Several years ago, a community of single-family homes was established in Southwest Florida. The community was small, arranged in a T-shaped pattern. A three-bedroom, two-bath home was one of the first houses built. Its back yard faced a pond, and the driveway opened onto the circle at the end of the street. A young couple purchased the home […]
A woman, diagnosed with end-stage cancer, sought to get her affairs in order. She owned her home, and she had children she wanted to provide for after her death. She decided to sell her home to provide some liquidity for her care while she was still living and to provide cash for her children after she passed. Toward […]
There’s an old saying that if you fail to plan, you plan to fail. So, what really happens if you do not have any estate planning done? Statutory Defaults. One obvious benefit of estate planning is to exercise your right to decide various matters related to yourself and your estate, such as: Who will make […]
Ladybird deeds are popular devices for transferring real property. Homeowners may use a ladybird deed to designate a family member or other heir to inherit the property on the death of the homeowner. These deeds provide numerous other benefits as well. What Is a Ladybird Deed? Some thirty years ago, a law professor created a hypothetical […]
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 […]
‘Domicile’ generally refers to where you live – your residence that you intend to keep for the foreseeable future. Your domicile has legal consequences for tax, probate, asset protection, and numerous other purposes. Domicile issues frequently arise with clients who split their time between Florida and another state. They are also regular issues when clients […]
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 […]