One advantage of marriage in Florida is that it provides spouses with several legal benefits. One such benefit is related to probate, which is the process by which a deceased individual’s assets are legally transferred to his or her rightful heirs. When a married person dies, his or her surviving spouse is entitled...
Continue reading…
Different Types of Trusts
A trust is a fiduciary arrangement that gives a third party, called a trustee, the ability to hold assets on behalf of a beneficiary. Trusts are flexible instruments that can be arranged in many ways and can specify exactly how and when your assets transfer to beneficiaries. The primary benefit of all...
New York & Florida Probate: A Comparison
Clients often ask why they need to go through a probate process when someone dies leaving a last will and testament. The simple answer is that there needs to be a legal procedure whereby the ownership of assets is transferred from the deceased to his/her beneficiaries. Is probate something to be avoided? The answer...
The Different Types of Power of Attorney
A power of attorney is a powerful estate planning tool. However, there are several different types of powers of attorney, and each is used for different purposes. Therefore, before executing a power of attorney, it’s important to understand which option is best for you. In this article, we examine the different types of power...
Critical Provisions in a Commercial Contract
It is always a good idea for the business owner or executive to review one's company's contracts, to make sure they are current and contain important provisions. Of course, whether one is providing products or services, the description of what is being provided is a must, as...
The Pros and Cons of Beneficiary Designations
Clients are often encouraged by advisors at financial institutions to name beneficiaries on their savings and investment accounts; however, doing so is not always beneficial for everyone.
The primary advantage of naming beneficiaries on one’s accounts is that probate is avoided. At one’s death, the asset passes to the beneficiary simply by presentation...
Tips for Preventing Family Squabbles After a Death
A death in the family is always difficult. In addition to the obvious pain associated with losing a loved one, practical matters, such as who will inherit what property, sometimes create additional tension among family members. Although this is unfortunate, it is an extremely common occurrence following a loved one’s death. Luckily, with a...
Is Estate Planning the Same as a Will?
If you are considering starting the estate planning process, you probably have a lot of questions. After all, estate planning is complicated, and there is a lot of information out there on the topic. In this article, we examine the following common estate planning question: “Is estate planning the same as a will?” For...
How to Pay for Long-Term Care
It used to be that purchasing long-term care insurance was the best way to finance long-term health care costs, whether it be provided at home, with an aide, or in an assisted living or nursing facility. If one currently has long-term care insurance, then you should consider yourself very lucky and you should hold...
Estate Planning for Seniors
As a senior citizen, it’s vitally important that you have an estate plan in place. Not only can you use an estate plan to leave assets to your loved ones, but an estate plan allows you to identify who will make certain important decisions on your behalf should you ever become unable to do...