Tag: estate-planning
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Who Serves as Personal Representative Of a Florida Probate Estate If There Is No Will?
What Happens in an Estate When Someone Dies Without a Will? What occurs when an individual passes away without a will? In the absence of a will, as per Florida law, the surviving spouse assumes the role of personal representative of a Florida probate estate. However, in the event that there is no spouse, the…
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What other elements are involved in my estate plan?
Powers of Attorney are crucial documents to execute when finalizing your estate plan. If you are unable to make decisions without a Durable Financial Power of Attorney, a court will have to appoint a guardian to handle your affairs, pay your bills, and manage your property and investments. Guardianship proceedings can be lengthy and costly,…
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Why is estate planning important for business owners?
Who should consider estate planning? An estate plan can keep your business and personal assets out of probate court, making the transition of your assets much smoother for your family members. Additionally, by creating an estate plan, you will have full control over what happens to your business and other assets after you die or…
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What does an installment sale involve?
An installment sale in the estate planning context is typically designed as a sale for a Promissory Document that includes interest-only payments over a specific period, followed by a lump sum principal payment at the end of the term. This approach proves advantageous when transferring investments or business interests to the succeeding generation while ensuring…
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How can I participate in real estate investment?
There are various methods to engage in real estate investment. In fact, integrating real estate investment into your estate planning can be highly advantageous ? employing trusts and other legal instruments to safeguard you and your enterprises. If you are considering real estate investment, it is crucial to contact a legal team promptly.
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What is Death Probate?
In legal terms, Probate refers to the court-supervised process of administering someone’s estate after they pass away. This process ensures the distribution of their assets and settlement of any outstanding debts. It involves gathering and valuing the deceased person’s assets, paying any taxes and debts owed, and distributing the remaining assets to beneficiaries or heirs…
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When is it advisable to review an estate plan?
I recommend that you have your estate plan reviewed every few years, at the very least. Things change in your life. When there is a significant event, such as a death, it’s definitely a time in your life when you should have your estate planning documents reviewed. Maybe you lose a spouse, maybe you lose…
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How can a premarital contract help safeguard against your stepchildren?
Answer: A well-drafted premarital contract can prevent the possibility that your stepchildren inherit from you while your own children receive nothing from your estate. For instance: Let’s say Jack and Jill are getting married and each has a child from a prior marriage. Most married couples arrange their estates so that upon the death of…
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What if I relocate to another state?
It is crucial to have your estate planning documents reviewed by a lawyer authorized to practice in the jurisdiction in which you reside. The laws, procedures, and customs vary in each state, and a proficient lawyer licensed in the relevant jurisdiction will provide the most appropriate advice on the laws of that specific jurisdiction.
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How should clients seeking estate planning services prepare for their initial meeting?
What should I bring to the initial meeting with my legal representative for estate planning? Existing estate planning documents. Fill out the appropriate estate planning questionnaire on our “EPQs” page and submit it to a firmbefore the meeting if possible. Develop a general understanding of who will be designated as beneficiaries in your estate plan,…
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Why should someone consider establishing a Trust that can be revoked while they are still alive?
Who Should Consider Having a Trust That Can Be Revoked While Living? It might be advisable to establish a Trust that can be revoked while someone is still alive if they own real property in a state different from their state of residence. It is also recommended to create such a Trust in order to…
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Why is it important to establish an estate plan?
Why is it essential to create an estate plan? Regrettably, many families neglect the importance of proper estate planning due to the misconception that their assets are insignificant or that their children can independently distribute them. If one fails to establish legal arrangements for asset management and affairs after their incapacity or demise, the intestacy…
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How do I appoint a guardian for my children?
If you have children under the age of eighteen, you should designate a person or persons to be appointed guardian(s) over their person and property. Of course, if a surviving parent lives with the minor children (and has custody over them) he or she automatically continues to remain their sole guardian. This is true despite…
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What is the significance of estate planning and why is it crucial?
What does the term estate planning mean? Estate Planning is a procedure of preparing for the unexpected in life. Without even realizing it, you have likely engaged in the Estate Planning process most of your adult life ? for example, obtaining a life insurance policy, naming beneficiaries on your retirement plan, or when you are…
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How can Collaborative Divorce assist individuals in navigating intricate financial arrangements, such as investments and pensions?
Collaborative Divorce offers the opportunity to engage neutral financial professionals known as Allied Experts. These professionals can provide invaluable guidance in comprehending, appraising, and considering options for dividing intricate assets while taking into account long-term financial stability, retirement, and estate planning objectives. It may be beneficial for both parties to examine beneficiary designations under life…
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“Medicaid Eligibility: Income Limits in Florida”
– Medicaid in Florida provides extensive health coverage to low-income individuals, including seniors, persons with disabilities, children, and pregnant women. – The income limits for Medicaid, especially for long-term care, vary based on an individual’s or family’s circumstances and are subject to change annually. – For individuals interested in long-term care services, the income cap…
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Understanding Florida’s Tenancy by the Entireties Law
– Florida’s housing market has been one of the hottest in the country in recent years, with Tampa, Florida being named the hottest city for buying a home in 2022. – The demand for second homes in Florida has increased 87% from pre-pandemic levels, according to real estate brokerage firm Redfin. – Married couples purchasing…
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Everything You Need to Know About Naming Your Life Insurance Beneficiary
– Business owners can use life insurance to equalize the value of each child’s inheritance or to buy the deceased partner’s interest from their family. – Parents with young children can use life insurance to pay for the expenses of raising children and provide for a surviving parent if the deceased parent was the family’s…
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“Should You Get a Prenup Before Getting Married in Florida?”
– A prenuptial agreement, also known as a premarital agreement, is a contract made between prospective spouses before marriage. – It addresses rights to alimony, division of property and debts, and distribution of property in the event of divorce or death. – Benefits of having a prenuptial agreement include facilitating a quick resolution in the…
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Estate Planning for Bitcoin and Other Digital Assets – Law Firm Offers Guidance
– Bitcoin and other cryptocurrencies are becoming more mainstream and are being addressed by corporations, the media, and politicians. – Altcoins, or cryptocurrencies other than Bitcoin, are growing in popularity, leading to an increase in investing in cryptocurrency. – Estate planning lawyers are seeing cryptocurrency more commonly listed in asset lists when working with clients.…
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Digital Estate Planning: A Guide for Florida Residents
– Digital estate planning involves organizing and managing digital assets, as well as specifying how they should be handled after one’s demise. – It is important to make a list of all digital assets, including email accounts, social media profiles, online subscriptions, websites or blogs, and financial assets like cryptocurrency and online bank accounts. –…
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“Challenging Probate in Florida: What You Need to Know”
– Probate is the court-supervised process for distributing a deceased person’s assets to their beneficiaries. – Probate in Florida is necessary for nonresidents and residents who own property in their individual names without a named beneficiary. – Objecting to probate in Florida can be done on grounds such as undue influence, fraud, mistake, lack of…
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Florida Law Gives Spouse a Share of the Estate, Even if Disinherited
– In Florida, the surviving spouse has the right to claim a portion of the deceased spouse’s estate, regardless of what is written in the will. – This law, known as the elective share statute, was created in 1975 to ensure that the surviving spouse and children are not left without means after the death…