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May 2013 Archives

The whys and hows of transferring inherited assets

When a person dies, his or her spouse and children often have inheritance rights. Many Florida residents may be unaware of how these rights work. When a person dies without a will, the money and assets will go to the spouse or next of kin – children, siblings, parents, even cousins or nieces and nephews. These may not be the intended heirs, which is why some people choose to transfer their inheritance rights.

Mother accused of blowing twin heirs' inheritance

When Florida residents set up a family trust, they are hoping to make financial matters easier for the next generations. However, the work doesn't end as soon as the paperwork is drawn up. Part of trust administration is making sure the trust stays healthy so that it can do what it's supposed to do for the beneficiaries.

Estate planning is a good idea for Florida's young people, too

Many Florida residents don't think about executing a will until they are past retirement age - or when they have children, at the earliest. But the uncomfortable truth is that no one knows when such a thing is going to become necessary. There are many good reasons for young people to begin the work of estate planning.

Smart estate planning means thinking about estate administration

Florida doesn't have an estate tax, and the federal estate tax only applies to estates worth more than $5.25 million, so many Floridians feel that they don't need to think very much about how to best arrange their assets to go to their heirs and beneficiaries. But many kinds of families can benefit from good estate planning and estate administration.

For lives spent online, estate planning must go digital

Florida residents are increasingly spending their lives online. They communicate through e-mail accounts, social media accounts, personal blogs and other means of maintaining an online presence. They do much of their banking and bill-paying online and store their music collections and photos in the so-called cloud. All of this digital material can be convenient and fun, but as the saying goes for physical possessions, you can't take it with you. It's time people started thinking about their digital assets when they are drafting estate planning documents.