Recent Blog Posts
Contingent Beneficiaries
Insurance policies provide a good opportunity for a person to leave some money to his heirs after death. Unlike other bequests, life insurance proceeds are paid directly to the named beneficiaries without going through probate. This means that the beneficiaries can receive the life insurance proceeds faster and tax free. In designating a life… Read More »
Lapsed Gifts And Substitute Beneficiaries
Despite well laid plans, sometimes a person named in a will dies before the testator (the person who bequeaths his property in the will) and is no longer able to inherit under the terms of the will. When this happens, the testator can change his will to name another beneficiary of the deceased person’s… Read More »
Determine If A Bypass Trust Is Best For You
Although the state of Florida does not tax a person’s estate upon his death, an estate is still subject to federal estate taxes. In order to avoid paying an excessive amount in estate taxes, essentially reducing what is available to be passed on to heirs, people may use various methods of estate planning and… Read More »
Using A Will To Name A Guardian For Children
In preparing a will, parents often spend a lot of time planning how their children will be taken care of after the parent’s death. In many cases, the parents arrange for property that will pass to the children to be placed in a trust with a trustee in charge for the children’s benefit. However,… Read More »
Taking Advantage Of An ABLE Account
How much a person has in assets, including savings accounts, can sometimes affect the person’s eligibility for government aid and their ability to effectively plan for the future. This can be especially troublesome for people with disabilities, or for parents or guardians of children with disabilities who are organizing their estate plans with a… Read More »
What Is A Living Will?
Most people know what wills are, and what role they play in a person’s estate plan. However, the term living will often causes some confusion, especially if confused with a living trust. A living will is different from both a living trust and a will, and serves a distinct purpose. A living will is… Read More »
Modifications To The Terms Of An Irrevocable Trust
Irrevocable trusts are usually intended to last for a long period of time and to provide for the needs of the beneficiaries according to the trust settlor’s wishes. Because the trust is irrevocable, there are rarely any changes made to the terms of the trust unless they were specified within the trust documents. However,… Read More »
Adult Guardianship In Florida
Not everyone sets up a power of attorney or sets up a health care directive as part of a broader estate plan. Unfortunately, this could mean that if the person becomes incapacitated or mentally unfit to handle his affairs, a guardian may need to be appointed by a court. Usually, a family member requests… Read More »
Handling Business Interest As Part Of An Estate Plan
Transferring ownership interest in a business can be complicated and require the considerations of how the sale of a business interest will affect multiple aspects of the owner’s life, including estate planning. Business owners in Florida should consider the use of buy-sell agreements in combination with a trust to pass on the proceeds of… Read More »
