A Florida attorney can provide beneficial advice on estate planning. Hugh Hefner, with the assistance of his lawyers, provides an example of sound planning. Its strengths are impressive given Hefner's divorces and the economic and readership decline of Playboy magazine.
All competent adults have the right to make decisions regarding their health. But, a problem can arise if an adult loses the ability to make these decisions. When this happens, how can someone communicate their health wishes to loved ones and health care providers?
Effective estate planning can provide peace of mind and avoid family conflicts. The right estate planning documents and having an effective estate plan protects the estate planner, the estate planner's family and the estate planner's assets so it is important to be familiar with what estate planning documents are needed. The appropriate estate planning documents can also reduce stress and strife for families during difficult times.
Florida estate planning should include care of an important family member. Will or trusts may address the testator's wishes for the family pet. Trusted caregivers who are familiar with the pets should be identified in the will. The executor usually has the power to select another caregiver if something happens to the primary caregiver.
A family may gain a vast wealth of assets and financial holdings over years or even decades of hard work. Wealth could have even started with a person's parents who have since passed away, as wealth tends to gain speed as time goes on. Or rather, wealth can gain speed as time goes on. If you are concerned that your estate could be handled improperly both now or in the future, you may consider an estate plan.
When you consider the idea of bequeathing property in the event of your death, you may think about donating some of your accumulated assets to charity. Luckily, you have estate planning options that can help you carry out this goal, such as by using a charitable trust. Depending on how you want the assets distributed, you may consider using a charitable remainder trust or a charitable lead trust.
When a loved one dies, the last thing a grieving family wants to do is to make decisions regarding the funeral. If the wishes of the deceased are not documented in the estate plan, however, funeral planning is exactly what a family will have to do.
Previous posts here have covered a range of estate planning topics for Florida residents to consider as they make their plans concerning distributing their assets and naming guardians for minor children. However, a recent article boiled it down to five tips that can be a great start for those who are getting prepared for the important task of drafting estate planning documents.
If not, you should take the time to reevaluate your estate plan. The passing of numerous celebrities (think about Prince) illustrates the need for estate planning that considers the tax ramifications to heirs and beneficiaries. You spend your life accumulating wealth to provide for your family both during your life and after your death. Why would you give a large chunk of it to the IRS?
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.