During your estate planning process, you have probably thought about how to structure trusts and probate documents to best suit your heirs' needs. You may have overlooked one important type of account during this estate administration preparation, however: Have you named your beneficiaries for your IRA or 401(k)?
Basic estate planning brings up a lot of questions. Most beginners are not aware that there is a difference between a will and a living trust. Each of these estate administration options provides its own special benefits; today's blog post will help you decide which you should include in your probate plan.
Those who are diligent with their estate planning likely have taken out a life insurance policy. When they pass away, this money is bestowed on an heir - or at least, it should be.
Floridians want to leave their heirs with as little trouble as possible after their death. To do so, there are a few ways to make this happen.
A life insurance policy is a great way for men and women to leave behind money for their loved ones after death. However, a life insurance policy is rendered meaningless when that money is never delivered to the beneficiary.
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.
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.
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.
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.
What seemed like a noble and just use of a multimillionaire's vast estate has turned into a legal nightmare for everyone involved. When a multimillionaire American man died, much to the surprise of his family, his estate administration outlined a plan that would donate the majority of his wealth to a new charity in Panama, a charity that helps feed needy children. Also in his estate plan was a monthly payment to his surviving wife and substantial cash payments to each of her five children from a previous marriage.