Kinkade Art Fortune Feud Exemplifies Benefits Of Estate Planning
Estate planning is always a responsible and sensible strategy. Having the details of your estate clearly defined and documented can save your heirs not only countless hours of work, it also helps your loved ones understand your intentions and carry them out with as little acrimony and emotional distress as possible. One high-profile case currently […]
81 Year-Old Wins Lottery, Establishes Trust
An 81 year-old woman who won a whopping $336.4 million Powerball jackpot this week accepted the sum under the name Rainbow Sherbet Trust. She claimed a total of $210 million distributed in one lump payout. The trust was so named because a family member’s craving for ice cream led to the purchase of the lucky […]
Trusts: Estate Planning And Whitney Houston
The recent and tragic death of Whitney Houston has sparked many conversations about her life and accomplishments. Often, people with sizable estates use trusts to control when and how their wealth is distributed.
Appointing a Trustee? Consider a professional.
A trustee is charged with protecting and investing trust assets and administering those assets per the terms of the trust agreement for the benefit of the trust’s beneficiaries. See Fla. Stat. 736.0801 et seq. While this sounds like a basic premise, there are some important functions which a trustee must do in their fiduciary role. […]
Gift Tax The Focus Of IRS Investigation
Recently, the Internal Revenue Service has begun cracking down on gifts among family members that have not been reported. People who live in Florida and elsewhere are required to report such gifts on a Form 709. This form is known as a United States Gift Tax Return. It must be filed for transfers of property […]
Jackson’s Bankrupt Estate Turned Profitable, Execs Pay Increased
When it comes to estate planning in contemplation of that journey everyone must take, it is as important to think about estate administration which will occur after you have gone. Determining where your assets will go and on what terms is not the only consideration that needs to be made. Especially for wealthier individuals, the […]
What To Do When The Estate Comes With Debts?
The importance of estate planning is too often realized after the death of a family member. Even in Palm Beach, Florida, there are many cases of heirs getting the surprise of their lives and wishing they had persuaded their loved one to look into proper estate planning before it became too late. The two main […]
No Estate Plan Results In Abandoned Home
A recent story of an abandoned property may underscore for Florida readers what can happen if estate planning is avoided. A woman lived in her small 1100-square-foot home for many years. She shared the place with her husband until his death. The woman’s health declined over the ensuing years, and dementia set in. without any […]
Don’t Let Seemingly Complicated Estate Planning Prevent You From Making A Plan
Only 45 percent of Americans today have a will. So many Americans and folks in Florida lack estate planning because many people put off estate planning and because many people overcomplicate estate planning decisions to the point where a plan is not created. While estate planning can be complicated, it does not have to be. […]
Pet Trusts Acknowledge Loving Companionship
Animal lovers know what it means to say that their pets are part of the family. There is a special bond that is formed between animals and their owners. It doesn’t matter if it’s a dog, a cat, or even a snake. The reality is that these pets are special to their masters and so […]