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November 2016 Archives

Estate planning and international gifts

Estate planning can become extremely complicated when it comes to properly incorporating elements that are not based in the United States. That is no to say that the potential benefits are outweighed by these complications, but making the best use of opportunity requires careful planning to not incur stiff penalties in the long run. Two common ways that a property transfer from outside the United States may be included in your estate plan are through foreign trusts and ownership of stocks in foreign companies.

A properly executed will is a necessity in Florida

Most people know as part of public knowledge that "everyone needs a will," but why exactly do you need a will? After all, if you don't have much in the way of personal belongings, won't the state just handle it all? While it is technically true that each state maintains its own statutes that dictate how to handle intestate property, a will is more than just about property.

Florida probate and summary versus formal administration

Probate is the process by which a person's property is distributed by a state upon his or her death, assuming that this person has not previously taken steps to bypass probate. Bypassing probate can be accomplished in a number of ways, depending on the circumstances. However, we will be discussing two options for how probate may be handled if it has not been avoided before the death of the person in question.

Florida power of attorney

Estate planning is not only about determining the fate of your assets, it also can deal with your end-of-life preferences. One of the crucial components of controlling your end-of-life is appointing a durable power of attorney. Florida, like all other states, maintains its own statutes that govern the assignment and reach of durable power of attorney.

Lack of estate planning leaves Prince's estate in chaos

A lack of estate planning has created a chaotic situation for the massive estate left by the late pop star Prince. The "Purple Rain" singer died in April of this year and no one has been able to locate a will, according to The New York Times. This leaves Prince's heirs battling over who will control his estate, which some estimate to be worth over $300 million.

Estate planning and caring for a parent

Every year, individuals across the country (and around the world for that matter) come to the sudden realization that not only do they need to get a plan in place for their own retirement and end-of-life care, they may also have to plan on how to care for their own aging parents. This can be a heavy burden to carry, and one that must be undertaken with a great love and sober thinking. If you are creating an estate plan that takes aging parents into consideration, a little careful preparation can go a long way.