J. Kelly Kennedy, Attorney/CPA, PLLC

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Attorney and CPA

August 2014 Archives

Understanding facts about a living trust

A common concern among Lakeland residents is what to do about their property and assets after they're gone. There are so many options to choose from and so many questions they may have that it's difficult to understand which is best for the individual. Like anything else, it depends on the circumstances and what the person would like to do for the heirs. Garnering reliable information from reputable sources is a way for the layperson to try and decide what would be preferable for them.

What is the estate or inheritance tax?

When planning an estate or inheriting assets there are many legal issues with which an individual must contend. Those who are in the midst of estate planning may be concerned about drafting an enforceable will that will leave property according to their wishes while those who inherit property may be concerned about tax implications. In fact, the estate tax can take a huge chunk out of one's estate. Therefore, it is important to know how the estate tax works so that Floridians can properly plan for it.

What happens if you pass away without a will?

If you pass away without a will you will be considered to have died intestate. This means that your assets will be distributed according to Florida law. The law attempts to reflect how most people would want their estate passed, but this is not always in line with how you would want it distributed.

Don't avoid discussing estate planning with the children

Thinking about one's eventual demise is not something many people in Florida are eager to do. However, when it comes to inheritances it is good for people to both have an estate plan and discuss that plan with their heirs and beneficiaries.

What is the purpose of a living will?

Thinking about retirement or the protection of your wishes in a medical emergency is important. In the state of Florida, this can mean a variety of different options for making preferences clear and making sure that they are upheld in a way that meets your wishes. The legal backing for a living will can help someone have a customizable legal preference for their own healthcare.