Category Archives: Estate Planning
Understanding Estate Taxes
Estate taxes can cut into inherited wealth. Luckily, Florida does not have a state estate tax—although the federal government does. If you own property in other states, your property may be subject to other state estate taxes—and, of course, the federal estate tax. Here is what you need to know about estate taxes: The federal […]
What Are Annuities?
Annuities are an insurance contract issued and distributed by financial institutions, created with the intention of paying out invested funds in a fixed income stream. If you own annuities, you have probably invested in or bought an annuity with a lump sum or monthly premium. You’ll receive those payments throughout the specified period, which is […]
Planning for Digital Assets
These days, digital assets are more common. From Bitcoin to other assets, it is important to let your heirs know what you have stored away, where to find those assets and how to access them. Now that digital assets are more common in wills, it is a good idea to know how to plan for […]
Is it Time to Consider Aging in Place?
As we get older, it is difficult to carry on with our lives in the same manner and changing physical ability can make it tough to live in your home. Aging in place renovations can make a home easier to navigate as one grows older. Here are some ideas to consider: Who should age in […]
Can Your Parents’ Debt Be Inherited?
Sometimes, parents leave behind more debt than assets. What happens when a parent leaves nothing but debt? Are you liable for their financial choices? Debts you could be responsible for A beneficiary is not individually responsible for a debt of the estate. However, if and when the asset is no longer part of the estate […]
What to Do When Your Heir Might Blow Their Inheritance
You have worked hard all your life to generate wealth and wish to devise your estate to your children. But what do you do when you suspect a designated beneficiary could blow their inheritance? We all hope that our children will respect the money they inherit, but sometimes their personalities and specific circumstances make that […]
Should You Put Stocks and Bonds in a Trust?
Using trusts can help bypass probate—a process which can take several months or more. Most people hope to avoid sending assets through probate whenever possible. Did you know that you can put stocks and bonds in a trust for your heirs? Generally, stocks and bonds can be transferred into a trust under certain procedures. Here […]
Estate Planning Misconceptions
It’s time to create an estate plan—but how should you distribute your assets? These common estate planning myths and misconceptions can scare off would-be testators. While working with an estate planning attorney is the best way to ensure your estate is divided and distributed according to your wishes, understanding the truths behind these misconceptions can […]
Understanding Per Stirpes Designations
What does it mean to devise an asset, per stirpes? In Latin, this translates to “by the roots” or “by the branch,” and is a way for testators to direct the distribution of their estate if a beneficiary predeceased the testator. This is also known as “by right of representation.” How it works When you […]
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 […]