Probate And Estate Attorney In Pensacola
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June 2018 Archives

Explaining special needs trusts and the three different types

The basic purpose of a trust is to make things easier for loved ones. When loved ones in Florida has special needs, a special needs trust can be set up to supplement benefits received from government programs. When properly established, a special needs trust can allow the beneficiary to continue to receive government benefits while also having access to additional funds from a trust. There are three types of special needs trusts that the party supplying the funds may consider.

Creating a business succession plan

Being a business owner is a big responsibility and your business is important to you. When you decide to retire you want to make sure the business’ future is secure and it is left in good hands.

How separation may affect estate planning

Florida fans of Anthony Bourdain or Kate Spade may be aware that each was separated from their spouse at the time of their death. If this happens, the legal spouse is in charge of funeral arrangements even if the two were estranged. It can also cause complications for the estate.

Considering art when planning one's estate

People in Florida planning for the future may wish to consider how to handle valuable art and collectibles when drafting wills, trusts and other key estate documents. When people collect valuable art and other items, they may consider these to be not mere personal property but important investments for the future. In fact, in one Deloitte study, over 80 percent of art collectors said that they considered their collections to be an investment. Because there are specific tax and other laws that apply to this type of property, it can be important to consider how best to distribute them as part of one's estate.

Protect your private practice through succession planning

We spend so much time building up our businesses because we want them to succeed. But what do we do when it’s time for someone else to take our place – especially with a medical practice? It’s important for physicians who own their practice to look into a succession plan that protects their future.

Pour-over wills work as safety nets for revocable living trusts

People in Florida set up revocable living trusts so that they can transfer wealth and property to beneficiaries privately without review by probate courts. A document known as a pour-over will can be written in conjunction with trust documents to address estate assets that were not placed within the trust prior to a benefactor's death. A pour-over will essentially assign leftover assets to the trust.

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