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Posts tagged "Estate Planning"

What to avoid when making beneficiary designations

Those who are going through the estate planning process in Florida should understand that a beneficiary designation trumps a will. Typically, retirement accounts are transferred through a beneficiary designation, and the same can happen with other assets as well. While it is relatively easy to create such a designation, it is also relatively easy to make an error while doing so. For instance, leaving an asset to a minor may not be the best idea.

Reflecting a lifestyle through an estate plan

When wealthy Florida residents think about their future, they often want their lifestyle to be reflected in their estate plans. In order to accomplish this goal, they often use trusts. These trusts can be used in order to avoid probate court and can contain multiple subtrusts. They are usually revocable while the grantor is alive and irrevocable upon death. While most assets will pass through these trusts, the estate plan may also contain a will to handle certain matters.

How Luke Perry created an estate plan for his family

Florida fans of actor Luke Perry, who died suddenly of a stroke at the age of 52, might wonder whether he had an estate plan in place to protect his family. The fact that Perry's family made the decision to take him off life support after it became clear that he would not recover suggests that he had made arrangements using a power of attorney or health care directive to appoint someone to make medical decisions on his behalf. Without these, a family might have to get a court order to allow a loved one to be removed from life support, particularly if they disagree.

The need for estate planning

It's important for all Florida adults, even those who don't have children or any close relatives, to have an estate plan. In addition to addressing what happens to property and assets after death, an estate plan could cover many issues directly related to the creator.

Foreign assets and estate planning

In a world getting more globalized, people from Florida are increasingly investing in foreign assets, such as large olive groves in Turkey, mansions in Europe and yachts on the Seine. Those investors have to know how they should structure the ownership of their assets in order to optimize estate and tax planning.

Blended families underscore the need for estate planning

The many variables and options in establishing an estate plan can be confusing, and careful planning is needed to ensure that the ultimate result is the one desired. The primary basis for most Florida residents' estate plans is to achieve a balance between ensuring that their spouse is taken care of and leaving some provisions for their children as well. When there is only one marriage, finding that balance can be straightforward, but when a second marriage and a new family are part of the mix, it is particularly important to review and update the plan.

Quality tips for estate planning in 2019

The start of a new year is a great time to consider creating an estate plan. This instrument can benefit anyone over the age of 18 who lives in Florida or any other state. The most important part of an estate plan is the last will and testament. It will help a person gain greater control over who receives assets after he or she passes on.

Estate planning involves planning ahead

Many Florida residents who contemplate estate planning fall into one of two broad categories. While some have a variety of different assets and don't know where to start, others feel that they have very few and don't think an estate plan is worth the trouble. The reality is that everyone can benefit from having a plan in place. And while distributing one's accumulated assets to beneficiaries according to one's wishes is a primary goal, there are other benefits a well-crafted estate plan can provide.

Including life insurance in an estate plan

People in Florida thinking about the future may create a will in order to pass their belongings forward to the next generation. However, creating a will is only a part of making a complete estate plan. As baby boomers begin to age, they may put more attention to the question of how they can plan for the years to come, including their own retirement as well as providing for their loved ones after they are gone. While 42 percent of baby boomers still lack any type of estate plan or even a basic will, many of those who have done some planning have not reviewed their wills in years. As a result, they may have out-of-date documents that do not reflect current laws or their close relationships.

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

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