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...
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...
Estate Planning, Wills, and Trusts: What’s the Difference?
Estate planning is the overall process by which a person decides who will inherit his or her property upon death and who will manage his or her affairs in case of incapacitation. Although estate planning is not the same thing as a will or trust, these documents are typically part of the...
5 Key Estate Planning Steps
Over half of all adults in the U.S. do not have an estate plan in place. One explanation for this phenomenon is that many people simply don’t know how to get started with estate planning. This is understandable: estate planning can seem like a daunting task. The reality, though, is that creating...
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. In this article, we examine four popular...
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...