Many individuals throughout Florida find that giving someone they trust a durable financial power of attorney is a very helpful way to plan for a period of time where a person may not have the mental acuity to make financial decisions on his or her own. However, whenever you consider handing over the reigns of your financial life to someone else, no matter how trustworthy he or she is or how qualified he or she is for the job, some apprehension is still normal.
After months of planning a wedding, the big day is finally over, and you and your spouse are settling in to life together. Of course, this means it is time for a some more planning — planning how to provide for each other in the long run. Estate planning is often something that gets ignored until middle age or later, but newlyweds of any age have some very important estate planning matters to consider.
Your pet is an important part of your family and deserves to be cared for long after you pass away. Fortunately, the law recognizes this important relationship. While there are a number of ways one might provide for a pet through an estate plan, creating a pet trust provides some of the best protections and flexibility available to pet owners.
As you create and manage your estate plan, you may find that it is necessary to create legal boundaries between you and your assets. This is particularly common if you are in a position of influence where the choices you make for a business or as a part of a governing body could constitute giving yourself unfair advantages. This type of trust momentarily gained nationwide exposure after then President-Elect Donald Trump declared that he was breaking with tradition and not placing his many business holdings in a blind trust. Many other presidents and lawmakers have chosen to use blind trusts to avoid the appearance of conflicts of interest as they shape the laws that govern the country.
When it comes to making your end-of-life wishes known, it is important to understand the differences between creating an advanced medical directive and appointing a health care representative. Far too many people do not fully execute one or the other of these two aspects of end-of-life planning, greatly weakening their loved one's power to follow their wishes. Still others seem to think that advanced medical directives and health care representative appointments are the same thing. Unfortunately, this misunderstanding often causes serious problems.
The guidelines surrounding giving away assets without incurring taxes are regularly misunderstood or simply not accounted for when creating an estate plan. Unfortunately, this error often leads to hefty unnecessary taxation when the owner of an estate passes away.
Family trusts are great tools for making sure that assets can be fairly shared and enjoyed by various members of a family, which is a wonderful thing as long as it all goes smoothly. Unfortunately, while the legal concepts that support family trusts are sound, all such trusts inevitably involve several fallible human beings, which can always complicate matters. If you are considering using a family trust, make sure you understand how many conflicts can arise.
A strong estate plan is not just about providing for the ones you love, it also encompasses building protections for your assets against debts that could harm your spouse or beneficiaries. This is particularly true if you have significant debts. A well-crafted estate plan can help ensure that the ones you love do not have to face their inheritance being gobbled up by creditors seeking payment after you pass away.
If you are a part of a same-sex relationship, there are a number of ways your estate plan may be a bit more complex than those of heterosexual couples. Unfortunately, there are a number of laws that still lag behind the changing tide of public opinion, and setting aside the unfairness of the situation, if you want to ensure that your estate plan serves your interests and provides for your partner, there are several key considerations to attend to. One of the most prevalent issues is marriages to previous partners that you might assume were invalid outside of the state where you registered.
Creating a comprehensive, well-balanced estate plan is no simple matter. In the middle of ensuring that your wishes are made clear and your loved ones are provided for, don't forget to take care of yourself first and foremost.