Tag Archives: West Palm Beach Estate Planning Attorneys
3 Myths about Small Asset Estates
In Florida, small asset estates are estates that are worth $75,000 or less. These estates are also eligible for summary administration, which provides a speedy process for disposing of estates without the long wait brought on by traditional probate requirements. The common misconception is that the smaller the estate, the simpler the probate process…. Read More »
The Role of a Personal Representative
A personal representative (also known as an executor or an administrator), in the simplest form, is someone named in a will that is directed to carry out the testator’s formal wishes. The personal representative is normally a person, but sometimes can be a bank or trust company. If the testator does not have a… Read More »
Small Asset Estate Planning Options
Individuals with small assets who are seeking estate planning options usually have a false misconception that estate planning is not for them. However, this way of thinking is flawed. On the contrary, estate planning is a wise decision no matter the size of the estate or the dollar amount associated with it. Individuals with… Read More »
Legal Considerations When Leaving Money for the Care of Pets
There are many individuals who are interested in leaving money for the care and upkeep of their beloved pets. That is why the idea of pet trusts and pet care conveyances are recognized in the realm of estate planning. To accomplish this requires specialized knowledge and certainly requires attorney involvement. These are subtle nuances… Read More »
Ways to Minimize the Impact of Estate Taxes
The passing of a loved one can be stressful enough when relatives have to both grieve and settle the affairs of the deceased. One of these considerations is the payment of estate taxes (also known as death taxes). An estate tax is the taxation of all the property held by an individual at the… Read More »
What Determines a Valid Will?
Individuals who do not want to become deceased “intestate” (the property of persons who die intestate may go through state administered probate proceedings) must leave a last will and testament. Every state has requirements that dictate when a will is properly executed. These requirements are usually very strict. Failing to meet one or more… Read More »
The Function of Trusts in Your Estate Planning
When it comes to estate planning, asset protection is a chief concern among individuals. They want to ensure that they secured to facilitate an accurate and efficient distribution upon death. Additionally, individuals engaged in financial and estate planning seek to find ways to pool their assets into one reserve. This provides for efficient passage… Read More »
Who Can be a Personal Representative for a Florida Estate?
When someone living in Florida passes away, their estate must go through the court to be accounted for and then distributed. The deceased individual’s will may be validated and their belongings distributed according to their wishes, or they may have passed away without a will and their property is distributed based on Florida’s intestacy… Read More »
Estate Taxes for Florida Residents
When you consider passing on your wealth to your family, you have to face a hard truth: taxes. When you pass away, the executor of your estate has to settle everything with the Florida Department of Revenue and the Internal Revenue Service (IRS). Depending on how your estate is structured, your estate may owe… Read More »
Financially Planning for Retirement
As you approach retirement in your early-to-mid 60s, you have to address the financial changes that come from ending your career and switching over to living on Social Security and your retirement savings. Not only may your monthly income be drastically different, but your spending will change in retirement as well. It is important… Read More »
