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estate planning Archives

Estate planning is not a one-time event

As the first month of the new calendar year has now passed, many people are turning their attention to the upcoming tax season. However, Florida residents could also take the chance at this time of year to review their larger financial picture. Instead of focusing only on last year's taxes, now is a great time for you to look ahead and how you might develop or change your estate plan to put you and your heirs in a better financial situation.

People need to alter their wills after a divorce

A divorce equals a lot of changes coming into your life. You and your spouse should have created wills after marriage, and upon a divorce, the two of you also need to make sure your wills receive updates. The state of Florida does help a bit with this. In 2012, the state passed legislation automatically revoking beneficiary designations in people's wills in the event of a divorce. 

Update your will after moving to Florida

If you already have a will written and approved by an attorney, then you are already far ahead of most American adults. However, a will should never remain a stagnant document. If you create your will early on in life in your 20s or 30s, then you will need to update it constantly throughout the years. One time when you definitely want to alter it occurs when you move to another state

What is a revocable trust?

While it is true that a revocable trust often allows heirs to skip probate in Florida, there are several elements to consider before settling on it as the best way to handle your estate. The term “revocable” means that you can still alter or terminate the document unless you become incapacitated, or impaired mentally and physically.

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.

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. 

3 reasons to consider a living will

No one wants to spend much time thinking about the end of his or her life, but you should seriously consider getting a living will. A living will can lay out your medical wishes if you get sick or in an accident that leaves you in a vegetative state. For example, it can specify whether you want your family to keep you alive via artificial respiration or not.

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Day Law Your Hometown Attorneys

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Spring Hill, FL 34606

Toll Free: 888-326-9553
Phone: 352-200-2382
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