J. Kelly Kennedy, Attorney/CPA, PLLC

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March 2016 Archives

What is involved in leaving real estate to family members?

Some people in Polk County have likely thought about what they want to happen with their assets when they die. Leaving assets like a bank account or investment account does not necessarily have to involve much more than setting up the account as "pay on death" and designating a beneficiary in the account documents. When a person wants to pass down real property, like a house or condominium, however, they may have to weigh a few important factors before choosing how to distribute it.

Modifying an irrevocable trust under Florida law

As a prior post on this blog explained, an irrevocable trust is generally a more rigid trust instrument compared to other types of trusts. For example, when a person deposits assets into an irrevocable trust, that person relinquishes their control over the assets. Of course, irrevocable trusts also have their advantages; they can help preserve the trust assets from creditor's claims, and they can offer substantial tax savings when the beneficiaries receive the trust assets.

Probate judge seals Harper Lee's will

Many Polk County residents are familiar with the name Harper Lee. The author gained her fame from her 1960 Pulitzer Prize winning novel, "To Kill A Mockingbird." Despite the book's enormous commercial success over the years, Lee only published one other novel, which was not released to the public until 2015. Throughout her life, Lee stayed out of the limelight, preferring to keep her privacy. She passed away at the age of 89 last month.

When is the right time to discuss estate planning with a parent?

Everyone dies at some point or another, and for some people, the end of life is not a difficult subject to discuss. For many other people, however, their own death is among the last things in the world they want to talk about.

Planning is the best way to avoid inheritance conflicts

Money has a tendency to make people do things they might ordinarily not do. For example, even the closest of family members can get into disputes about an inheritance. This is especially true where the decedent failed to make their wishes clear in their estate plan.