If you're an avid golfer or love participating in your community's events, then you may be someone who wants to give to charity following your death. Whether or not your family agrees with your decision, this is something that could give you great peace. You love knowing that you're leaving something for others who may need it more than those you're closest to.
Tax law changes, births, deaths and other significant life changes may call for the revision of the best laid plans. That's why, no matter the hype surrounding current tax laws changes, it is always a good idea to revisit one's estate planning to ensure that the plan is still in line with one's wishes. Florida residents could have a number of reasons to revisit and revise the estate plan.
No one wants to feel like they inherited a mess. Whether physical or financial, the mess can be daunting to a person who is sorting through it while grieving. An individual who wishes to offer a cleaned-up, easy-to-sort-through estate to their heirs may benefit from the estate planning tip to organize and streamline the process. Florida residents can apply several strategies to avoid leaving a messy estate.
Looking ahead to retirement, many individuals know that they will need a plan for financing their costs of living and the eventual distribution of their assets upon their death. Unfortunately, sometimes the costs of long-term care is overlooked when people assume that their health insurance will cover any of those needs. In Florida, a person has some options and strategies available when it comes to planning for medical needs in the event of decline or incapacitation.
Imagine the frustration that can come with not being able to locate an important legal document when it is needed. Amplify that frustration when the document is found, but is either out of date, incorrect or an unauthorized copy. Estate blunders such as these can provoke feelings of frustration, confusion and anxiety for successors and heirs when the time comes to administer one's estate. In Florida, a trust or a will must be kept up to date to avoid common problems that can confuse or slow down the administration process.
An estate plan can be a useful tool for the person who wants to protect assets and ensure a smoother transition. As part of an estate plan, many Florida residents elect to create a revocable living trust to house their assets. Unfortunately, after setting up the trust, some individuals forget to fund the vehicle, thus making trust administration difficult for the successor trustees.
A new car without fuel might be considered useless. Similarly, a trust that hasn't been properly funded won't be of much use and can be a headache for the individual charged with trust administration. It can be easy and relatively inexpensive to create a trust, but without funding it with the estate assets, the power of the trust is limited. In Florida, a person who wishes to create an estate trust may not want to neglect funding the estate vehicle.
Estate taxes are on the minds of many who have collected assets throughout the years. While many people may not hit the exemption levels for taxation, it can be surprising how much an estate is worth.