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Hernando County Law Blog

Specific blended family estate planning concerns

If you are one of the many people in Florida looking to get married for a second or even third time, you will likely have different things to take care of before you say, "I do". One of these is updating your estate plan. The choices you make when deciding how you want your assets handled after you die are quite possibly different now than they were when you got married for the first time, especially if either you or your future new spouse has children from prior marriages.

Forbes explains that you and your partner should have frank conversations about your long-term asset planning before you get married. You will want to identify your goals properly and from there select the estate planning tools that best help you achieve those goals. For example, if you want to allow your new spouse to be financially cared for if you die first but you still want to ensure that your children receive something from your estate, you may want to investigate setting up an irrevocable life insurance trust.

Shifts in american employment

To an overwhelming number of Americans, losing a job means more than getting down in the dumps. It could mean prolonged windows of financial stress, which could ultimately lead to bankruptcy. Job loss is one of the most common reasons why Floridians file for bankruptcy. There are many factors that lead up to unemployment, but current trends show that a significant number of professionals of various industries struggle with the issue. Could current issues in America play a part in this problem?

Last year, an article in CNN Money detailed possible factors that led up to the country's gradual decline in certain areas of employment. In response to President Trump's past claims that trade with Mexico and China have played a role in job loss, CNN points out that this is only the tip of the iceberg: since 2000, the U.S. has lost 5 million manufacturing jobs. Trade, in fact, can be beneficial to the economy, providing more jobs and opportunities. Even though some officials blame trade for this major loss in jobs, CNN adds that technology has also influenced this shift considerably--manufacturing has since been replaced by more promising industries, including healthcare and retail. 

Recovering from the mental exhaustion of divorce

Divorce is seldom a light topic, especially in regards to the toll it can take on those involved. Mental health often falls to the wayside while spouses tend to legal matters; as a result, anxiety, depression and burnout become constant reminders that life is not what it once was. It can be difficult to pinpoint psychological issues amidst months of paperwork and compromising, but there are signs Floridians can remain aware of when going through the mental and physical toils of divorce.

It is clear that divorce is common--so common that society can ultimately ignore psychological needs altogether. The American Psychological Association acknowledges this widespread issue that affects a large part of the population, as more than 20 percent of first marriages end in divorce by the 5-year mark. Using this data from the government's National Survey of Family Growth, the APA goes on to say that, with enough cooperation and mediation, healthy divorces are possible. Furthermore, the APA references research that shows that individuals who practice self-care and self-love experience less stress when managing the challenges of divorce.   

What to know before opening a zero-interest credit card

While zero-interest credit card offers certainly sound tempting, you might be questioning whether there is a catch involved if you receive one. The premise sounds great - these cards allow you to make purchases without paying interest for a certain amount of time. As you might expect, however, credit card companies are rarely acting in your best interests, and this holds true in the case of the no-interest credit card.

Unless you have absolute faith in your ability to pay off your credit card balance in its entirety before your interest-free period ends, you may want to think twice about accepting that offer you receive in the mail. Here are some of the reasons why:

Understanding the role of a probate curator

Even if you are not familiar with the estate administration process, you likely understand that there are several things that need to be done in order to prepare your loved one's estate for probate in Hernando County. As all of the necessary steps are being taken, what happens with the estate's assets? Many have come to us here at The Day Law Office concerned that not having someone monitoring estate property in the absence of a confirmed personal representative could expose it to creditor's claims and other losses. If you share the same concerns, do not worry; in such cases, the court will often appoint a probate curator. 

In Section 733.501 of the Florida's Estates and Trusts Code, it says that a curator can be appointed in the absence of a personal representative. He or she will then have all of the power and authority to manage the estate that the personal representative would have. Typically, this is done if there are concerns that a lack of management would produce a loss to the estate's overall value. If that loss appears to be imminent, the court may even appoint a curator without notifying you or other interested parties. 

What is included in a parenting plan

When Florida residents decide upon a child custody agreement, much more goes into it than simply deciding legal and physical custody. While Florida is compliant with guidelines found in The Uniform Child-Custody Jurisdiction and Enforcement Act handed down by the U.S. Department of Justice, there is much more that is left to the state to rule on when deciding upon the best interests of the minor or minors.

Oftentimes, a parenting plan is necessary to ensure that all day-to-day details are also covered. This is especially necessary when more than one party will have some level of custody, which can leave a lot of gray areas and potential conflict down the road if not outlined in writing.

Establishing paternity in Florida

If you are unmarried when your child, or a child you presume to be yours, is born, establishing paternity is an important step that not only offers many benefits for the child, but also gives you certain rights to that child in the eyes of the law.

Maybe you are a mother looking to establish paternity so you can pursue a child support order against your child's father, or perhaps you believe you fathered a child and you want rights to your son or daughter. Regardless of your reasoning for doing so, establishing paternity is beneficial to the child and necessary for unmarried fathers who wish to have a say in their child's lives.

Resolution approaching for boys abducted to Brazil

Child custody cases involving divorced parents still living in Hernando County can be complicated; imagine how much more so they can be when they stretch across borders. While parents involved in custody disputes may be legally obligated to stay put until their cases are settled, that may not stop some of them from fleeing with their kids. The further they flee, the more difficult it may be for the parents who remain behind to get their kids back. Suddenly, child custody issues may be intertwined with immigration laws, which may only serve to further complicate matters. 

This fact is on full display in the case of a Brazilian woman currently living in New Jersey. Her troubles with her estranged partner began with a domestic dispute in early 2016. The man was placed under a temporary restraining order, but also allowed to see the couple's two sons soon after. Rather than returning them to their mother, he fled with the boys to Brazil. He then left them in the care of his mother and returned to the U.S., where he was arrested while crossing the border. 

Child support payments and florida law

Despite the fact that Florida is home to countless happy spouses, divorce can become a reality of any marriage. Differences in lifestyles, income and philosophies often have a hand in a dissolving bond. While these preferences can clearly make marriage difficult, children are a common focus in such trying situations. In many cases, one parent is left primarily caring for a child when the other parent refuses to cooperate with child custody plans. 

ABC Action News reminds Floridians that child custody battles are hardly a problem of the past. In fact, countless parents in the state struggle with delinquent child support payments as a result of an uncooperative ex-spouse. In addition to the report of a Florida mother who has not received support payments in 25 years, ABC points out that there are a plethora of other parents living in similar situations. According to ABC, over 2,800 parents in Florida currently owe more $100,000 or more in arrears. These number do not merely add up, either; under federal law, failure to pay child support for a child who lives in another state for more than a year is a crime. 

Will you have to pay the estate tax?

Ask anyone in Hernando County what inevitabilities there are in life, and you will likely get the same two answers every time: Death and taxes. Sadly, those two things are often linked. You work your entire life in order to accumulate assets that you one day hope to pass on to your surviving spouse and/or children. Imagine having to dedicate a significant portion of those assets to paying a hefty tax bill. Having to do so may result in there being much less than you were anticipating being able to leave to your beneficiaries. 

Fortunately, not all estates are subject to the estate tax. You are only required to pay the tax if the total value of your estate exceeds the threshold established by the federal government (which, according to Forbes Magazine, is $5.49 million for 2017). Thus, if your estate is below that, the tax exemption means you can pass your assets on tax-free. 

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Day Law Your Hometown Attorneys

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