Category Archives: Estate Planning
Disclaiming An Inheritance
The idea of someone renouncing or disclaiming a gift given to him in a will can sound strange to other people. However, sometimes some people have good reasons to choose to refuse a bequest. One reason a person may want to disclaim an inheritance is to avoid any tax liability associated with inheriting the… Read More »
Using A Reverse Mortgage As An Estate Planning Tool
Reverse mortgages are often viewed by some as a good way to get income later on in life. There is a downside in that a person taking out a reverse mortgage eventually loses the equity in his home; however, there are some benefits to using a reverse mortgage as an estate planning tool. As… Read More »
Pet Trusts
For some people their pets are part of their family, and in fact, are more like family than some human family members. It is therefore not surprising that some pet owners desire to leave their property to their pets in their wills to ensure the pets are taken care of when the pet owner… Read More »
Naming A Trust As A Beneficiary Of A Life Insurance Policy
For some people, life insurance policies represent the most significant asset that they will leave to their beneficiaries after the insured person dies. Even though the policy owner does not technically own the policy amount as his own property, he can control who is named as a beneficiary, and how the life insurance money… Read More »
Adoption and Inheritance Under Florida Intestacy Law
When a person dies without a will in Florida, the law requires that the person’s estate be divided according to Florida’s intestacy law. This means that in most cases, the descendants of the person who died inherit the assets. The law looks first to the person’s spouse and children, and then to other relatives…. Read More »
The Duties Of A Personal Representative In The Probate Process
When a person passes away in Florida, his will goes through probate. This means that the will goes through a court process in order to be validated and accepted as the true last wishes of the deceased person. When a person writes a will, they name a personal representative or executor in the will… Read More »
Passing On Your Retirement Accounts After Your Death
Retirement income can sometimes be forgotten when it comes to estate planning. Employer retirement plans and IRAs can often be a large portion of a person’s assets after he dies. Retirement accounts are handled differently than other assets, and there are rules governing what a beneficiary of a retirement account can do upon receiving… Read More »
Designing An Estate Plan For Your Art Collection
Estate planning for a person who owns a large collection of art can be a process of balancing an emotional need to preserve the collection with the financial reality of the cost to the beneficiaries to keep the collection intact. If a person has spent a lifetime creating a collection, having to come up… Read More »
Transferring Title To Trust Property
Once a person decides to make a trust as part of his estate plan, he has to fund the trust by transferring title to property from himself to the trust. The transfer of title has different consequences for the person depending on the kind of trust that is formed, and in some cases the… Read More »
Leaving Gifts In Wills And Trusts With Conditions Attached
In setting up a trust or writing a will, a settlor or testator has the choice of deciding which people are named as beneficiaries. In some cases, the testator may decide to name beneficiaries to receive payments from a trust or assets under a will only if the beneficiaries meet certain conditions. While some… Read More »
