South Florida Estate Planning News

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.

Andrea L Jakob, Esq., founder of Andrea L Jakob PA, is delighted to announce her acknowledgment as one of Broward’s exceptional women for April, 2024....

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...

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.

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.

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?

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.