South Florida Estate Planning News
If your goal is family harmony, it could be a huge blunder to fail to consider the emotional ties children may have to their parent’s possessions.
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Instead of existing in photo albums and on videotapes and DVDs, most of our family photos and videos are now digital. Even if they lack commercial value, they certainly have sentimental value that you want to preserve for your family and friends. Social media accounts containing your photos and videos can also have value to your loved ones when you are gone.
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On average, 4 million new businesses are started each year in the United States. Many of those businesses are organized as limited liability companies (LLCs). Combining the benefits of a corporation and a partnership, an LLC protects its members’ personal assets from business liabilities, avoids double taxation, and provides flexibility regarding its operations, management, and…
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What happens to all of our accounts and files when we become incapacitated or pass away? Will our spouses and children have access to them? Where will they find our usernames and passwords? Who can take down our Facebook and LinkedIn pages, or would we prefer that they continue for posterity? And if we’ve saved photos, videos and other files on the cloud, who should have access to them and how long should they stay out there?
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Planning an estate may seem overwhelming or challenging, but doesn’t need to be. Estate planning is not just for after your life, but for during your life as well. Estate plans include guidance to your families if you become sick or incapacitated, or even just traveling! Whatever the case may be, using a state-licensed, knowledgeable…
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Not all adult children are always treated equally upon their parent’s passing. Quite often I’m asked the question regarding the best way to leave children an unequal inheritance (unequal portions of an estate). It isn’t always a question of an unequal inheritance; sometimes it is a question of what is fair. If you plan to…
Read More Estate planning is not just for the wealthy, it is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing guardians for minor children, choosing healthcare agents to make decisions for you should you become ill, minimizing taxes so you can pass more wealth onto your family members, and stating how and to whom you would like to pass your estate on to when you pass away.
Read More An “Estate Plan” contrary to popular belief, is not necessarily for those with mega millions. Anyone from an Uber driver to the Uber wealthy need to make sure those they love are able to access needed information if you are temporarily or permanently incapacitated or have passed.
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Also called “Continuity Planning” our goal it to reduce any long-term risk for our businesses and family investments. Businesses should also consider business succession plans (what happens if the unthinkable happens) or simply planning for retirement as well.
Read More Many people becoming trustees for the first time have asked questions such as “What is a trust?” or “What taxes must I pay as a trustee?” or “Am I required to file annual reports with a court?” Most people have had little experience with trusts.
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