Continuing our discussion from the previous blog entry regarding the lack of estate planning and property rights that unmarried domestic partners have under Florida law, we will cover what happens if you fail to draft a legally valid will or die without first creating a will pursuant to the Florida laws of intestate succession. If you are in a domestic partnership with another individual, but … [Read more...] about Florida Law and Unmarried Domestic Partners: Part 2 of 3
In several states, state legislatures enacted laws allowing same-sex partners and opposite-sex domestic partners to register their partnerships and receive some legal rights and protections. In Florida, the Legislature does not recognize domestic partnerships between unmarried same-sex and opposite-sex residents. Thus, if you live in Florida, your unmarried domestic partner will not receive any … [Read more...] about Florida Law and Unmarried Domestic Partners: Part 1 of 3
One of the biggest mistakes young adults make leading up to their senior years is neglecting to set up a retirement account. Gone are the days of depending on Social Security benefits to provide enough income to meet day to day needs, if that ever really was the case. The need for funds necessary to cover living expenses, medical expenses, nursing home expenses, long term care, and anything else … [Read more...] about Retirement Planning Tips Part 1
Before we discuss what happens to payable on death accounts following someone’s passing, let’s define what this process is. A payable on death (POD) account is an instrument that is designed by banks and credit unions. They provide a form for account holders to fill out in order to list beneficiaries who will receive funds upon their passing. These funds are transferred immediately when a death … [Read more...] about What Happens to Payable on Death Accounts Following Someone’s Passing?
In most cases, people expect to live comfortable off their retirement while expecting to leave portions of what is left to those listed in wills. Why would this not be an expectation considering how hard people work to build up assets and gain property throughout their lives? If this sounds like you, and you are concerned about the assets and properties you have accumulated, consider legacy … [Read more...] about Ways to Avoid Probate Nightmares Part 1
A living trust is a powerful estate planning device, as it not only allows property to avoid probate, but it also provides a way to handle your property should you no longer be able to do soon your own. To review how a living trust works: A person, called a Trustor, has trust documents drafted to create a living trust; Property is transferred to the ownership of the Trust, and a Trustee, often … [Read more...] about Is Your Living Trust Complete?