South Florida Estate Planning News
Do I want a will or a trust?
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When your bank account balloons, so might your fan base. Family, old buddies, and even scammers may line up for a share. It’s okay to say no. Still, you might want to give some away to people or charities. Remember, big gifts might mean big taxes. For 2023, you can give away $17,000 without tax or $34,000 with your spouse. For 2024, it’s $18,000, or $36,000 for couples.
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Your car may be one of the most valuable assets you own, but what will happen if you pass away during the lease term or before the car is paid off?
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Many folks think that the person who looks after your children must be the same person who handles their inheritance. But that’s a myth! You can pick a loving, caring guardian for your children and choose someone else entirely to manage the money side of things.
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Simply maintaining a loving relationship with a parent does not necessarily guarantee inheritance rights. A legal right to inherit depends largely on the legal relationship between a child and that child’s parent, the existence of a valid estate plan, or if no estate plan exists, the applicable laws of intestacy in a given jurisdiction.
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Do you have a Last Will and Testament? Time to add your spouse as a beneficiary. Also, setting up a trust is like building a cozy nest egg for your loved ones.
Retirement accounts and life insurance policies might not feel romantic, but they’re love letters to your future. Make sure to update them to include your new spouse as a beneficiary.
A few examples of the many unique and interesting estate planning strategies that are available. An experienced estate planning attorney can help you create a plan that meets your specific wishes, personal objectives and unique family dynamics.
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Imagine that Mike Brady, in today’s world, sits at his desk to draft a will from an online resource. He wants to save some money, so the price looks reasonable. He leaves everything to his lovely wife, Carol, as he knows she will take care of his children. Later that year, Mike passes away. The following are potential problems he created.
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We want to protect our lives, our autonomy, and our future to enjoy the years to come worry-free. Here are six ways to enjoy a stress-free 2023! The countdown begins:
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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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