Category Archives: Estate Planning
What Is Your “Domicile” for Estate Planning Purposes?
Where you live at the time of the death plays a critical role in the administration of your probate estate. This is because your “domicile” normally determine what state’s law applies to the probate proceedings. For example, if Mary owned homes in Florida and South Carolina but lived full-time in her Florida house when… Read More »
Florida Legislature Approves Electronic Wills
Even at a time when we keep most of our lives on our smartphones and tablets, estate planning has largely remained a paper affair. But that may soon change, at least here in Florida, as the state legislature has approved a comprehensive bill that would allow residents to create legally binding “electronic wills.” The… Read More »
Fight for Control of Tom Petty’s Estate Highlights Risks of Naming Multiple Decision-Makers
One of the key goals of estate planning is to establish who will be in charge of making decisions regarding your property. In some cases, a person may decide that one person should not have sole authority and appoint multiple people to act as either co-executor or co-trustees. If that is an option you… Read More »
Should My Estate Plan Leave Individual Assets to Specific Heirs?
When it comes to estate planning, some people want to go into great detail with respect to the distribution of individual assets. Such an approach may not always be advisable, however. Especially if you own assets that may fluctuate greatly in value over time, relying on an individual-asset approach when making your will or… Read More »
Are Estate Planning Trusts Taxable?
Trusts are commonly used in estate planning as a means of transferring assets without the need for formal probate. In some scenarios, a trust may also confer certain tax benefits. But it is important to understand how taxes actually work with respect to trusts. Federal Income Taxes and Revocable Trusts Florida does not assess… Read More »
What You Need to Know About Cremation and Estate Planning
Among the issues you should consider as part of your estate planning is the final burial or cremation of your remains. Many Florida residents prefer cremation, as it does not require securing a burial plot. If cremation is your preference, you should say so in your will and provide any necessary direction regarding the… Read More »
Can I Have My Pet Buried With Me?
A recent story from Virginia caught the attention of the media and revived a debate over a practice known as will-stipulated euthanasia. We are not talking about euthanasia of humans, mind you, but of pets. WWBT-TV in Richmond, Virginia, reported a healthy Shih Tzu arrived at a local animal shelter with instructions to euthanize… Read More »
The Florida Homestead Exemption & Your Estate Plan
Florida law provides special protection from creditor claims for a person’s “homestead,” i.e., their primary residence. These protections even extend beyond death. That is to say, when a Florida resident dies, they can pass their primary residence on to their heirs at law–usually a spouse or child–and the decedent’s creditors cannot touch the property…. Read More »
Planning for Contingencies in Your Will or Trust
An important part of estate planning is anticipating contingencies. For instance, say you make a will leaving your entire estate to your only child. You should also anticipate a situation where your child dies before you by naming a contingent beneficiary–i.e., who will inherit your estate if the originally named beneficiary is not available…. Read More »
The Legal Risks of Revising Your Estate Plan
You are generally free to amend your will or trust during your lifetime. So if you decide your present trust is inadequate, for example, you can revoke it and establish a new one. But keep in mind, any amendments to your overall estate plan may lead to more complications down the line, particularly if… Read More »
