A personal representative, also called an executor, is the person chosen to administer a deceased person’s estate. In doing so, a personal representative is held to the highest standard of care and must act in the best interests of the estate’s beneficiaries. Thus, the personal representative plays a key role in the...
A Guide To Organizing Your Estate Plan
One of the simple things clients can do in terms of getting their affairs in order is to make a detailed list of their assets, with account numbers, and telephone numbers, so that when something happens to him/her, family members will know where the assets are and can easily access them. ...
Modifying an Irrevocable Trust in Florida
Most people who create an estate plan include a trust of some sort. A popular and effective type of trust is the irrevocable trust. An irrevocable trust is a legal document that is generally not subject to modification or revocation upon its execution. However, there are a few exceptions that allow a...
Should Your Home Be Placed In A Trust
SHOULD YOUR HOME BE PLACED IN A TRUST
Clients often ask if it makes sense to put their home(s) in a trust. Since there are a few types of trusts which are appropriate for a home, the decision of which type is best...
Estate Planning for Florida Snowbirds
With winter in full swing, snowbirds are flocking to Florida to escape the frigid northern temperatures. Moving south for the winter requires a lot of preparation. However, one preparatory step that many snowbirds fail to consider is estate planning. As a snowbird, living in more than one state during the year can...
Why Do You Need a Will?
Clients often ask why a will is a necessary component of their estate plan. The answer is that if you die without a will, the laws of the State where you reside determine where your assets go. If you are married, approximately one-half goes to your spouse and the other...
Addressing Substance Abuse in an Estate Plan
Estate planning is a great way to ensure that your beneficiaries are cared for after you are gone. However, some loved ones may not be in a position to responsibly handle a large inheritance—particularly those loved ones who struggle with substance abuse problems. Fortunately, there are estate planning options available for families...
Three Common Florida Will Provisions
At a minimum, everyone over the age of 18 years old should have a will. With a will, you can plan for the distribution of your property after death, appoint a personal representative, and make other important decisions. Although every will is different, most wills contain several common provisions. In this article,...
Gift and Estate Taxes: Some Basics
If you reside in New York, there is a federal estate and gift tax, as well as a state level tax. In fact, many other states have their own gift/estate tax scheme in addition to the federal one. Currently, under federal law, you are permitted to give up to $16,000...
4 Reasons to Avoid Probate in Florida
Probate in Florida is a court-supervised process in which a deceased person’s assets are distributed to his or her surviving heirs and creditors. One of the advantages of estate planning is that it avoids the probate process altogether. Buy why avoid probate? In this article, we share four reasons to avoid...