Tools to minimize tax burdens 2 Big Benefits of Irrevocable Trust for Asset Protection and Alleviating Tax Burdens [embed]https://palmcitylawyer.com/wp-content/uploads/2023/09/2023-08-16-Mangan-J_1Captioned.mp4[/embed] If you are a Florida resident, you may already enjoy some of the tax benefits of living in the state. When it comes to estate planning, however, you may still want to keep an eye on...
Trusts are a fundamental component of Florida estate planning, offering a means to protect and manage assets for the benefit of specific individuals or entities. While trusts provide a structured framework for wealth management, it's essential to grasp the rights that beneficiaries hold within this legal arrangement. Let us dive into the rights that trust beneficiaries...
Did you know a Power of Attorney (POA) is a legal instrument that grants an individual the authority to act on behalf of another person in various matters, including financial and healthcare decisions? In the context of marriage, it's common for couples to wonder whether a spouse power of attorney is automatically granted over the spouse's...
Estate planning is a crucial process that allows individuals to ensure their assets are distributed according to their wishes after they pass away. A revocable trust is a popular tool in estate planning that offers flexibility and control over assets during one's lifetime while also enabling seamless asset distribution after death. However, as life evolves and...
It may be no secret that we live in a litigious society. Business owners, people worried about an expensive divorce, working professionals who operate in a legally treacherous environment, and others are all potentially at risk of devastating lawsuits. Did you know, however, that a Domestic Asset Protection Trust is one way to protect yourself? Defining...
A will is an important part of an overall effective estate plan. Wills, however, do not become operative until death. In the unfortunate scenario where the individual who signed the will becomes incapacitated, the document lacks provisions to address such situations. Therefore, the inclusion of incapacity planning becomes a vital aspect of a well-rounded estate plan....
MANAGING YOUR DIGITAL ASSETS: A CRUCIAL COMPONENT OF ESTATE PLANNING Florida’s Fiduciary Access to Digital Assets Act empowered fiduciaries, including personal representatives, to access digital information if necessary. That power may not be particularly helpful, however, if your personal representative cannot find your digital assets and login information. This is why preparing a digital assets inventory...
Avoid ofter overlooked estate planning questions. Creating an estate plan isn’t a “fun” project for most of us. It reminds us that there may come a point when we can no longer care of ourselves and that one day we will pass away. But it needs to be done, and today we are going to cover...
Estate planning questions to use as a starting point: As you consider this important step – preparing an estate plan – you may spend some time reflecting on your life and property. Ask yourself the following questions about estate planning before talking to your attorney. #1 - Do I need an estate plan? This one is...
ESTATE PLANNING ATTORNEY SELECTION The year end is fast approaching! Most of us are busy finalizing our end of the year plans. Part of estate planning is taking stock of what has happened this year, reflecting on goals for the coming year, and deciding what we want for our future, next year and well beyond. Estate...
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