J. Kelly Kennedy, Attorney/CPA, PLLC

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Attorney and CPA

January 2016 Archives

Wills should be thorough but concise

If a person dies without having a will, a probate court will dispose of that person's estate according to the default rules of intestate succession under Florida law. This kind of asset distribution might be agreeable to some people. However, for most people in Winter Haven who have worked to accumulate assets, they likely have their own wishes for what they want to happen to their assets when they die. This is where a will comes into play.

Creating a sensible inheritance requires some planning

Parents always want the best for their children, and most try to do whatever they can to help their children lead successful and happy lives. But, as many parents in Polk County probably know all too well, the correct choices are not always clear when it comes to trying to do the best thing to help a child. This can also be true when a parent is trying to set up an inheritance for their children. If parents think through a few important factors, it may help them to create a sensible inheritance plan for their children.

How does a living trust help to avoid probate issues?

For many people, the word "probate" might not carry any significant meaning. However, anyone who has had an interest in an estate that has gone through probate probably understands the time and costs that are involved. In general, probate is the legal mechanism by which Florida courts dispense with a deceased person's estate. This means that the court takes the legal steps necessary to resolve any debts that the person owed, and then distributes the remaining estate assets.

Fluctuating rates can impact estate planning strategies

Interest rates are crucial to economic activity because in one way or another, they touch almost every component of the economy. For example, if a person wants to purchase a home, they will usually do so by first borrowing money to pay for the bulk of the purchase price. The interest rate on that loan will affect the amount of the borrower's potential monthly payment. Likewise, interest rates affect payments on car loans, credit cards and almost every other kind of debt.