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February 2016 Archives

Is keeping an original will important in Florida?

A will is the central legal document for many estate plans. Along with the living trust, the will is one of the primary mechanisms through which a person can ensure that their assets are distributed according to their wishes, after their death. Most people who have amassed any substantial assets throughout their lifetime don't want to leave the disposition of their assets to chance. By creating a will or trust, a person does not leave their estate to be distributed based only on default rules under state law.

Planning for incapacity should be a part of every estate plan

Florida has an aging population. Memory loss is one area in particular where older people can have substantial difficulties. A variety of forms of dementia are common amongst older people, and they can strip a person of many of their cognitive abilities, including their memory. According to the Centers for Disease Control and Prevention, as much as 50 percent of the population will experience some symptoms of Alzheimer's disease by the time they reach the age of 85.

Does an irrevocable trust protect assets from creditors?

A trust can be useful in a variety of estate planning situations. But before a person decides to set up a trust and sign over assets to it, they should understand exactly what a trust can accomplish, as well as a trust's limitations. For example, can a trust shield a person's assets from their creditors?

Generations show differing views on leaving assets to children

Each generation of people in this country has had different attitudes and approaches in dealing with important issues. This is perhaps one of the reasons grandparents, parents, and children don't always agree on how to tackle some of the bigger questions in life. Apparently, this is also true when it comes to the opinions that people from different generations have about inheritances.