When you’re preparing an estate plan or starting a Medicaid trust, one of the most important decisions you have to make concerns your selection of a trustee. The trustee has the legal authority to manage a trust and its assets. A trustee is also responsible for managing and distributing trust assets to...
SOME TIPS ON GETTING YOUR AFFAIRS IN ORDER
There are a number of relatively easy steps which can be taken in order to simplify your estate plan, thus saving time and money for you and your family.
It is not uncommon...
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The Dangers of Doing a Life Estate Deed
Clients are often interested in doing a life estate deed as part of their estate plan. What is a life estate deed? It is one where the owner of the real property transfers the property to his or her children (or other family members), reserving the right to reside in...
REVOCABLE & IRREVOCABLE TRUSTS: A COMPARISON
Clients often ask to have a trust prepared, not knowing the differences between a revocable trust and an irrevocable trust. One of the most important questions to ask oneself when undertaking trust planning is what your goals are. Are they to avoid probate, to protect assets from creditors, or to...
Reasons to Avoid Probate in Florida
If you fail to create an estate plan, your assets will likely have to go through the probate process after you pass away. Probate is a court-supervised process by which your assets are distributed to your heir and creditors. Unfortunately, probate has many downsides, which leads many people to take steps to...
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...
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...