South Florida Estate Planning News
Recent Posts and Articles
Newlywed Estate Planning Essentials
When starting a new marriage, there is much to think about: communication, living conditions, holiday plans, financial stability, and the wedding itself. However, something often overlooked by new spouses is the importance of creating an estate plan. It can be hard to think about what would happen if your spouse became ill, incapacitated, or worse, but an estate plan can ease those difficult times. An estate plan typically includes a will or trust, but the most important documents for a new couple are Health Care Directives and Powers of Attorney.
What You Can Learn from the Leno Conservatorship Proceedings
Here are key lessons from the Lenos’ experience: 1. Spouses Can’t Automatically Step In: Many believe that being married means their spouse can automatically manage their finances or healthcare decisions if they become incapacitated. This isn’t true. After turning 18, no one, not even a spouse, can manage these affairs without prior consent (through estate planning documents) or court involvement.
Details that TV and Movies Get Wrong
Although television and movies are entertaining with their conflicts and cliffhangers, Real-life estate administration is less dramatic than Hollywood would have you believe
Secure the Well-being of Our Children
While finding the time during our busy lives may be challenging, having a well-thought-out and carefully drafted plan to protect our children is essential! Trusts offer a unique opportunity to leave a lasting impact on our children’s lives.
My Tax Quiz: How Much Do You Know About Estate Taxes?
Many folks are not familiar with how estate tax works and whether they would have to pay inheritance taxes. Take my quiz to see how much you know. True or False: Estate or Inheritance Tax in Florida is higher than the national average. False.Thankfully, there is no state inheritance tax in…
Protect your Loved Ones this February
Today, it is common for adults to be in long-term committed relationships but be unmarried. If you have a life partner and are unmarried, it is imperative that you have an estate plan if you want your partner to receive your money or property at your death or if you want them to make financial or medical decisions on your behalf if you are alive but unable to make your own decisions. If you rely on your state’s laws, an unmarried partner will likely receive nothing at your death and will have no authority to make decisions on your behalf.
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.
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.
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?
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