Family Limited Partnership: A Few Pros and Cons

Families often share homes, vacations, holiday traditions, and fond memories. Sharing a business, though, is more complicated than shutting down the summer cottage together or planning next year’s family reunion. One type of family business is called a family limited partnership. It’s not just a business entity, though. It can be a powerful estate planning tool. Keeping it in the Family. A family limited Read More

Why Do I Need to Hire an Estate Planning Attorney?

Every adult needs an estate plan, preferably one drawn up by an attorney. However, not every attorney specializes in estate planning. It’s particularly critical for clients with complicated or high-net-worth estates to consult with a lawyer who is well versed in estate planning law. Knowing why you need to hire an estate planning attorney may help you finally get estate planning off your list of things to do. Don’t Read More

Spendthrift or Discretionary Trust – Which One Do I Need?

Trusts are a common estate planning tool. Reasons to create and fund a trust range from asset protection to providing for someone with special needs. Some trusts even have similar purposes. Two such trusts are the spendthrift and discretionary trust – similar enough, but with significant differences. Knowing which trust to use is critical. Trusts in General In a trust document, the person creating the trust (a Read More

Florida Probate with an Out-of-State Executor

Probate technically means the proving of a deceased person’s Will. It also means the time during which the executor or personal representative settles the deceased person’s estate. The whole probate process can be time consuming, and it’s even worse when the executor doesn’t live nearby. Proceedings in a Florida court with an out-of-state executor require a little extra attention. Probate Proceedings in Read More

The Ethical Will: Sharing Life Lessons with Your Family

As we near the end of our lives, we sometimes reflect on the lessons we’ve learned. Memories bring smiles to our lips – and tears to our eyes. Even if you’ve already told your family the story of your life, you might want to consider writing an ethical will. Why? An ethical will, or legacy letter, is a written expression for your family to cherish after you’re gone. Little things that families may have forgotten or Read More

Is a Lady Bird Deed in Your Future?

Estate planning attorneys use many tools or strategies to create effective estate plans for their clients. An estate plan, or life care plan, covers many aspects of a person’s life including what type of end-of-life treatment they want, who will make medical or financial decisions for them if necessary, and how to dispose of property after death. The “Lady Bird Deed” is one tool used by lawyers when their client’s Read More

New Year’s Resolution – Time to Update My Estate Plan

New Year’s is a time of reflection. It’s a time to think of the happenings of the past year and look forward to life ahead. While you’re in a contemplative mood, make updating your estate plan a primary New Year’s Resolution. What Do I Need to Update? The past year may have dealt you some major life events. Births and deaths, marriages and divorces could all lead to changes in your estate planning documents. Even Read More

Top Estate Planning Excuses

Maybe it’s time for procrastination to overtake baseball as America’s favorite pastime. It’s often said that baseball is America’s pastime. Maybe we should change that to procrastination or excuse making. How many important tasks do we put on to-do lists, then forget about them? Some things may never even make it to the to-do list because we think it’s easier to make excuses than take action. It’s not. When it Read More

Recent Florida Residents: Have You Updated Your Will Yet?

Florida is the fourth most populous state in the USA, behind California, New York, and Texas. And it’s a fairly popular place for people to move to from other states. If you’re a recent Florida resident, you’ve probably already noticed differences in weather, culture, and laws. Until moving, many people don’t realize how different laws are from state to state. States even have customized estate planning laws. As soon Read More

Estate Planning for Business Owners

Business owners know the hard work, determination, and attention to detail that goes into building a company. A successful company, especially a family-owned one, may be an important component of an individual’s legacy.  This is just one reason that estate planning is so important for business owners. Thoughtful estate planning for business owners also has great impact on their legacy because properly drafted estate Read More