J. Kelly Kennedy, Attorney/CPA, PLLC

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Attorney and CPA

June 2014 Archives

Distribution of assets and which type of trust is preferable

For people in Lakeland, there is often a question as to whether a revocable trust or irrevocable trust is preferable when planning for the future. It's one of the most common considerations when considering trust administration and there are numerous aspects to each that must be understood before a decision is made. Depending on the individual circumstances, both have advantages and disadvantages.

The importance of keeping an estate plan up-to-date

Some Florida residents may be surprised to learn that planning an estate is just the beginning. A successful estate plan often demands constant updates. Such a plan should always reflect a person's current living situation. This means that simply completing an estate plan and forgetting about it often will not suffice. In fact, it can prove to be quite damaging.

Charitable estate planning for childless, wealthy young people

Many young Florida professionals have high-paying jobs and a large number of assets but no children. For some, this may make estate planning seem unnecessary. However, estate planning can be about more than just ensuring that loved ones are provided for in the event of a person's passing. Estate planning can also be about a person's legacy. Some wealthy, childless young people are choosing to engage in charitable planning -- that is, allocating their assets to various charities in an estate plan.

Prevent future fighting over family treasures with an estate plan

Some Florida residents may choose to procrastinate when it comes to estate planning. It is fairly obvious why -- estate planning forces people to confront some not-so-pleasant realities such as issues involving death. However, these mildly uncomfortable elements are far outweighed by the numerous benefits that estate planning provides. Estate planning serves to protect a person's interests and ensure that that person's post-life wishes are carried out.