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Estate Planning

Should Each of Your Children Receive an Equal Inheritance?

Dividing up your property and assets amongst multiple children can be an impossible situation. Some solve the problem by avoiding the estate planning process it entirely, but not having a will is not the answer. It is a task that must be faced. The most obvious answer is an equal division of assets among the children. Equal division may at first seem like the right choice for most cases, however in some families, providing each child with an equal inheritance may not make sense. For some, rather than an “equal” inheritance, an equitable inheritance could be more sensible. While an equal...

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If You Have No Children, Do You Need a Will?

Many individuals and couples who do not have children decide without much consideration that they don’t need a will. But is that true? If you have no children, do you need a will or not? If you stop and think about it, someone has to inherit your assets. If you don’t decide on who will inherit what you leave behind, state law will decide for you. They may determine your horrible, 3rd cousin, Horace, will inherit, but your great-aunt Sharon gets nothing. If you don’t want your random, terrible, 3rd cousin, Horace, to inherit, seek out an estate planning attorney. If...

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When Does Your Child Need an Estate Plan?

Did you know children need estate plans, too? Well, it depends on your definition of a child. But if you have a child headed off to college, they land squarely in the “need an estate plan” category. You’re sending your child off to college – maybe they plan to live in a dorm across town, or perhaps they plan to move a couple of hours away or across the country. Regardless of where your child is attending university, your college-age child needs to add “estate planning” to their to-do list, preparing them for their first semester. In a recent Wall Street Journal...

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How to Choose the Best Trustee for Your Estate

Choosing the trustee is one of the toughest decisions you have to make for your estate plan. The designation of the trustee to manage your estate when you are gone is a significant decision. While the trustee's duties will vary depending on the type of trust created and any specific stipulations included in the trust documentation, they will be in charge of overseeing your assets and the assets of your loved ones. In most cases, the trustee is a friend, a family member, a professional trustee, a lawyer or accountant, or a trust company. It is a crucial role, and...

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Debunking 3 Common Estate Planning Myths

Did you know that estate planning is one of the most misunderstood areas of family and financial planning? If you think you're too young to have an estate plan, we need to have a discussion. If you feel you don't need an estate plan because you have a financial plan, we should talk. If you think you're too old to get your estate plan together, we need to have a question and answer session. If you are in any of these situations, you may need to read about a few common estate planning myths. 3 Common Estate Planning Myths: Myth #1: You...

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3 Reasons Parents of College Students Need an Estate Plan

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If you have a child in college or a child soon heading off to college, congratulations are in order! You’ve raised someone from a tiny child to a near-adult. It’s often a time of celebrations beginning with graduation parties and are quickly followed with shopping trips to outfit the dorm room and college campus orientation trips. While this stage can be exhilarating, it’s also a time to consider critical legal tasks. When is the last time you updated your estate plan? Parents of college-bound children frequently focus on changes closest to home like what to do with that extra bedroom now...

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Simple Estate Planning for College Students

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If you are the parent of a college student, you probably have mixed emotions; parents of young adults often do. It’s a new and exciting stage for parents as their children start to branch out and learn to be adults. It’s also a time full of nervous anxiety. Parents are worried about their kids because they want them to be safe and healthy and happy while they pursue their dreams. When your child turns 18, they hit an official (and legal) transition from child to adult. This transition has a significant impact on parents. When a child becomes a legal adult,...

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If You Don’t Have an Estate Plan, It’s Not Too Late

If you know that having an estate plan is important, but you don’t have one, you aren’t alone. Most Florida residents are aware that they need an estate plan. But many of those Florida residents who know they need an estate plan, don’t actually have one. If you don’t have an estate plan, don’t worry. It’s not too late to call an experienced Florida estate planning attorney and protect your family and your estate. When you are creating an estate plan later in life, it is often even more important that you do so with the assistance of an experienced Florida...

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Why Should You Use Trusts in Your Estate Plan?

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Estate planning is all about controlling your assets. It offers control of your assets during your life as well as control of your assets after your death. The most basic way to establish this control is through a will, but for most people, the will needs to be followed by additional estate planning documents and tools. One of the most common is the trust. The trust can be very handy for individuals who want to control their assets. The need for a trust is driven by the level of control you would like to maintain over your estate. The trust offers...

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Estate Planning: Is Your Family Prepared for a Late-Life Health Emergency?

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When we get in a vehicle, we have seat belts. We are all aware that they are provided for our safety. Almost every time we get in a vehicle and drive to a destination, we do so without incident, yet we wear seat belts while we are in a vehicle as a precaution for the rare instances when there may be some type of car accident. This is similar to planning for unexpected medical events and emergencies. Proper estate planning can help manage the financial implications that are associated with unexpected health problems and the potentially long-term care needs that...

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