J. Kelly Kennedy, Attorney/CPA, PLLC

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July 2014 Archives

Strategies to protect inherited IRAs

Many Florida residents have individual retirement accounts, or IRAs, which can accumulate a lot of money before the person retires and begins to draw on the funds. One of the big appeals of these accounts is that they gather interest tax-free, so long as the account holder doesn't withdraw any money from it until after retirement or other conditions are met. IRAs can be a great supplement to other retirement accounts, and they can be part of a person's estate and assets when they pass away. However, inheriting someone else's IRA can lead to a lot of confusion.

Estate administration begins after Lou Reed's death

Many Florida residents like to feel like they are in control of their lives-and their money. For many people, this desire extends beyond their deaths. Having worked to accumulate money and assets over a lifetime, they want to make sure that it is distributed in the way they intended. Planning for careful estate administration can help achieve these goals and facilitate the process.

Increasing numbers of disputes over wills and inheritances

As Florida families accumulate greater wealth and assets, it becomes more important for individuals to create a plan for what will happen to those assets at their deaths. Failure to draft a will or provide for its proper execution can result in family conflicts that can destroy relationships and keep people tied up in court battles for years.

Family members deprived of father's IRA due to mistake

For people in Polk, one of the most important documents they will complete is their will. When there are assets to be distributed to family members, the best way to avoid a long dispute after the decedent has passed is to create a will that will be followed after death. It's imperative that the will be filled out properly. A mistake for any reason can turn the whole document into disarray and an heir that was slated to receive money or items might be left out.