On behalf of The Law Offices of Barbara Buxton, P.A. posted in Inheritances on Monday, February 20, 2012
It certainly works into an individual's financial favor if they inherit property, money or other assets when a loved one passes away. Inheritances are a common aspect of estate planning and a good way to leave loved ones with monetary gifts upon death. However, some of the beneficiaries of these blessings have the wrong mindset on how to treat them.
In large, wealthy estates, inheritances left behind for loved ones can be of a substantial amount. The mistake that many beneficiaries make is focusing in on this large sum of money and living their financial lives like they already have it. They might run up substantial debt just because they know that fortune will some day be theirs.
On behalf of The Law Offices of Barbara Buxton, P.A. posted in Will Execution on Sunday, February 12, 2012
As we have often discussed on this blog, a living will has a number of purposes. One of those purposes is for an individual to specify how they want doctors and family members to treat them medically if they are incapacitated and can't vocalize those preferences. A will can instruct doctors not to take extraordinary measures to keep them alive, like hooking them up to a life support system or ventilator.
This document can help loved ones avoid a lot of heartache in an already tough situation, but how does a surgeon or medical professional react to such a process? One study stated surgeons feel limited by it.
On behalf of The Law Offices of Barbara Buxton, P.A. posted in Estate Administration on Monday, February 6, 2012
Needing someone to speak and make decisions on your behalf while you are still living might seem like a long shot. But, these situations are more common than you might have thought. Tragic accidents like the recent highway tragedy in Florida or other incidents can incapacitate us to the point we can't vocalize our decisions. This can also happen via a debilitating illness, like dementia.
There are many scenarios in which we can't clearly state what we want or need. This is why you need to appoint a trusting individual to take on estate administration by assigning them power of attorney. This will allow them to make legal decisions on your behalf. But, this can only be done when you officially grant them these powers. If you are married, you might assume your husband or wife will step in and make decisions for you. This is not the case unless you grant them this power legally.
On behalf of The Law Offices of Barbara Buxton, P.A. posted in Estate Planning on Sunday, January 29, 2012
Data shows that 55 percent of people in America die without having a will -- a very basic aspect of overall estate planning. Most times, these people do not have any sort of moral stance against creating a will, especially considering the benefits to having one. They either plan on creating one, but put it off until it is too late, or let the perceived complexity of estate planning intimidate them so they avoid it.
Estate planning can be complex and confusing, but asking yourself a series of questions can help give you a starting point and an idea of what actions to take. Here are a few tips for Miami residents:
On behalf of The Law Offices of Barbara Buxton, P.A. posted in Estate Administration on Sunday, January 22, 2012
As our culture turns to an increasingly digital society, estate administration is growing more and more complicated. More than ever, Florida residents are keeping important financial records online, whether stored on the hard drive of a personal computer or on Internet-based storage programs. This information could include bills that the person chose to pay online or statements for various financial accounts. Not accounting for these while executing an estate plan would be a gross oversight.
Sometimes, beneficiaries of the deceased do not even know these things exist, and if they do, they do not know how to access the records without the right passwords or account information. This requires a lot of advanced planning in order to prepare for. An individual should supply the executor of his or her estate with passwords and information for all their online accounts. Thorough estate planning should include checking things, such as:
On behalf of The Law Offices of Barbara Buxton, P.A. posted in Estate Administration on Wednesday, January 18, 2012
A living trust can be a good way of protecting one's assets, but only under certain specific conditions. It is important to note that as long as the owner maintains power over the trust and benefits from it, the trust will be subjected to estate taxes. The owner's creditors can also attach the trust assets.
This is the case with most living trusts not only here in Florida, but elsewhere. The owner generally maintains the power of appointing a trustee or holds the rights to make changes or amendments to the trust. Furthermore, the owner is able to access the trust's assets and withdraw them any time he or she would like. Under such arrangement, a living trust can be a logical choice for estate planning as it ushers assets away from the reaches of probate court, but as long as the owner holds on to these powers, the trust is not much of a protection for his or her assets.
On behalf of The Law Offices of Barbara Buxton, P.A. posted in Estate Planning on Sunday, January 15, 2012
Many people throughout Florida, and the rest of the United States, need clarification on what an estate truly is. When many people hear the term estate planning, they think of a practice only tended to by the wealthy or elderly. After all, wealthy individuals have many assets to account for, while similarly, some elderly individuals have accumulated assets throughout the course of their lives.
While the elderly and wealthy do tend to have larger estates, even a broke college kid with assets like a bank account or automobile has an estate on his or her hands. Even though this is a more modest estate than those of the wealthy or elderly, it still requires thoughtful planning to ensure its safety.
On behalf of The Law Offices of Barbara Buxton, P.A. posted in Estate Planning on Sunday, January 1, 2012
The holidays and upcoming end of the 2011 tax year are likely to get many Florida parents and grandparents thinking about appropriate gifts to give their children. These gifts do not always have to be toys or clothes. Parents can set their children on the right financial track by giving them things than can fit into their long term estate plans. Many grantors prefer this method over leaving money to their children or grandchildren until after they have died. This way they can enjoy watching their heirs benefit from their inheritance gifts while they are still living.
Instead of forking over cash, giving a child an appreciated stock can teach lessons on investing and also present state and federal tax benefits. With a stock that has already gone up substantially since it was purchased, a child can track its progress and learn about aspects of the stock market. These are lessons that cannot be learned handing the child a check.
On behalf of The Law Offices of Barbara Buxton, P.A. posted in Estate Administration on Sunday, December 25, 2011
Residents of the Miami area may be interested to know about the ongoing saga regarding the late Martin Luther King Jr.'s estate. The heirs of civil rights icon are suing to gain possession of a number of priceless documents that they say were intended for them. The individual who has them now is claiming they were once a gift from the late MLK. Unfortunately, King died without a will, and now the fate of these documents will rest in the hands of probate court.
Martin Luther King Jr.'s estate is a prime example of what can happen when estate planning is not addressed promptly and appropriately. Since King's death, his heirs have fought over the estate and even hurled allegations of secrecy and misappropriation of assets. The constant fighting has, to some people, somewhat soured King's heroic legacy.
On behalf of The Law Offices of Barbara Buxton, P.A. posted in Estate Planning on Thursday, December 15, 2011
Many of us do not go about our estate planning the way celebrities do. After all, the rich and famous generally have more assets and immense wealth to account for. Their high-profile nature also requires them to protect their estate all the more.
But some experts say that when you look closely, the problems that celebrities and their families run into during the estate planning process are common among everyone. We saw a dose of this when now-deceased singer Michael Jackson chose his aging mother to be the guardian of his children when he died. He named world-renowned pop singer Diana Ross as a backup. Some might say he botched this decision. If his mother passes away before his kids reach the age of 18, they will have to relocate and live with an unrelated stranger.
