As a Florida resident who is thinking about establishing a trust, you may already know that both revocable and irrevocable trusts exist. Although their names give some clues about the nature of these trusts, they offer significantly different benefits, and they are also subject to radically different tax structures. Today, we will discuss how to choose the right kind of trust for your comprehensive estate plan.
Gifting a job in a will
If you are the owner of a company or business venture, you might be able to gift a job to someone in your will. Florida probate attorneys say that although the process can be rigorous, you can bequeath a lifelong employment position to one of your family members, friends or employees.
Estate planning can benefit those without surviving family
There are an increasing number of residents in Florida that do not have any surviving family. In recent decades, more couples are deciding that children are not right for them as they find fulfillment through other outlets in life. Others choose not to marry. In some situations, at the end of life when an individual does not have surviving family, it may seem unclear where that individual's assets will go after their passing.
Wills should address social-media accounts
The Internet age has given rise to yet another detail for Miami-area residents to contemplate when considering what to include in an estate plan -- making arrangements for handling social-media accounts.
Learning from Whitney Houston's will
Many men and women in Florida, and throughout the rest of the United States, turn their attention to the topic of estate planning when a high-profile celebrity passes away. Sadly enough, sometimes average people are more concerned about what is contained in a celebrity's will than in their own.
Living wills can limit surgeons
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.
Why a living will simply cannot wait
To many people in Florida and across the country, a living will is considered Estate Planning 101. Most are familiar with the concept and have a rough idea of its function, but many assume it does not apply to their situation or stage in life.
