J. Kelly Kennedy, Attorney/CPA, PLLC

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Inheritances Archives

Take control of your Florida estate plan with a will

Everyone has an estate plan, whether they know it or not. For Winter Haven residents who die without a will, their estate plan is the state's intestacy laws. While these laws may work well for some, many others may find them to be unsatisfactory. In particular, people with large, complex assets and property may not necessarily be happy with the intestacy laws.

What happens if I die without a will in Florida?

If you are contemplating estate planning and the importance of estate planning, you may wonder what happens in Florida if you die without a will. Each state has what are referred to intestacy laws which govern intestate succession if an individual passes away without a will. Intestacy laws determine inheritance rights if an individual dies without a will.

Inheritance taxes starting to dissipate on the national level

With Republicans in the White House, there has been much talk both on state and national levels of how the issue of estate taxes, sometimes also called death taxes, will be affected. Estate planning is a state issue that the Florida state legislature makes the rules about taxes and exemptions, as do other states. However, federal regulations passed are required to be adhered to by the state in the broader sense. While nothing imposing has been passed on the federal level, many states are beginning to trend towards reduced or eliminated 'death tax'.

Prince's heirs ordered to pay over IP, no estate plan for assets

The sudden death of music legend, Prince, left fans and family reeling last year. One year later, the heirs of his inheritance are still in the midst of processing his assets and other financial aspects of his massive estate. To make matters even more dramatic, it was reported that Prince had no estate plan and did not leave a will as to what was to happen with any of his property, both physical and intellectual property. Of course, intellectual property like Prince's music has been of much debate as of late.

Shares of surviving spouse and laws of intestacy with no will

The reasons to arrange a will or an asset plan for after your life has come to pass has a lot of benefits. Whatever the specific reason, there are lots of reasons a person may want to look after their estate and their loved one's after they pass away. If there weren't reason enough, what can happen to one's assets and estate is not always desirable without an estate plan or will. Each state is different in their laws of intestacy when no will is in place.

What to know about FL inheritance after death of a loved one?

Loved ones can accumulate assets over years of hard work and accurate financial planning. Sometimes, a loved one leaves this world and their possessions behind. Many people have detailed estate plans for what to do with their worldly possessions. Others may not have indicated such a specific plan. In both situations, the heirs to an estate or inheritance have certain rights.

Protecting inheritances with a will

Florida residents typically have a variety of reasons to start thinking about estate planning. For some, the decision is made early on as they go about getting married, buying a home and starting families. For others, the decision to have an estate plan crafted occurs later in life, and they want to ensure that the estate and assets they leave behind are a positive inheritance for heirs.

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.

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.

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.