Florida real estate ownership can take several forms. How the property is titled may affect the way in which the property is used or passed to a new owner. This is a big question when it comes to wealth preservation through real estate. The concepts discussed below are general in nature and may be otherwise affected...
Nuances can be important. Consider domicile vs. residence. Two things can be similar but have subtle yet meaningful differences. For example, many people find it hard to understand the difference between a domicile and a residence. After all, both terms deal with where someone lives. However, choosing your domicile may impact your life significantly. Understanding the...
Some things work together separately but are enhanced when merged. Take music and lyrics. You might enjoy listening to just the music of a piece. You could also read the lyrics like a poem. Separately, they work. But together? Beautiful music! Estate planning and wealth management are similar. They serve separate purposes. However, if coordinated, estate...
Mary wanted her children to benefit from the comfortable net worth she had built. Fortunately for them, she consulted with an estate planning attorney. She considered setting up trust funds for her children but was unsure how to handle the payouts: outright or through staged withdrawal rights? First, What Does ‘Staged Withdrawal Rights’ Mean? Trust assets...
Roslyn and Martin’s marriage was troubled. They never divorced or even separated, but Martin’s anger got the best of him at one point. He decided to remove Roslyn as a beneficiary on all his retirement accounts, checking accounts, and savings accounts. He quietly retitled some business property to prevent her from receiving any benefit from it...
Ella C. lived a long life, blessed by her family and her beloved pets. At the time of her death, two pets lived with her: Lucy, her 10-year-old Labrador Retriever, and Thor, a 2-year old Russian Blue cat. Her children knew their mother loved and pampered the animals, but they had no idea what to do...
Jackie earns a good living from the popular novels she has written. She sometimes worries what will happen to her books when she passes away. After all, her copyrights were worth something, right? Jackie talked to her attorney, who suggested she include her intellectual property rights in her estate planning. The Ownership of Ideas Intellectual property...
Who inherited Sonny Bono's money is a question on the lips of many Sonny Bono was probably most famous for the song he sang with Cher, his second wife – I Got You Babe. However, he also found success as a songwriter, television star, restaurateur, and politician. When discussing his financial legacy, The Beat Goes On...
Edward N. faced a dilemma while preparing his estate plan. He needed to name someone to serve as trustee of his family trust. Fortunately, he had several close friends and family members who might be suitable. However, he had trouble choosing one over another. Edward wondered what qualities his trustee should possess. The first thing Edward...
Grandpa Joe’s family knew he needed to make a Will. He had even asked his granddaughter, Abigail, to take him to an estate planning lawyer. But he had also wandered out of the house in his pajamas and called Abigail by his late wife’s name several times. They were concerned about his competency. How could they...
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