Probate And Estate Attorney In Pensacola
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November 2018 Archives

Stan Lee's messy estate shows the importance of planning

Superhero co-creator Stan Lee has many fans in Florida. The 95-year-old Lee, who was the creator behind Spider-Man and the former chairman of Marvel Comics, passed away in November 2018. However, like a number of celebrities who left behind significant estates, his financial planning left much to be desired. If he does not have a will, there could be many challenges in probate court. Other celebrity estates, including those of Prince and Aretha Franklin, face ongoing disputes between heirs.

3 estate plan essentials

Making an estate plan can be a confusing process and it can be hard to know what you should include and what you should not. This post aims to give three basic documents that everyone should have in their estate plan, no matter what their age or financial status.

Making a plan to pass on family heirlooms

In the course of preparing their estate plans, some Florida residents may wonder how to deal with assets that may be more difficult to properly evaluate or divide between multiple beneficiaries. While assets like bank accounts or investment funds are easy to divide, some items may have emotional resonance as well as financial value. By thinking ahead about how to deal with specific assets, people can help to avoid family strife before it takes place and protect the assets that they want to pass on to their family.

Silent trusts can be a discreet choice to transfer assets

Many people in Florida are thinking about how they can best pass on their assets to future generations. Trusts are an excellent method to transfer wealth to children or other loved ones; they can be created to fill unique needs, and they allow assets to be transferred privately without going through the probate system. In addition, people begin to realize the tax advantages provided by trusts right away. However, many people worry about the potential consequences of informing their children from a very young age that a significant amount of money is being held in a trust fund. They may worry that children might not strive for success in school or a career.

Possible ways to set up an educational trust

Some people in Florida who can afford to do so wish to set aside part of their estate to provide education-related funds for children or grandchildren. There is no one "right way" to achieve this goal. However, there are several options available for individuals looking to give future generations a chance to pursue and achieve their preferred higher learning goals. Possibilities include setting up a trust all designated beneficiaries can dip into and establishing separate trusts for each child or grandchild that's a beneficiary.

Kramer A. Litvak, P.A.
226 East Government Street
Pensacola, FL 32502

Toll Free: 866-717-9528
Phone: 850-308-1677
Phone: 850-432-0485
Fax: 850-432-9830
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