A picture of a variety of legal documents with the title "10 Common Estate Planning Mistakes in Florida and How to Avoid Them"

10 Common Estate Planning Mistakes in Florida and How to Avoid Them

Estate planning protects loved ones and ensures wishes are carried out after death, but even well-intentioned individuals can make costly mistakes. Understanding these common pitfalls helps Florida residents create more effective estate plans while avoiding unnecessary complications for their families. 1. Failing to Create Any Estate Plan The most serious mistake is having no estate…

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Medicaid Planning While Owning a Home in Florida

Many Florida residents mistakenly believe that owning a home makes Medicaid planning impossible. However, while homeownership does complicate Medicaid eligibility, Florida law provides several pathways for homeowners to qualify for these essential healthcare benefits. Understanding Florida’s Homestead Exemption The Florida Agency for Health Care Administration recognizes that primary residences receive special treatment under Medicaid eligibility…

a picture of a document with the words "Living Trust and Estate Planning with the title "Go Beyond Templates: Use an Estate Planning Attorney"

Go Beyond Templates: Use an Estate Planning Attorney

For many who are considering retaining an estate planning attorney, the alternative of online services promising quick and inexpensive estate planning documents is just a few clicks away. These platforms offer appealing convenience and cost savings, but Florida residents should beware what they might sacrifice when choosing automated services over professional legal guidance. The Allure…

A picture of a woman in black with a red rose in front of a coffin and the title "Important Estate Planning Bullet Points for Florida Families"

Important Estate Planning Bullet Points for Florida Families

When a loved one passes away, families often face the complex and lengthy process of managing estate assets through probate. This legal procedure, governed by Florida’s Probate Code in Chapter 733 of Florida Statutes, involves numerous considerations that can significantly impact both the estate and its beneficiaries. One key reason why families consult with estate…

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How to be Eligible for Florida Medicaid with Real Estate Investment Income

Understanding how real estate income affects Florida Medicaid eligibility is important information for Florida property investors over 65. The Florida Agency for Health Care Administration sets specific guidelines for income and asset limits that determine eligibility. Income Considerations The Florida Department of Children and Families evaluates all sources of income when determining Medicaid eligibility. For…

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Five Life Insurance Strategies in Florida Estate Planning

Life insurance plays a vital role in Florida estate planning. When properly structured, life insurance can provide liquidity for estate taxes, create wealth for future generations, and offer tax advantages. Understanding available strategies helps Florida residents make informed decisions about incorporating life insurance into their estate plans. 1. Irrevocable Life Insurance Trusts (ILITs) One of…

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Deciding Between Revocable and Irrevocable Trusts in Florida

When planning an estate in Florida, the choice between a revocable and irrevocable trust represents a significant decision that affects asset control, tax implications, and beneficiary rights. Understanding the key differences between these trust types helps inform the best choice for individual circumstances. Revocable Trusts: Flexibility and Control Revocable trusts, also known as living trusts,…