J. Kelly Kennedy, Attorney/CPA, PLLC

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December 2014 Archives

Florida's durable power of attorney

For many people, health changes in life can be unexpected. While someone can be completely healthy one day, the next they can be fighting to survive. Because life is so unpredictable, it is important to plan for emergencies. A durable power of attorney can be a useful tool when planning for life's unexpected accidents.

Proper will execution can help to reduce sibling conflict

An estate plan helps Florida residents decide what they should do with their assets after they pass. This plan can be extremely important to peoples' families as they deal with the person's death. Not only can it make sure that assets are put to good use, it can, in some cases, keep families from a prolonged fight over who gets what. An estate plan can also help to reduce estate taxes and other costs. However, an estate plan can only do these things if it is properly executed. In particular, will execution is very important.

Helping Florida residents with trust administration

When a family member passes away, it can be difficult to deal with all of the grief. While some Florida residents may have experience with the decisions that are made following a family member's death, it is sometimes unlikely that they really have the emotional strength to put the necessary time and energy into dealing with those issues. Therefore, when it comes to making decisions about their own estate plans, people often have little experience in which to make their decisions. Furthermore, probate can be a difficult legal process that can be hard for people to understand, even without the emotional impact of their loved one's death.

Funding a living trust

A trust can be an important and valuable estate planning tool. It allows people to bypass probate and gives their beneficiaries access to important assets more quickly. In some cases, it can help people limit their tax liability and help keep assets in a family. Depending on the type of trust, they can fulfill many estate planning goals.

What is an elective share?

When a person passes away, they leave all their belongings, assets and debt. Upon death, this property transfers to what is known as the estate. The amount that is left in the estate after debts and taxes have been paid is then distributed to the person's heirs according to the person's estate planning documents -- like a will -- or is distributed according to the laws of intestacy if the person died without a will. The amount that is distributed to the person's heirs is their inheritance.