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Heirs & Beneficiaries Archives

Building an estate plan when an heir is an addict

Any number of unique family circumstances can make estate planning challenging. One such example is estate planning for a blended family. There are many considerations to make when determining how an estate will be divided and distributed in a blended family.

Long-term care: Not what you bargained for?

No one expects a catastrophe to happen. But they do: Car accidents, chronic or terminal disease, dementia. There is no way to tell what the future holds, but planning for it could mean the difference between leaving your kids a headache--or an inheritance.

Want to keep your beach house in the family? Consider a few things first.

Many families have cherished memories at their beach houses or lake homes in Florida. Maybe you watched your children go from toddlers playing in the sand to teens learning to surf. Or maybe you, yourself, have childhood memories that you want to hold on to.

Could your loved one benefit from legal guardianship?

When faced with the prospect of a family member being unable to manage their day-to-day affairs, the choice to step in on that person's behalf can be a difficult one to make. Florida law allows for legal guardianship in cases where a loved one is either too young or too ill to make decisions on their own. By understanding how a guardianship can be established or contested, you can take the necessary steps to protect your loved one in their time of need.

Involving adult children in estate planning may be beneficial

Estate planning -- whether done in Florida or elsewhere -- is certainly a private matter. However, including others in the process, especially adult children, may prove to be beneficial. Unfortunately, family members do end up fighting about the details of estate plans when they feel that they have been unfairly treated or they simply do not agree with what has been decided. By allowing adult children to have some involvement in the estate planning process, this can help prevent such problems in the future.

Do not forget to name digital beneficiaries when estate planning

When going through the estate planning process many individuals, whether they reside in Florida or elsewhere, may not think about their digital assets. Even though most Americans live in a world where more things are being done and stored online, few people seem to think about how such assets are to be passed on to beneficiaries. Believe it or not, separate protections need to be put in place in order to ensure that heirs are legally allowed to gain access to digital assets.

Take appropriate precautions to help beneficiaries avoid taxes

Gifting property in an estate plan by parents in Florida or elsewhere is always done with the best of intentions. There is nothing wrong with a parent wanting to give his or her child property out-right if that is a possibility. However, certain precautions need to be taken in order to help beneficiaries avoid the significant taxes that may follow receiving such a gift.

Should I designate beneficiaries?

For those in Florida or elsewhere, deciding who gets what after their deaths can be a difficult decision. Some may be afraid of hurting feelings, or they simply cannot decide how they want things divided out. While it is possible for everything to work out in the end by having an estate go through the probate process, probate can be completed much faster by designating beneficiaries and making things a little easier for one's surviving family members.

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