J. Kelly Kennedy, Attorney/CPA, PLLC

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November 2014 Archives

Duties of the estate administrator

When Florida residents plan for their deaths, they are ensuring that their family will be taken care of in the future. Through the use of a variety of estate planning tools, people can make their final wishes known. They can plan to distribute assets and minimize tax implications. However, all they can do is plan. An estate administrator is needed to actually carry out the plans laid out in the estate plan.

Don't underestimate the importance of a solidly drafted will

Most people work their entire lives to provide for their families. People want to give them the very best -- whether that is the best housing, best education or best experiences. While it is possible for people to make arrangements for their family's wellbeing when they are alive, this obviously becomes more difficult after people pass. However, with the right planning, it is not impossible to provide for your family after your death. There are many estate planning tools that can help ensure that your family receives the very best for years to come.

Common estate planning mistakes

It can be difficult for anyone to think about their death. However, when it comes to your estate, planning for your death is essential. Without taking the time to properly estate plan, you could be putting your assets and your family's financial security at risk. There are several common mistakes that people make when estate planning, Florida residents should be aware of these mistakes as they plan for their futures.

What is a health proxy?

It is important for Florida residents to think about the future. Not only their short term future, but what should happen to them if a major medical emergency occurs. While thinking about medical issues and death can be scary for many Florida residents, it's a necessary part of life. Without the right estate planning, people can place an unnecessary burden on their family.

Understanding different types of trusts

Florida residents have many choices when it comes to estate planning. Depending on their situation, people may want to choose to create a trust. A trust is created by a person and it can survive the person's death. A trustee manages the trust to the benefit of named beneficiaries. The trustmaker names the beneficiaries and picks the trustee. While these basic facts may be well understood, Florida residents may not understand all the different type of trusts that are available to choose from.