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Inheritances Archives

What are the Florida rules of intestacy for non-spouses?

Every Florida resident has an estate plan, whether they know it or not. An estate plan can be established by a will and other estate planning documents. In the absence of these, another estate plan comes into effect: Florida's laws of intestate succession. About a month ago, we discussed how these laws provide for a person's spouse if the person dies without a will. This blog post will briefly describe how others are provided for if there is no spouse of if the spouse does not take the entire estate under the laws of intestacy.

What laws of intestacy apply to spouses in Florida?

Estate planning attorneys in Florida for the most part agree: It pays to have an estate plan. Wills and trusts are powerful estate planning tools for people in the Sunshine State. Without a will, a person's estate will be distributed according to Florida's laws of intestacy. These rules may work well for some Floridians; others may not find them to be consistent with their estate planning goals.

Inheritance tax basics for part-time Florida residents

With autumn here and winter hard on its heels, many retirees will be making their way back to Winter Haven, Lakeland, and other communities throughout Florida. These snow birds who spend the summer months in northern states and then fly south to Florida for the winter truly do enjoy the best of both worlds in many ways. However, it's important to give due consideration to which state is one's legal residence, as the laws of that state will affect one's estate and assets.

A will can be a tool to tailor the distribution of your assets

One of the most compelling reasons a Winter Haven resident might have for creating a will is the power to distribute one's assets as one sees fit. While the intestacy laws provide for distribution of assets after death, not all people will find these rules to be satisfactory. A will, on the other hand, can give people a great deal of discretion in distributing assets. One famous comedian seems to have taken advantage of this feature in planning his estate.

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.