As Florida has worked to make positive changes to its system for adult guardianships lately, the issues related to elder abuse and financial coercion of vulnerable adults continue to plague many people. The inherent temptation that exists when caregivers have access to a person's money can open the door to financial explotitation.
If you are among the many Florida residents who are taking steps to create a good estate plan, you should know that there are many decisions to make. Each one is important and will have ramifications beyond simply who will inherit what from your estate after you die. The choices you make when developing your will or trust may affect how your estate is taxed, how long it takes for assets to be distributed to your heirs, and more.
Many a Florida resident has heard of or known someone who has faced the challenge of needing to provide care to an aging parent or other relative. When this situation arises, everyone may deal with it differently, in part because every situation is unique. While rarely easy, there are some things that are important ways to help both the caregiver and the care recipient through the process.
If you are ready to make some estate planning decisions, you may already know that you have a lot of options from which to choose. Like others in Florida, there is no “best” type of estate plan that fits everyone. There is really just the “best” estate plan for you. If you have minor children and also have or wish to purchase life insurance, you might want to consider a life insurance trust.
It has long been assumed by people that children always receive any assets left from their parents’ Florida estates when the parents die. If there are multiple children, assets can be split in equal shares to avoid problems or arguments between siblings. However, this is far from reality for a great many Floridians. There can be a great many reasons that you may choose different arrangements for how you would like your assets distributed.