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September 2013 Archives

Estate experts encourage new adults to start estate planning now

For most in Boca Raton, 18 is the age of liberation. In most states, one is now officially considered an adult, and thus allowed to enjoy all of the privileges that come with it. However, little to no attention is paid to the potential legal implications of reaching adulthood. Chief among those is that, to most, those above the age 18 is considered to be capable of making informed decisions for themselves. Thus that responsibility is taken away from parents and placed with the individual. Many underestimate the potential issues that this may cause in the event of an emergency.

The Walton family sets example of estate planning through trusts

Most people in Boca Raton accumulate assets during their lives with the hope of one day being able to pass those assets on to benefit future generations of their families. One hopes that this transition of wealth can occur in the fastest and least expensive way possible. However, without proper estate planning, a large portion of one’s estate may be eaten away by probate costs or in estate taxes. Fortunately, there are ways to avoid probate and save in estate taxes by utilizing estate planning techniques such as placing one’s money into trusts.

Alarming number of young parents neglecting estate planning

No one likes dealing with the prospect of their own mortality, yet many people in Boca Raton let that fear keep them from adequately planning how their affairs should be handled when they die. It’s believed that less than 35% of people have wills. Those who choose to put off making these decisions risk others being given that responsibility once they’re gone.

Questions arise over the handling of Zsa Zsa Gabor's estate

When a person is appointed as a conservator for a family member or friend with special needs in Boca Raton, he or she is often required to reconcile with the court as to how the finances and/or health care matters of the incapacitated individual are being handled. If issues do arise regarding the conservator’s actions, he or she could potentially face penalties from the court that could include revocation of the conservatorship and possible criminal sanctions. The victims of conservator abuse, including the incapacitated party and affected members of his or her family, may also sue for medical expenses and emotional distress and damages.

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