Advanced Estate Planning: Is It Right for You?

Sometimes, simple is not best. Estate planning should be tailored to meet the needs of your life, and sometimes that life is complicated. Advanced estate planning may be right for you. Basic estate planning is . . . A simple plan typically includes a Will, a durable power of attorney, a healthcare power of attorney and/or a living Will. But basic estate planning covers basic needs. Some people require more Read More

Your Health Care Surrogate: Where Authority Starts and Ends

People tend to like their privacy when it comes to medical care. So, it may be difficult to think of appointing someone to make medical decisions for you, but it’s an essential part of your estate plan. If you are asked to serve as someone’s health care surrogate, though, you need to know where your authority starts and where it ends. Let’s consider Arthur and his best friend, Sid. Both are widowers and have Read More

Do You Need a Trust Protector?

Trusts have been a powerful, yet evolving, estate planning tool for a long time. As trusts have changed, the need for extra protection and a way to modify trusts became apparent. Trust protectors, sometimes also known as Trust Advisors, may meet both needs. Just as it’s important to understand the type of trust that is appropriate for you, it’s also critical to make sure you have the right people working on Read More

Pour-Over Wills: A Safety Net for Your Assets

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 taxes. Omitted Trust Assets. People often transfer their assets to a trust, intending that the Read More

Your Digital Assets Inventory

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 if your personal representative cannot find your digital assets and login information. Preparing a digital assets inventory is an important part of your estate planning. What Information Should a Digital Assets Inventory Read More

Purchasing Real Estate in Florida: Will it Affect Your Estate Plan?

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 can affect your estate plan in big ways. Effect on Value of Estate. Increasing your Read More

3 Reasons to Set Up a Gun Trust

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 guns that are regulated by the National Firearms Act of 1934 (NFA). If you currently own guns or will be inheriting some, Read More

What Are My Rights as the Surviving Spouse?

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 so, probate assets will pass in compliance with the Read More

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