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September 2017 Archives

My child has debts. Will the assets I leave go to his (or her) creditors?

In the United States, the incomes of younger individuals have declined for decades, while the incomes of older folks - their parents, in many cases - have increased. According to Vice Media, salary growth for people in their twenties "has been well below the national average" since the 1980s. As a result, individuals who've grown up during this period tend to have more debts and financial liabilities than those who came before.

Planned giving offers advantages during the life of the giver

For Florida residents, there are some big advantages to setting up planned gifts as part of a comprehensive estate plan. The most obvious advantage, or the one that is generally discussed most, is the tax savings planned giving can generate. Such a program also grants a person peace of mind, prestige and the promise of a legacy.

Leaving behind an IRA to loved ones

Florida residents might like to know about the logistics involved when naming a beneficiary for an IRA. The first thing to keep in mind is that an IRA beneficiary designation typically controls who receives the assets in an IRA. This means that one must remember to edit the designation instead of just redoing provisions in a will or trust if the intended recipient changes.

Why you should frequently update your estate plan documents

Recently on our blog, we have talked about estate planning mistakes that you can avoid so that your estate runs into as few issues as possible during its execution and implementation. This allows you to feel secure in how your family nest egg will be passed on to your beneficiaries, as well as saving your beneficiaries months, and likely years, of legal heartaches and squabbles.

Discussing estate plans with family

Florida residents may find it necessary to discuss with their family members the estate plan that they have in place and why certain decisions were made. This can be difficult for people who are uncomfortable speaking about personal financial matters, like retirement or spending habits. However, discussions about such matters can be conducted in ways that make it easier for everyone.

What you need to know about living wills in Florida

Few people feel enthusiastic about the prospect of detailed discussion of medical decisions to be made should they become incapacitated. Nevertheless, advance directives in Florida can help you convey your wishes and lighten the decision-making burden on your loved ones, freeing them from nerve-wracking guesses at the best thing to do.

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