As someone who has lived in the northern states, you always hoped you'd be able to retire somewhere warmer. It's better for the elderly to live in warmer, sunnier environments, and you have more usable days where you can participate in the activities you love.
Even for adult children, it is hard to imagine a life in which parents have specialized medical needs or where they are not around anymore at all. Unfortunately, these types of issues are an unavoidable fact of life. Avoiding opportunities to talk about end-of-life issues will not make these things magically disappear. Instead, talking about estate planning with parents can help Florida families better handle these difficult matters as they arise.
Creating an estate plan might seem straightforward, and in some ways it is. However, estate planning can become a little more involved depending on a person's needs, assets and liabilities. This means that people in Florida cannot adopt a one-size-fits-all approach to the process. Here are a few things that individuals might want to watch out for when embarking on their estate planning journey.
Most people tend to accumulate items of interest or even significant value over their lifetime. Whether someone has a tendency to collect interesting works of art or routinely goes antique shopping, the average person in Florida might be surprised to find out how much they really own. Estate planning can help with more than just passing on assets after death, and can also be used to track and document personal property during a person's lifetime.
Most Florida parents approach estate planning with their children in mind. Whether they are selecting guardians for their minor children or working out an inheritance for their adult kids, leaving behind a legacy is important. That legacy becomes even more important for parents of children with special needs. In these situations, a trust might be especially useful.