Author Archives: Phillip A. Baumann
Make Sure Your Medical Directives are Easily Accessible
Have you finished creating your estate plan? That’s great, but your work is not quite complete. You also need to ensure all documents are easily accessible. This is especially important for your medical directive, which your loved ones may need to find quickly in an emergency situation. According to a report from the Journal of […]
What Goes into Testamentary Capacity?
For a will to be valid, the creator must have what’s referred to as “testamentary capacity” when creating it. This means you must have the mental ability to fully understand the decisions you are making. The following are the five components that establish testamentary capacity: Age: You must be an adult over the age of […]
Estate Planning Tasks to Complete Before Military Deployment
If you know you are going to be deployed overseas as part of your military service, it is important that you take care of some estate planning tasks before you leave. The following are some key issues to consider: Prepare legal documents You should have a will in place before you leave, especially if you […]
Leaving Behind Personal Gifts in a Will
When engaged in estate planning, you have the ability to either leave behind personal gifts in a will or provide them to another person while you are still alive. A gift given during your lifetime or through an irrevocable trust is referred to as an inter vivos gift, and it can help you avoid probate […]
What Rights do Children Have to a Deceased Parent’s Property?
It some situations, it can be quite confusing as to who is a beneficiary when the assets of an estate get distributed. Wills often refer to children as “descendants,” “children,” “heirs” or other terms. In general, Florida estate planning laws follow the rules of intestate succession if a child has not been named in a […]
Changes to Make to Your Estate Plan After a Divorce
As you are going through a divorce, there’s no shortage of issues you need to sort out in the short term. However, it’s also important that you consider the impact your change in life circumstances will have on your estate plan, if you have one already established. The following are several actions to take after […]
Charitable Giving as Part of Your Tax Planning Strategy
There are many reasons why it can be beneficial to give back to your community and those in need. Even beyond the altruistic, moral nature of the act, however, there are many financial and tax benefits of making charitable donations, as well. Your ability to donate to charitable organizations depends on your financial circumstances, but […]
Florida Chief Justice Orders Study on Guardianships
For several years, the guardianship system in Florida has been the subject of much criticism and debate. Now, Chief Justice Jorge Labarga of the state Supreme Court has announced that appointed members of a special task force will investigate these growing concerns. The news comes right as the state is attempting to establish regulatory authority […]
Estate Planning for Newlyweds: Important Tips
If you’ve recently been married, estate planning may be the last thing on your mind. However, marriage is a major life change, and it’s worth putting some thought into how your new legal and financial relationship will impact your plans for the future. The following are some quick tips to help you and your new […]
Know the Truth: These Estate Planning Myths Could Cost You
As you likely know, estate planning is an important process that allows you to maintain control over how you will pass on your assets and property to your beneficiaries. However, there are many myths and misconceptions surrounding this process, leading to a number of common mistakes. The following are some of the most common estate […]