If you have remarried and taken on the responsibility for stepchildren, you might be confused about the legal requirements related to including them in your will. Florida attorneys say that stepparents have no legal obligation to leave inheritances to stepchildren, despite some common misconceptions. Still, there are some ways to improve your strategies for estate planning to ensure that everyone is satisfied.
Divorce can be a major obstacle in an inheritance landing into the right hands. A mother or father must protect an inheritance for their children when heading into a second marriage. Some estate planning experts suggest using a prenuptial or postnuptial agreement in order to accomplish that.
The holidays are upon us and families are busy making plans to get together. That said, there is no better time to talk to your adult children or parents about inheritances, estate planning and other financial matters.
In making an estate plan, the topic of inheritances comes up. But how should Floridians divide their assets among their children?
For gay and lesbian couples, estate planning is more challenging than for traditional spouses. Because federal law does not recognize civil unions and gay marriage, passing on property, money or other items requires each partner to make accommodations for the other in a will. Without a will, and with no legal spouse or no children, estates would be tied up in probate.
Rather than leave an inheritance to a family member or friend, many residents of the Miami area have taken a different path to distribute estate assets.
The U.S. Supreme Court invoked Florida laws in ruling that the children of a man who has passed away are not eligible to receive benefits through Social Security.
According to some data, many baby boomers are poised to inherit a considerable sum of money from their parents when they pass away. For those people outside of this generation that sum will likely be smaller.
Just as men and women in Florida, and throughout the rest of the United States, can inherit property and other assets, they might also inherit debt tied in with a deceased loved one's estate. A lot of people might think that if they are the sole beneficiary to a person's estate, that there is no negative that can come with it.
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.