J. Kelly Kennedy, Attorney/CPA, PLLC

Local: 863-877-4723
Toll-Free: 888-415-5019

Experienced
Attorney and CPA

January 2017 Archives

Prince's estate illustrates the need for smart planning

Florida residents who are considering whether they need a plan for their personal property after they have passed might not be able to relate to the famous and ultra-wealthy. However, there is much to be gleaned from the news when a prominent person dies and ownership of the estate and assets are in dispute. It's important to understand how money that could have been protected might be lost, why children can be affected, and how the decedent's wishes need to be detailed.

President-elect recommends change in administering estate tax

They way estate planning is handled from top-to-bottom is in response to how legislation can affect the estate. Laws can determine how much and why certain people are taxed on their assets. Estate tax responsibilities have not changes much in recent years. However, the current president-elect has outlined an overhaul of the system in which estates, wills and trusts are taxed.

What should you know about estate planning in the new year?

An important issue for Florida residents to remember when crafting strategies for their estate plan is that a new year may bring new changes to the law. Mistakes can be made when failing to adequately prepare and adjust estate planning documents to adhere to these changes. Knowing what to look for and being cognizant of what is different is important.

A new president means considerations for estate and assets

Floridians who are planning for the future and taking steps to ensure their estate is properly organized must also take into account the political climate and potential changes that could be on the horizon. When there is a major upheaval in the government, that can cause changes that need to be considered when calculating how to deal with money, assets and property. Such is that case with the incoming presidential administration of Donald J. Trump. Regardless of one's political leanings, there are certain aspects that have to be addressed no matter what.

What are the duties of a Florida trustee?

Many Floridians, including residents of Polk County, may choose to create a trust as part of their overall estate plan. Creating a trust naturally involves nominating a trustee to handle the ongoing obligations of trust administration. Unlike the personal representative named under a will, a trustee's obligations can continue for years or even decades.

The pro and cons of naming a loved one as trustee

As recent posts have explained, many times, a resident of Polk County, Florida, who decides to use a trust as his or her estate planning vehicle will want to name a trusted loved one as his or her trustee. While this decision is often based on affection, it should be backed up by a careful evaluation of whether or not a family member or close friend would actually make the best trustee.

Keeping an estate plan current when life changes occur

Florida residents who take the initiative to protect their assets for their loved ones by drafting estate planning documents and crafting strategies to make their desires become a reality are making a smart decision. However, in the majority of cases, the estate plan structure does not simply stop once it is completed. With family changes comes the need to make adjustments to the estate plan. Knowing what factors make it necessary to change the estate plan are important for the future.

Understanding the importance of estate planning

Estate planning is useful for a number of reasons and can provide peace of mind for the estate planner and the estate planner's family. One of the primary benefits of an effective estate plan is that it allows the planner to provide for their family, including their spouse and minor or grown children. An estate plan can also ensure property is transferred to beneficiaries more quickly through a trust, expedited probate process or other methods to provide peace of mind that they will be cared for and will not have to wait for a burdensome period of time.

We can help personal representatives from out of state

Since Florida is a state where elderly people often come to retire, it is likely not a surprise that many residents of Polk County have wills and other estate planning documents which assume an out-of-state relative, perhaps a loved one from back home, will serve as personal representative following the Florida retiree's death.

Preparing a will with unforeseen eventualities in mind

Floridians who are diligently preparing for the future by making certain that their estate plan is in place should make certain to pay attention to everything. If, for example, the death of a testator was followed quickly by the death of one of the heirs, it can complicate matters. This is why it is important to be prepared for every eventuality with a will.

Preparing a will with unforeseen eventualities in mind

Floridians who are diligently preparing for the future by making certain that their estate plan is in place should make certain to pay attention to everything. If, for example, the death of a testator was followed quickly by the death of one of the heirs, it can complicate matters. This is why it is important to be prepared for every eventuality with a will.

How can the laws of intestacy affect my estate's assets?

Winter Haven residents can be well-served by executing personal estate plans to ensure that the end of life wishes they have for their property and possessions are respected. However, if an individual dies without having a will, trust, or other testamentary document in place then his estate can be subject to the state's laws of intestacy. A person dies intestate when he passes away without an estate plan to guide the disposition of his assets.

Is it important that I adjust my estate plan as necessary?

It is always a wise decision for Florida residents of any age and financial situation to plan for the future with strategies as to how their assets will be distributed when they have passed on. An estate pan is a solid idea for everyone. However, there is frequently confusion as to when this might need to be revised. Adjustments are not a sign of indecision, but a tactical maneuver to make certain that everything goes where the testator wants it to go. This can avoid family disputes and problems when the time comes.