As a Florida resident, an essential aspect of your estate planning involves the creation of a power of attorney. Sometimes called a letter of attorney, the document provides written authorization for someone to act on your behalf when you are incapacitated. While it's...
When you receive an inheritance from a resident of Florida, you do not have to pay state-level estate taxes or inheritance taxes. The state of Florida does not have a separate estate tax. However, the federal government has an estate tax that applies to all states if...
When you hear of the term "estate planning," you probably think of an older couple with a significant number of assets. With lots of heirs and plenty of people to designate as beneficiaries, an estate plan may seem pretty critical to a large family. However, what...
When a parent marries later in life, adult children may not have many opportunities to observe the new marital dynamics. The new spouse may not ever seem like a stepparent. If the parent dies and leaves most of the anticipated inheritance to the spouse, the adult...
If you are like most people, you probably do not like to think about the possibility of being unable to make decisions for yourself. When it comes to estate planning, you do need to consider that possibility. Advanced directives are tools so that you can plan for the...
Distributing and closing your estate can be quite a group effort. Depending on the decisions you make made prior to your death, the responsibilities of those helping you could vary significantly. When you know who the key players are and what their responsibilities...
You may have had some experience with probate, perhaps as a beneficiary or even someone who has served as a personal representative. If not, the probate process may seem confusing at best. What is the process and what happens regarding a decedent’s assets? About the...
When incapacitation keeps people from being able to fully care for themselves, someone must take over those duties. An estate planning document called a durable power of attorney allows people to authorize someone to make decisions and act on their behalf. If there is...
If you plan to contest a will in a Florida court, the time you spend preparing can make a considerable difference in your outcome. Courts will assess all angles of what your family member would have wanted. Doing your due diligence can improve your case and help the...
Creating your estate plan is just the first step in the relatively long process of managing your estate affairs. After its creation, you need to ensure it continues to reflect your wishes and your current life circumstances. This means your estate plan should get...