Tightrope walkers need a safety net. Fire fighters also may use them when rescuing people from a burning building. It may surprise you to learn that even your estate planning may benefit from a safety net of sorts. A pour-over Will may prevent your assets from falling into the probate abyss or being devoured by estate...
Many estate plans include strategies to reduce estate taxes and transfer wealth to beneficiaries with the least tax burden possible. But what happens to the funds in retirement accounts when the account holder passes away? Retirements funds often represent the bulk of an individual’s liquid assets, so it’s natural that 401(k)s and IRAs can make significant...
After a long stint serving as the leader of the family business, you may decide it’s time to sell. It may be an emotional time, or just business as usual. Still, selling a business brings forth many considerations and questions. Making the Decision. Consider how the business is owned. Is there one owner (mom or dad,...
Buying real estate of any kind, in any location, requires due diligence and attention to details. Is the location right for you? Is the property being bought for personal use or to generate an income? Adding real property to your portfolio may increase the value of your portfolio. Increasing or decreasing the value of your assets...
Have you created a gun trust yet? Some estate assets require a little more care than others. It’s not difficult to leave someone the family china, but firearms are a different story. Some guns are strictly regulated, and passing them incorrectly can cause real problems. Gun trusts are created primarily to provide a way to handle...
When a spouse passes away, the surviving spouse has many decisions to make. It’s important to know a surviving spouse’s rights as those decisions are made. Fortunately, Florida statutes contain provisions stating certain surviving spouse rights. Will vs. Intestate The first thing to learn is whether the deceased person (the decedent) executed a valid Will. If...
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 the family limited partnership. It’s not just a business entity, though. It can be a powerful estate planning tool....
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 a Stuart estate planning attorney may...
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...
Out-of-state Personal Representative complicates a complicated process. Probate is the proving of a deceased person’s Will, authenticating that the document was executed properly. It also means the time during which the executor, officially known as the Personal Representative, settles the deceased person’s estate. The probate process can be time consuming, and it’s even worse when an...
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