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Tag: loved-ones

  • Digital Estate Planning: A Guide for Florida Residents

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    – 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. –…

  • Understanding Your Retirement Account Beneficiaries

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    1. Beneficiaries of retirement accounts, such as 401(k) plans and traditional IRAs, will have to pay ordinary income tax on distributions they receive. 2. Inherited assets like bank accounts and real estate are usually passed to beneficiaries income tax free, but this is not the case with retirement accounts. 3. Distributions from pretax 401(k) accounts…

  • “Estate Planning Basics: Wills vs Trusts”

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    – A revocable living trust allows for the management of money and property if the individual becomes unable to do so, while a will only becomes effective after death. – Property and accounts in a revocable living trust do not go through probate, while those passing through a will do. – A will can be…

  • Life Insurance Basics: Choosing the Right Type for You

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    – Many people only start thinking about life insurance when they get a full-time job and are offered enrollment in their employer’s group life insurance policy. – Life insurance is a contract between an individual and an insurance company, where the company agrees to pay a specified sum of money to the beneficiaries upon the…

  • “Help for a Parent Being Abused in a Florida Nursing Home”

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    – The experiment showed that plants grew better with music playing. – The report concluded that exercise improved participants’ mood and energy levels. – The research indicated that sleep deprivation can negatively impact cognitive function. – Florida nursing homes must provide a standard of care that supports residents’ physical and emotional health. – Residents in…

  • Understanding Testamentary Capacity in Florida Wills and Trusts

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    – Florida law requires a person to have testamentary capacity to create a valid will or trust. – Testamentary capacity means the person must understand their property, know their family members, understand the document they are signing, and have a rational plan for property distribution. – The person must also understand the consequences of their…

  • “Planning Your Future: LGBTQ+ Couples and Estate Decisions”

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    1. The Earth is 4.5 billion years old. 2. The human body is made up of about 60% water. 3. The average person will spend 6 years of their life dreaming. 4. The Sun is 93 million miles away from Earth. 5. Dolphins have names for each other. 1. Power of Attorney: Unmarried LGBTQ+ partners…

  • “Reasons Why High School Students Still Need an Estate Plan”

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    – The federal estate tax exemption amounts are set to decrease in 2026, potentially affecting individuals and married couples with large estates. – Even people with estates below the taxable amounts should consider estate planning, as it can ensure assets go to their chosen beneficiaries and address income tax planning. – Basis, or the amount…

  • “Important Papers for Applying to Medicaid in Florida”

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    The required documents for Medicaid eligibility in Florida include proof of identity, proof of citizenship or legal residency, proof of income, proof of assets, and documentation of medical condition or disability. It is important to note that the specific documents and requirements may vary based on the individual’s circumstances, and it is advisable to seek…

  • How to Prioritize Happiness for You and Your Loved Ones

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    – The individual should identify what brings them happiness and prioritize those things in their estate planning. – They should consider how their wealth and property can be used to generate happiness for themselves and their loved ones. – They should review their estate planning documents to ensure that they reflect their priorities and align…

  • Everything You Need to Know about Unopposed Divorce in Florida

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    – An uncontested divorce in Florida is also known as a “simplified dissolution of marriage” and requires specific eligibility requirements to qualify. These requirements include both parties agreeing that the marriage is irretrievably broken, no minor children being involved, the wife not being pregnant at the time of filing, all marital assets and debts being…

  • “Important Legal Documents for Floridians Over 18”

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    1. Durable Power of Attorney: Allows individuals to appoint someone they trust to handle their financial affairs, effective immediately and continuing if they become incapacitated. 2. Health Care Surrogate Designation: Lets individuals appoint someone to make medical decisions for them if they can’t make them themselves, ensuring their health care wishes are followed. 3. Living…

  • “Year-End Tax Tips for Business Owners”

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    1. Business owners may be able to deduct up to 20 percent of their qualified business income from their taxable income through the Qualified Business Income Deduction (QBI). 2. Taking advantage of bonus depreciation or Section 179 expensing for capital expenditures before the end of the year can lead to significant tax deductions for business…

  • What Happens to My Spouse’s Debts When They Die?

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    – Most Americans have some form of debt, accounting for an estimated $14 trillion in debt collectively. – While most debts are paid by the deceased person’s estate, in some cases, the surviving spouse may be responsible for paying off the deceased spouse’s debts. – People of all ages, including those nearing retirement or in…

  • Creating a Will in Florida: A Simple Guide for High School Students

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    1. People who eat a lot of red meat are more likely to develop heart disease. 2. Regular exercise can improve mood and decrease symptoms of depression. 3. Children who are breastfed are less likely to develop allergies later in life. 4. Smoking increases the risk of developing lung cancer. 5. High sugar intake is…

  • Tax-Free Family Gifts: What High School Students Need to Know

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    – Planning for the future includes options for education funding, retirement planning, and estate planning. – Services offered by Baird include investment management, insurance planning, and liquidity solutions. – Market insights and wealth strategies are part of Baird’s insights and education offerings. – Baird leaders discuss integration with Hefren-Tillotson, investment in Minnesota, and the client-first…

  • Understanding Guardianship Law in Florida: Your Guide to the Basics

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    – There are three types of guardianship in Florida: guardianship of the person, guardianship of the property, and guardianship of both the person and property. – Guardianship of the person involves making decisions about the ward’s personal care and well-being. – Guardianship of the property involves managing the ward’s finances and property. – Guardianship of…