529 Plans that can help pay college expenses for a grandchild come with both advantages and disadvantages. When used strategically, these tax-advantaged plans can reduce gift and estate taxes as well as taxes on gains or withdrawals. Unfortunately, owning a 529 Plan could make you ineligible for Medicaid, including Florida Medicaid long-term care...
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How to Plan for Business Succession and the Sale of a Business
Usually, business succession does not go well without a plan. Eventually, business succession will happen with or without a plan because we are all mortal. When you think about all the work you put into building and running your business, you owe it to yourself to develop a plan for how you will step...
The Importance of Funding a Trust Now
Many Floridians who engage in estate planning use trusts for various reasons. Trusts can limit tax exposure, take certain property out of the probate process, or be used for Medicaid planning. Working with a Florida estate planning attorney to prepare a trust is a good first step. However, after all the paperwork is...
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Estate Planning With Big Age Gaps
Age gaps between spouses are common. Spouses may be a few years apart in age. However, some couples may have a significant age gap, which could impact specific issues such as retirement planning and estate planning. A Florida estate planning attorney helps you develop a plan that meets your needs and desires, regardless...
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Can a Disinherited Child Contest a Will in Florida?
In many families, the family dynamic can include the dramatic elements of one child being the favorite and another child getting cut out of a parent’s will. When a child gets disinherited because of favoritism toward another child or a broken relationship between the disinherited child and the parent, that child often wants to...
Your Options for Receiving Medicaid Benefits After a Personal Injury Settlement
Receiving a windfall like a personal injury settlement can be something that an older adult dreams of, until the fallout from the settlement starts. If you receive Medicaid benefits and rely on that for your health insurance and eligibility for other public assistance programs, getting a personal injury settlement could disqualify you from the...
Importance of Revising Your Estate Plan Before and After Divorce
One of the first things you should do after getting a divorce is to change your will, trust, and other estate planning documents. It is easy to procrastinate on doing so because you might find yourself busier than ever with your new lifestyle and because you might feel emotionally wrung out and tired of...
Crucial differences between Executor of a Will & Trustee
An executor of a will administers the will of a deceased person, and a trustee manages the living trust or testamentary trust of a person. The living trust will need to be managed during the lifetime of the person who set up the trust and afterward. A testamentary trust doesn’t exist during the lifetime...
How Much Does an Estate Plan Cost?
Many people realize that they should create an estate plan, but they worry about the cost. The amount that an estate plan costs can vary a great deal, based on things like which documents you need, the complexity of your situation, and how many revisions you make before approving and signing the documents.
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What Happens if a General Guardian Changes Their Mind?
The person who agreed to serve as a guardian might eventually become unable or unwilling to perform that duty. In that situation, the law provides several different ways to change guardians.
Changing guardians is not as simple as another person agreeing to take on the responsibility. You have to follow a formal process and go...
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