Category: Estate Planning in Florida
While asset protection includes safeguarding your finances in the event of a foreclosure, bankruptcy filing, or civil lawsuit, it also entails placing your assets in the proper legal format so as to avoid hefty estate taxes and protect your heirs from having to pay exorbitant inheritance taxes. A proper estate plan takes into account the disposition of your assets upon your death and has as its goal the protection of your assets against devaluation by the estate and inheritance taxes, as well as protecting your assets against creditors.
⛱ Summer travel season is here! Do you have your estate plans ready to go? Between reservations, packing, and getting your house prepped while you're away, it's easy to get distracted by the never-ending vacation to-do list! Before you go, there are a few estate planning "must-dos" that every family should prepare in advance. Although difficult to think about, it's important to ensure you have everything in place to protect your family no matter what happens. While chances are good that nothing will happen to you or your loved ones, you don't want to take the risk that something could go wrong and your last wishes aren't honored or even known.
The recent surge in the coronavirus pandemic across the country has reminded all of us that a return to “normal” is far from imminent. The public health and economic crises caused by the pandemic have had many secondary effects, one of which is that we have all been reminded of our own mortality. For many people, this has sparked a renewed and urgent interest in estate planning, including creating, updating, and/or finalizing estate plans.
A will is a legal document that transfers what you own to your beneficiaries upon your death. It also names an executor to carry out the terms of your will and a guardian for your minor children, if you have any. Your signature and those of two witnesses make your will authentic. Witnesses do not have to know what the will says, but they must be present when you sign it and you must be present to watch them witness it.
When it comes to our children, there is nothing we would not do to safeguard their future and ensure they are safe, healthy, and happy. Estate planning allows you to ensure your children that if something happens unexpectedly, they will be protected no matter what. Within the estate planning toolbox, there are two that will protect your children: the trust and guardianship documents. These documents will provide peace of mind for both you and your family.