In 2013, certain laws about end-of-life assets were permanently altered. The threshold for estate tax was increased, meaning that most individuals will not be responsible for paying such taxes. Other high-asset individuals, including many Florida residents, have options available to them to reduce the amount of taxes paid on their estates at the end of their lives.
Culturally, many Hispanics are intent on maintaining the home environment for their elders as they age, a recent study shows. A recent poll shows that the Hispanic population has less confidence in long term care facilities such as nursing homes and that families tend to prefer to keep their loved ones at home. Some Florida nursing homes are taking a more attentive approach to the needs of this population in an effort to gain trust.
Some people may think that they can secure their estate simply by letting their wishes be known to their friends and family. Unfortunately, this informal method does not supersede governmental laws and policies regarding wills and guardianship. One recent news article tells more about how having estate planning documents in place in case of emergency can prevent a lot of unnecessary confusion later. Individuals in Melbourne and other areas of Florida may find this information helpful as they consider their end-of-life planning.
Recent changes in legislation now allow disabled individuals more freedom to spend and save money without jeopardizing their Medicaid. A person in Florida can now choose to settle his or her own first party special needs trust without the aid of a representative. A recent news article gives some background information about special needs trusts and some information about the new change in the law.
End-of-life planning can be made so much simpler by keeping a few simple steps in mind. One does not have to be intimidated by estate planning, or feel that estate planning is simply for the very rich. The concepts of estate planning can be broken down into easy-to-approach chunks, and it is likely that many people in Florida intuitively have already begun to address this type of planning already. Those individuals in Melbourne who are ready to start estate planning may possibly wish to consider the following estate planning checklist.
Everyone likes to have a few tips and tricks to consider when they approach a new, serious project. Estate planning is no different. In Florida, many people use a lawyer to help them navigate the world of estate planning, but it is possible to glean some information from the internet in order to be better prepared for the big day with an attorney. A recent news post shared a few tips and tricks for estate planning.
When it comes to planning estate needs, most Americans either deny or delay making these important decisions. By spending a few hours preparing now, individuals can save themselves worry and discomfort in the future. There are a few simple tips that can help with long-term estate planning that individuals in Florida may find useful in their care planning journey.
The legacy one leaves behind can be managed in a variety of ways. Some opt for the traditional will, and others decide that a trust is the right choice for their needs. A revocable trust is a type of trust that allows the grantor to alter or revoke the trust should circumstances change. In Florida, trust administration is enacted by the trustee. A recent new story tells more details about one type of trust, the revocable trust.
Many people think that they can write out a will and get an estate plan together, then forget about it. This isn't anywhere near the truth. Instead, you need to review your estate plan at least annually.