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.
When it comes to pets and estate planning, few animals were as fortunate as Trouble. The white Maltese owned by Leona Helmsley, the late hotel magnate, received a $12 million dollar inheritance in 2007 -- a seemingly hefty sum if you do not take into account the dog's annual living expenses estimated at $190,000.
Florida residents may be interested in an article detailing some of the biggest mistakes that people make when planning their end-of-life personal and financial affairs. Failing to have a plan at all is one error, but there are others that may be less apparent.
When it comes to planning end-of-life matters in Florida, people often remember to take care of their wills, trusts, power of attorney and life insurance, but they might not know how to address their digital assets. Because digital information can remain online for years, estate planning should include a way to handle digital property. As with physical and tangible assets, digital information needs to be left in the care of someone who is trustworthy.
Estate administration isn't always a simple matter of the distribution of assets to the heirs. Anyone who has ever served as an executor in Florida is familiar with the numerous steps in between the time the will is created and the actual execution after the testator's death. Even with a small estate and a very clearly written will, unforeseen probate issues and expenses can arise.
Florida retirees may be wondering whether a will or a trust is a more appropriate estate planning tool. According to experts, either could be appropriate, depending on the retiree's situation. A trust is a legal tool that holds assets for the benefit of an individual. A will is a legal document that directs which assets should go to whom after an individual's death. Both serve unique legal purposes. Deciding which one is most appropriate depends on the unique estate planning goals and needs of an individual's situation.
Estate planning is critical for people of any age in Florida and around the country. Having a clear plan in place can prevent discontent from brewing between family members. However, it is important that the children of the deceased get to share in the wealth when that person passes. If one child gets 80 percent of the money and the other children are left to split the rest, they may wonder why they were given such a small stake.
The three trustees of the estate of a deceased Florida artist are now pursuing nearly $60 million in trustee fees. The trustees were friends of late pop artist Robert Rauschenberg, who died in 2008 and left a $600 million estate to a trust which would primarily benefit the Robert Rauschenberg Foundation. The foundation's mission is to manage Mr. Rauschenberg's art and support charitable endeavors and other artists. The three friends were enlisted by Mr. Rauschenberg to administer and manage the trust.
Orlando families working out how their patriarchs and matriarchs will pass on assets after death may want to hear what one respected financial adviser has to say on the matter. To start, avoiding errors caused by the process's complexity is the first step to successful estate planning. After that, making sure the correct paperwork is filed and updated to reflect any changes in circumstances should be at the top of a family's estate administration tasks.