Tag: estate-planning
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What is the entitlement for a widow or widower in Florida?
In Florida, a widow or widower has the right to claim an entitlement. Essentially, a widow or widower can claim the greater of either what they are designated to receive through the estate planning documents or 30% of the probate estate.
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What is the definition of undue influence?
Undue influence is a basis that can be employed to challenge a will, a trust, or even a beneficiary designation form. It can happen when an individual inappropriately asserts control and influence over the mindset of another person, leading them to create estate planning documents or beneficiary designation forms naming themselves as the beneficiary, instead…
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What is a presumption of undue influence in the state of Florida?
In Florida, the presumption of undue influences occurs when an individual contesting a will can demonstrate three key factors: firstly, that the individual who applied the undue influence is a significant beneficiary of the estate planning documents; secondly, that the individual who applied the undue influence had a confidential relationship with the person who signed…
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What benefits does a trust offer?
There are so many different types of trusts. There’s Trust A, there’s Trust B. It depends on the purpose for which you want to set up the trust. Trust A is great for estate planning purposes. Essentially, they take the place of the will in that in Trust A, you can decide who your beneficiaries…
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What is the cost of estate planning?
The cost of planning your estate can vary depending on individual circumstances. Each family dynamic, set of assets, and objectives differ. If you would like to discuss your estate plan, I am available for a complimentary consultation. At the conclusion of our meeting, I will provide you with a fixed rate for managing your estate…
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What happens to my estate planning documents if I relocate?
The estate planning documents are intended to be applicable in any state where you reside. However, if you decide to move to another state, it is strongly advised that you consult with a lawyer in that area who can provide you with recommendations on any necessary modifications.
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What occurs if a case challenging a will leads to the will being pronounced illegitimate or null?
If a will is deemed illegitimate or null, then there are two potential outcomes. Firstly, the estate can be distributed in accordance with the laws of intestacy. Secondly, if the deceased had previous estate planning documents, there is a chance that those earlier estate planning documents will be reinstated if the Doctrine of Dependent Relative…
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How can a will be validated?
A will can be validated using one of two methods. Firstly, if you engage the services of a professional in the field of estate planning, they might attach a self-proving affidavit to the will. This affidavit would include notarized statements affirming that the will complies with the relevant laws of the state. Alternatively, if the…
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How can a well-prepared estate plan provide relief for my family after my passing?
By ensuring a comprehensive estate plan, your family can experience significant ease during such a challenging time. For instance, during estate planning, it is crucial to circumvent the probate process upon death. Probate is an expensive and lengthy core procedure. It involves transferring assets from the deceased’s name to the beneficiaries. Administering an estate through…
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What do I need to demonstrate in order to prove lack of ability?
In the state of Florida, the examination to determine mental capacity for signing estate planning papers consists of three parts. First, the individual must comprehend the rightful beneficiaries of their assets, which includes knowing and recognizing their family members. Second, the testator must have knowledge and comprehension of their property’s nature and extent. Lastly, the…
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What is included in an “Estate”?
An estate refers to all the assets and possessions owned by an individual at the time of their death. This includes the following: – Real estate properties – Personal belongings such as jewelry, furniture, and vehicles – Financial assets like bank accounts, stocks, and bonds – Business interests and investments – Intellectual property rights, such…
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Why is a revocable living trust highly recommended by a firm and other estate planning companies?
What are some reasons for creating a Revocable Living Trust? What advantages does a revocable living trust offer? Assets placed into the trust are not included in the probate estate. The trust has the ability to provide for minor children by distributing income/principal amounts periodically or at the trustee’s discretion. The trust is amendable or…
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How can I determine if my existing Last Will and Testament is still effective?
The only way to ascertain the validity of your existing Last Will and Testament is to have it assessed by a knowledgeable legal expert. A legal professional will be able to thoroughly examine your Will, compare it with current legislation, and inform you whether it is legally binding. While your Will may indeed be legally…
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What should you anticipate when considering estate planning documents for yourself or your child?
Each legal firm will inquire about your family and your aspirations for the future. In the course of the conversation, be ready to respond to queries concerning your current and future medical and financial requirements. These inquiries may stir various emotions, but it is crucial to strategize meticulously for the well-being of everyone involved.
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What is the ideal location to store my officially signed estate planning papers?
Where should I store my estate planning documents? The recommended choice is likely a secure deposit box as it offers protection against theft, fire, unintended misplacement, and various forms of damage or peril. However, one potential concern is the accessibility of the box after your demise. If you opt for storing your estate planning documents…
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What does the process of Long Term Care Planning entail?
When should I consider planning for long term care? The process of Long Term Care Planning involves making preparations for future care needs, encompassing aspects such as financial planning, estate planning, and healthcare planning. If you anticipate the need for future medical care for yourself or your loved ones at some point down the line,…
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What does the process of estate planning entail?
What does a comprehensive estate plan entail? Estate planning involves the development of a comprehensive strategy and the creation of legal documents to safeguard, preserve, and distribute assets before and after death, benefiting loved ones and charitable organizations. This process considers the impact of state and federal tax laws, as well as administrative regulations. Additionally,…
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What if I have a will that was created in a different jurisdiction?
Wills are regulated by the laws of each jurisdiction. You should consult with an estate planning attorney in Florida to evaluate your out-of-jurisdiction will and ensure its efficiency in Florida.
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How can I remove assets from my estate without being subject to estate or gift taxes?
What gifts can I make without having to pay gift taxes? What can be done to minimize estate and gift taxes? Various advanced estate planning strategies are employed to minimize estate and gift taxes. There are many factors that must be considered when tailoring a plan that will work best in each client’s situation. However,…
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What other basic documents does your law firm regularly prepare in the estate planning process?
Family Limited Partnerships and Limited Liability Companies as well as a variety of trust documents, including: “Crummey Power” Trusts; Life Insurance Trusts; Dynasty Trusts; Asset Protection Trusts; Grantor Trusts; Non-Grantor Trusts; Minor’s and Grandchildren’s Trusts (utilizing the annual exclusion from the Federal gift and generation-skipping transfer tax); Qualified Personal Residence Trusts; Grantor Retained Annuity Trusts;…
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How can I avoid the probate process?
To avoid probate entirely, property must not be titled solely in one individual’s name, or must be transferred or distributed before the person’s demise. However, to ensure that the potential drawbacks of attempting to circumvent probate do not outweigh the probate process itself, it is necessary to seek legal counsel during the estate planning stage.…
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Why should I establish a trust?
It streamlines the process for your beneficiaries and offers an estate planning tool to execute a plan for specific assets.
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Why should I use a specialized attorney in elder law to assist me with applying for Medicaid benefits?
Why hire an attorney specializing in Elder Law? Elder Law is determined by the client to be served. A lawyer specializing in Elder Law concentrates on the legal requirements of older individuals, such as handling long term care and estate planning matters tailored to their specific circumstances. They assist in safeguarding their possessions in case…
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What instructions can be included in a Living Will?
What Is a Living Will in the state of Florida? A living will of a resident in Florida states whether or not their life should be artificially prolonged if they are incapacitated and have a terminal condition or end-stage condition or are in a persistent vegetative state and their physicians determine there is no reasonable…