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...
SOME BASIC ESTATE TAX TIPS
Most people do not realize that, for estate tax purposes, all of your assets, including retirement accounts and life insurance, are part of your taxable estate. Financial advisors often tout the fact that life insurance is not taxable, which is only partially true. It is not income taxable but unless...
4 Types of Wills in Florida
A last will and testament, commonly called a will, is perhaps the most popular estate planning document. Despite its popularity, many people are unaware that there are several types of wills available. And the type of will that a person executes will depend on his or her individual goals and needs. In...
A Comparison of the Estate Administration Process: New York and Florida
Clients often ask about the differences between the estate administration process in New York and Florida. The most significant difference is that once a person is appointed Executor or Administrator of an Estate, the process is essentially over. In Florida, it is ongoing and it is necessary to take several...
Important Estate Planning Documents for Florida Snowbirds
Florida is a popular destination for snowbirds looking to escape the cold winter months. Although moving to Florida for several months of the year requires meticulous preparation, there is one important area that many snowbirds overlook: estate planning. Snowbirds have unique needs that can only be effectively addressed through the estate planning...
The Basics of Medicaid Planning
The Medicaid program can help make long-term care affordable for individuals who need it. However, the program imposes strict financial eligibility criteria that many Americans would not meet without careful financial planning. Although many people may assume that only low-income individuals can qualify for Medicaid, various legal strategies can help many others...
What is Summary Administration in Florida?
In Florida, summary administration is an expedited probate process that does not require the appointment of a personal representative. Summary administration holds several advantages over traditional probate, which tends to be lengthy and expensive. Therefore, for qualifying estates, summary administration is generally a good option. In this article, we discuss summary administration...