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How Joint Tenancy And Your Estate Plan
Owning property as joint tenants with rights of survivorship is a popular way to avoid probate—but it will also affect how you distribute assets under your will and overall estate plan. Because joint tenancy with rights of survivorship allows property to pass to the other joint tenant automatically, title holders should avoid conflicting instructions in their […]
Estate Planning After a First Marriage
Going through a divorce or getting remarried, especially if you are creating a blended family, can complicate your estate plan. If you want to protect your children’s inheritance, you may need to update your estate plan. Here are some factors to consider: Wills:Whether you are getting remarried or newly single, you should update your will […]
What Happens if a Potential Guardian Is Unavailable?
As a parent, you have probably considered who would care for your children should you unexpectedly pass away. Most parents appoint a guardian in their wills—but if that guardian is unavailable and no one else has been named, the state of Florida has authority to appoint a new guardian. Consider appointing backup guardians Parents often […]
Estate Planning Tips for the Sandwich Generation
If you are part of the “sandwich generation”—people with both aging parents and minor children of their own—it may be time to consider you and your parents’ estate plans. Many middle-aged adults are putting their own retirement needs aside to care for their aging parents. Sitting down to discuss your parents’ long-term care needs and […]
Why Life Insurance is a Smart Estate Planning Tool
Estate planning usually involves a lot of moving parts. From protecting your assets to providing for loved ones and avoiding probate, there are plenty of tools available to accomplish your goals. Investing in life insurance can be a smart estate planning choice. Life insurance can help avoid probate Life insurance proceeds typically do not go […]
Provide for Your Pets in Your Estate Plan
Most pet owners consider their pets a member of the family. To ensure that your pet is cared for after you pass away, you can leave funds specifically for the care of your pet. There are several ways you can provide for your pet’s care. Here are some pros and cons of each: Non-legal arrangements: […]
Top Mistakes to Avoid When Making Gifts
A smart estate plan strategically avoids taxation whenever possible. If your estate exceeds the federal estate tax threshold (currently over $12 million), making gifts before your death, if done properly, could lower your federal estate value and avoid taxation. Unfortunately, some gifts trigger IRS scrutiny—even if you are not trying to avoid the estate or […]
Planning for Long-Term Care
Many people over 65 will need long-term care at some point. Whether family members are willing and able to help care for your needs, or you need to consider other long-term medical care solutions, there are options available. Most traditional health insurance plans and Medicare do not cover in-home care, assisted living or nursing homes. […]
Tips for Choosing a Power of Attorney
Designating an attorney-in-fact under a durable power of attorney (DPOA) is one of the most important estate planning decisions you can make. Because your attorney-in-fact will have control over your financial assets, it is imperative you choose someone you can trust. Here is what to consider when choosing your attorney-in-fact: Age and capacity: Generally, Florida […]
Can You Make Your Will “Contest-Proof”?
When making a will, many people want to know how to make it “iron clad” or “contest-proof.” Some states allow no-contest clauses, which provides for the disinheritance of an heir to the estate should they challenge the validity of the decedent’s will. Florida does not. While no-contest clauses are unenforceable, crafting a will with an […]