easier said than done. Clients typically have important questions that need answers – and those answers can prompt actions that need to be taken. For example, in our […]
Clients often ask what will happen if they don’t have a Will and other estate planning documents. Creating estate planning documents allows you to make sure things work out the way you want. Of course, many people never make a Will or other estate planning documents. If you don’t create your own documents, Florida law […]