Tag Archives: BaumannKangas Estate Law
An Overview of Co-Ownership of Real Estate in Florida
In Florida, there are three primary forms of joint ownership of real estate/home titles. Let’s take a quick look at each of these three and the pros and cons that come with them. Tenancy in common In Florida, when two or more people hold a title they ususally do so as tenants in common, unless […]
Prenups and Estate Planning Can Overlap
The way prenuptial agreements are used in marriages can result in them having a bit of an overlap at times with estate planning, because these contracts often limit a surviving spouse’s right to inherit property. Every state has laws in place that protect a surviving spouse’s property and inheritance rights. These laws were originally implemented […]
Important Estate Planning Tools for College Students
While most college students who are young adults probably don’t pay a second thought to estate planning, it can be highly beneficial to get some simple estate planning documents in order. The importance of doing so is even greater during the time of a pandemic. Students who are back at campus this fall are at […]
Writing Your Advance Directives
An advance directive is a legal document you fill out to leave behind instructions for the type of medical care you wish to have if something happens and you’re unable to act on your own behalf. This ensures your family members and doctors will know your wishes for particular situations, and can act according to […]
The Benefits of Financial Power of Attorney
One of the questions you’ll need to consider as you plan your estate is who you will name as your agent in a financial power of attorney. This person will have the authority to make certain financial transactions and decisions on your half should you become incapacitated. There are a variety of benefits to granting […]
Are There Any Risks Associated with Granting Power of Attorney?
Power of attorney is a designation you provide to a chosen person (your agent) to make certain decisions on your behalf, generally related to finances or healthcare. It is an element of any strong estate plan to ensure your wishes are followed in the event of your incapacitation. But are there any risks associated with […]
What You Can Do to Make Sure Your Grandchildren Get Their Inheritance
If one of your estate planning goals is to leave behind assets for your grandchildren, there are several steps you can take to accomplish this. The most important decision you can make is to have open, frank discussions about your estate planning goals with your adult children. If you want to be certain assets pass […]
What to Know About Discretionary Lifetime Trusts
A discretionary trust is a type of trust in which distributions are made at the discretion of another person (the trustee). Beneficiaries in this type of trust do not have any control over trust assets and are not able to demand distributions. These trusts are often used for minor beneficiaries. Here’s a quick overview of […]
What to Consider When Selecting a Guardian for Minor Children
If you have minor children, arguably the most important part of your estate plan is the stipulation in which you name the person who will take care of your children if you and the other parent should die while they are still minors. This person is known as the “guardian” of the children. Most people […]
Estate Planning Tips for Childless People
People who are single without any children often feel as though there is no need for them to worry about developing an estate plan. However, if you own any assets at all, you probably care about what happens to them after your death. In addition, there’s more to estate planning than just passing on assets. […]