South Florida Estate Planning News
Recent Posts and Articles
CTA Imposes New Small Business Reporting Requirements for 2024
If you have a small business, you will most likely have to comply with the new Corporate Transparency Act. Failure to comply with the new act has both civil and criminal penalties, including imprisonment, so it is imperative to understand if you are responsible to comply with the act.
Read More
Can I Use AI to Write My Will?
Ask yourself:
● How well do I understand options to protect my money, property, family, or business if I have a medical emergency, a short- or long-term incapacity, or after death?
● What is my financial situation regarding property, income, or debt?
● Is my family structure complicated?
● Am I undecided about my wishes (how to divide my money and property, when to distribute it, or what to include in an advanced directive)?
● Will my family get along if my will is unclear?
● Will someone inherit before they understand the value of their inheritance?
● What if your adult child is on the brink of divorce, will the soon-to-be ex-spouse receive anything from an inheritance?
A Will, A Trust or Both? What do I need?
Do I want a will or a trust? If you die without a will it is known as dying intestate. While many believe that their close family members “know what they want”, it doesn’t necessarily go your way without a valid will. Instead, their money and property are distributed according to Florida’s intestate succession laws, during a Probate action.
But even if someone is fine with the state-imposed inheritance laws, a beneficiary will be required to go through the expensive and long process called “Probate.”.
The law can only assume what you would want, but it may cause your wishes to go haywire. For instance, imagine you have been in a relationship without a formal marriage certificate for many years and love your partner dearly. If you pass without a will, that partner may not inherit according to intestacy laws.
Read More
Winning the Lottery: Financial Nightmare or Dream?
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.
Read More
What Happens to My Car Lease If I Die?
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?
Read More
Pop Quiz for August
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.
Read More
Nine Ways Your Estate Plan Could Breed Conflict
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.
Read More
June Brides.. a Checklist for Newlyweds
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.
What to Expect at an Estate Plan Consultation
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.
Read More
Blended Families
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.
Read MoreGet The Ultimate Life Organizer
There's a lot to think about when you're collecting information for your estate plan. Download our free 17 page Complete Life Organizer and make sure you have everything covered!
