Category Archives: Estate Planning
How Does Durable Financial Power of Attorney Work?
A durable power attorney for finances is an estate planning tool used to cover your financial matters. It is usually intended to be used in the event you become unable to make your own decisions. This typically occurs when you become incapacitated for health reasons. In most cases, the person granted durable financial power of […]
Answers to Frequently Asked Questions About Living Trusts
Living trusts can be highly useful estate planning tools for people in all types of financial situations. Below are answers to some of the questions we most frequently receive about these trusts. Q: Why is a living trust beneficial for my estate plan? One advantage associated with a living trust is that any property you […]
What You Need to Know About Medicaid Asset Transfer Rules
There are several key requirements you must fulfill to qualify for Medicaid benefits. One of these requirements is that you must not have recently transferred any assets, over a certain value threshold. The reason for this is that the federal government believes it is unfair for wealthy people or simply people who would not qualify […]
Why It’s Important for Your Personal Representative to Have Access to Your Digital Assets
Today’s estate plans must consider digital as well as physical assets. Digital assets include online bank accounts, email accounts, social media profiles, photo storage accounts, apps, blogs, web domains and any other digital file or account. It is imperative to provide your personal representative with access to these assets. Without such access, he or she […]
You’re Not ‘Too Busy’ to Make a Will!
With as busy as you likely are each day, it might seem like an impossible task to sit down with an attorney and draw up a will. In fact, being “too busy” is one of the most common reasons cited by people for not getting around to making a will. But making a will really […]
What’s the Summary Administration Option in Florida?
In Florida, there are three main ways to settle an estate, one of which is summary administration. This method serves as a shortcut to the probate process for estates that meet either of the following criteria: The death occurred at least two years ago. The value of the estate to be probated, including all property […]
How to Add an Addendum to Your Will
If you wish to do so at any point, you may amend your will relatively easily to ensure the document accounts for changing circumstances in your life. You can do so by creating an addendum, also known as a “codicil” in the estate planning world. A codicil is a short document that changes some of […]
Should You Convert Your IRA to a Roth IRA?
In some circumstances, it makes sense for individuals to pay the taxes on their retirement savings early. A Roth IRA is funded with after-tax dollars, which means all qualified withdrawals can be made tax free. In addition, Roth IRAs do not have the required minimum distributions mandated by the Internal Revenue Service that other retirement […]
Would You Benefit from the Use of a Corporate Trustee?
There are some circumstances in which a person creating a trust opts to use a corporate trustee rather than an individual, such as a friend or family member. Below are a few examples of situations in which you might consider using a corporate trustee. You’re seeking to build wealth with professional assistance Many people have […]
Tips for Choosing the Right Successor Trustee
If you draft a revocable living trust as part of your estate plan, you likely named yourself as the trustee to allow yourself to continue managing your affairs until you are unable to do so, whether due to incapacity or death. Once that point arrives, someone else will need to step in to fulfill the […]