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Estate planning is not just about distributing assets upon one’s passing; it also encompasses preparing for the possibility of incapacity during one’s lifetime. Planning for incapacity is a crucial aspect of estate planning that ensures your wishes are respected and your financial, medical, and personal affairs are managed according to your preferences. In the State…
Blended families, which involve remarriage and the combining of two families, have become increasingly common in Florida and the rest of the United States. While blending families can bring joy and new opportunities, it can also complicate estate planning. Without careful planning, blended families may face challenges when it comes to distributing assets and ensuring…
Ancillary probate is a legal process often necessary when a deceased person owns property in multiple states. If you have recently lost a loved one and they owned real property in Florida, you may be facing the need to go through ancillary probate in this state. The process can be confusing, but with the right…
Estate planning is a vital part of financial strategy, as it enables individuals and families to secure their assets and distribute them according to their posthumous wishes. One of the key elements of estate planning is the creation of either a will or a trust. This article will provide an in-depth examination of wills and…
The Florida probate process can be a confusing and overwhelming experience for those who are going through it for the first time. If you are an executor or a beneficiary, understanding the steps involved in the Florida probate process is essential to ensure that everything runs smoothly. In this comprehensive guide, we will demystify the…
A No Contest Clause, or In Terrorem Clause, is a provision often used in Wills & Trusts stating that if a beneficiary disputes any part of the Will or Trust during probate or other administration, their share shall be reduced or removed. While in theory it sound like a perfectly reasonable way of preventing disputes;…
Small businesses present a particular challenge to Florida Estate Planners. First off, businesses can operate in a wide variety of entities. Secondly, they may be more valuable being carried on than simply liquidated and distributed. Finally, businesses owned by more than one person must consider what happens if one of those owners died or became…
As of 2022, the following Estate and Gift tax exemptions are in effect: Estate Tax Exemption – $12,060,000 (U.S. Citizens and Residents) Annual Gift Tax Exemption – $16,000 (U.S. Citizens and Residents) Gifts Between Spouses – Unlimited (U.S. Citizens only) Nonresident Alien Estate Tax Exemption – $60,000 (may be subject to foreign treaty) Gifts to…
As of January 24, 2022, we will be opening a brand new office! We will be relocating to the UTC area on Cooper Creek Blvd. Most of our clients will find this area much more convenient. Being just off I-75 it will be extremely convenient to Sarasota, Lakewood Ranch, Bradenton and of course, University Park….
By Susan Teel Are you storing your will under the sofa cushions? Have you considered the best storage location for your will – your most important financial document? Would you store all of your cash or valuables there? Aretha Franklin, who died in August of 2018 with a large and complex estate, and a complicated…
In preparing your estate planning documents, we will need the following information. Executor/Successor Trustee – The person or people who will be in charge of enforcing your wishes either through a Will or Trust. For a Successor Trustee, it is possible they will manage assets in your Trust for your benefit if you become incapacitated….
Wrongful death claims in Florida always require a probate administration. This is true whether it’s because of accident or medical malpractice. Florida’s Wrongful Death Act requires a wrongful death action be brought by the personal representative, or executor, of the decedent. When probating a wrongful death claim, it’s important to use a firm familiar with…
Unfortunately, Friday was Janis’ last day with the firm. She has decided to leave our fair State. We would like to thank her for her dedication and friendship over the last two years. We also wish her the best of luck in all future endeavors.
Many Americans are against the so-called death tax (estate tax) as an unfair tax. But the reality is more than 99% of Americans benefit from the estate tax. If you are married and own less than $11 million worth of assets, or are single and own less than $5 1/2 million in assets*, you or…
Lakewood Ranch: What is an Irrevocable Trust? When you decide to plan your estate, you will be presented with several options. One of these options is an irrevocable trust. What are irrevocable trusts and how can they benefit you and your beneficiaries? This type of trust is one that, once signed, cannot be changed. This…
Venice: What is an Irrevocable Trust? When you decide to plan your estate, you will be presented with several options. One of these options is an irrevocable trust. What are irrevocable trusts and how can they benefit you and your beneficiaries? This type of trust is one that, once signed, cannot be changed. This means…
Bradenton: What is an Irrevocable Trust? When you decide to plan your estate, you will be presented with several options. One of these options is an irrevocable trust. What are irrevocable trusts and how can they benefit you and your beneficiaries? This type of trust is one that, once signed, cannot be changed. This means…
Sarasota: What is an Irrevocable Trust? When you decide to plan your estate, you will be presented with several options. One of these options is an irrevocable trust. What are irrevocable trusts and how can they benefit you and your beneficiaries? This type of trust is one that, once signed, cannot be changed. This means…
Why a Revocable Trust in Lakewood Ranch Might Be a Good Option. Circumstances and relationships in your life can change over the course of years. This can make estate planning seem complicated as you don’t want to set it up one way and later decide that was not the best way to do it. Revocable…