Estate planning includes the creation of wills and trusts, management of cases through probate court, elder law, and Medicaid planning including the avoidance of the Medicaid Estate Recovery Program.
Quick Read Summary (TLDR) Many estate assets like life insurance policies, IRAs, 401Ks, and bank accounts have designated beneficiaries organized into primary, secondary, and tertiary classes to create a clear succession plan. Naming an estate as a beneficiary is generally undesirable because it increases probate fees, reduces inherited wealth, and risks a judge making distribution…
For many, the warmer climate and a lack of state income tax make Florida an attractive location for people to take up residence for at least a part of the year. Many people from other US states as well as other countries make this decision every year. For these individuals and families, multijurisdictional estate planning…
When you think of estate planning is the only thing that comes to mind how your money will be distributed after you pass? If so, think again. An estate plan outlines how the legacy you leave behind should be allocated and cared for after you are no longer there to manage it. While your financial…
Plans change during a divorce. Inheritance, beneficiary and guardianship arrangements that seemed ideal a few years prior suddenly seem unthinkable when faced with an impending and contentious divorce with a soon-to-be ex-spouse. If you are in this situation, there are many reasons to consult an experienced Florida estate planning attorney in addition to an expert…
Previously we have written about using an LLC to invest in Real Estate. However, there are many situations outside of real estate investing in which it makes sense to use the LLC business formation to make investments in company shares, bonds, ETFs and even non-traditional assets such as cryptocurrency. Investing with an LLC can range…
Probate is a necessary step in the process of executing a last will and testament. Because of the various moving parts in this process and the fact that is tried in court, it is essential that you hire an estate planning attorney with Florida probate litigation experience for representation. States laws may prohibit certain actions…
If you are creating an estate plan or managing your family’s affairs after the loss of a loved one, you may also need to navigate the vocabulary involved. It is best not to attempt to go through this process alone. It is highly recommended that family members go through proactive estate planning or approach probate…
Setting up a trust in the State of Florida requires a number of steps that are best taken in partnership with an estate planning attorney with experience setting up trusts in Florida. Trusts are legal entities that allow for grantors property to be distributed by trustees to beneficiaries, usually after the grantor’s death or incapacitation. …
Quick Read Summary (TLDR)A buy-sell agreement is a legally binding contract—sometimes called a “business will”—that establishes how a partner’s share of a business will be reassigned if that partner passes away, becomes disabled, retires, or otherwise departs the company. Life insurance policies typically play a central role in funding these buyouts, ensuring that sufficient capital…
Estate Planning – Many people choose to retire in Florida. With average high temperatures of 79.5°F year round, it is no surprise that the state – especially South Florida – has such a draw. Since a good number of retirees arrive here with wills drafted in other states, it’s important to beware of the pitfalls…
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