As Estate Planners, we often have clients who want to leave a lifetime income stream to a beneficiary when the client dies. The beneficiary can be anyone – a spouse, child, friend, housekeeper, long-time companion or domestic partner. This is often done using a trust, however, when the amounts involved are not large some practical [...]
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Domestic Partner Planning Unmarried couples, regardless of gender, face many of the same issues that married couples face - sharing of assets and expenses while they are together, division of assets in the event that the relationship does not work out or in the event of death, and caring for each other during a health [...]
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You know Mom had a safe-deposit box at the bank, but Mom has passed away and you need to get access. Perhaps her original will is in it. Perhaps her burial instructions or deed to her burial plot. Perhaps an insurance policy. What do you do? Assume that Mom’s Will, burial instructions, burial plot or [...]
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A study published in the Journal of the American Geriatrics Society in May of 1999 demonstrated that independently living seniors that have pets tend to have better physical health and mental well-being than those that don’t. They’re more active, cope better with stress, and have better overall health. A 1997 study showed that elderly pet [...]
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Many parents – the “wealth creators” – want to be in complete control. However, trusts must be irrevocable for estate tax and asset protection planning purposes. So what to do? Many people get turned off when the word “irrevocable” is raised. We must be able to assure them that they can “have their cake and [...]
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Titling property jointly has its advantages – for one, it avoids probate. But that is the tip of the iceberg, what lies beneath can be a nightmare. Let’s take an example: You are widowed or divorced and you want your son to get your home when you pass. You record a deed transferring title into [...]
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In December 2010, Congress quickly passed some changes to the Estate and Gift Tax law that increased the lifetime gifting exclusion from $1,000,000 to $5,000,000. As written, this increase is scheduled to sunset at midnight, December 31, 2012. Some of our clients have taken advantage of this opportunity, because, generally speaking, if you have given [...]
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Several years ago, a handful of states (for example, Alaska, Delaware and Nevada) enacted legislation that purported to permit individuals to create trusts of which they, themselves, could be the beneficiaries, but which would put the assets in those trusts beyond the reach of the individuals own future creditors. The idea was that, as long [...]
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The term “Intestate Share” means the share of a decedent’s estate to be received by a member of the decedent’s family when the decedent dies without a valid will. For decades, in Florida, the share of a surviving spouse has been $60,000 plus 50% of the balance of the probate estate, if the decedent and [...]
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It’s an emotional attorney-client conference – Father wants to discuss disinheriting a child. Legally, that can be done in Florida, however, emotional issues are set in play that can last for several generations. Mother may not have been completely on-board with the decision, so it becomes a source of controversy for their relationship. Also, you [...]
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A Power of Attorney is a legal document delegating authority from one person to another granting that person the right to act on behalf of the maker of the Power of Attorney. What authority is granted depends on the specific language of the Power of Attorney. A person giving a Power of Attorney can make [...]
Read More Guardianship, Homestead, Power of Attorney, Probate, Trusts, Wills