If you are like many Florida residents, when you think about estate planning, you might automatically think about making a will. This might well be the best thing for you to do but before you make that choice, you should take another look at your total set of assets. It is easier than many people may think to have an estate valued at $1 million or more, especially when you add in real estate and investments. So, if you find that your combined estate value may exceed this threshold, what are some of your better estate planning options?
People who are living with a significant other but are not married are among a growing number of people in Florida and the rest of the country who have made this choice. Many heterosexual couples and same-sex couples alike may have found the loves of their lives but have made the conscious choice to not get legally married. While this is increasingly common and accepted today, it could leave people vulnerable in some key areas.
Are you concerned about the best way to handle your estate planning in Florida? Does the thought of paying large amounts of your estate out in taxes bother you? Your concerns and questions are shared by many other Floridians. There are different ways to manage and limit the tax liability of your estate and what is the best way for you to do this may well be different than the best way for your neighbor to do this.
Do you have a child or a grandchild with a physical or mental disability? If you are like other Florida parents and grandparents in this situation, you may be wondering what you can do to help provide for the long-term care of your loved one. The thought of simply listing the disabled person as an heir in your will may seem easy and tempting, but it should be resisted. Instead, developing a special needs trust is recommended according to CNBC.