Florida Probate Litigation Attorney Blog

There is a trust for everything, even divorce

On behalf of Burandt, Adamski & Feichthaler, PL posted in Living Trusts on Wednesday, May 22, 2013.

Trusts are all about controlled asset protection and distribution. They are useful tools in keeping assets away from creditors, reducing a taxable estate, providing restrictive spending for young adults and can even be useful in the event of a divorce.

With divorce rates as high as they are today, protecting assets doesn't seem like such a bad idea. One way to do complete this goal is through a prenup, but a lot of couples or individual spouses are reluctant to utilize that tool. A trust is often a way for couples to get around this apprehension.

$590.5 million Powerball winner has reason for estate update

On behalf of Burandt, Adamski & Feichthaler, PL posted in Estate Planning on Monday, May 20, 2013.

There is one individual in Florida who is going to need to revisit their estate plans, and it isn't because there is a problem. Who is this individual? We couldn't tell our readers even if we wanted to. The organizers of the Powerball lottery are still waiting to hear who has won the most recent record-setting jackpot.

Powerball organizers confirmed that a winning ticket was sold in Florida and the holder has yet to come forward to claim their $590.5 million. If one of our readers has the numbers 10, 13, 13, 22 and 52 with a Powerball 11 purchased at the Publix supermarket in Tampa, they could be that person.

A good Florida estate plan includes contingencies

On behalf of Burandt, Adamski & Feichthaler, PL posted in Estate Planning on Friday, May 17, 2013.

Why is that DIY wills are such a bad idea? Some of our readers in Florida may be wondering why a fill-in-the-blank will isn't good enough for even a simple estate. A simple estate plan for a simple estate is not the problem. The problem with the DIY approach is that these forms rarely consider contingencies.

Take the situation of one woman's estate plan. The plan that was created left her daughter nearly the entire estate. It is a very common goal to have a child as the sole beneficiary -- especially in the case of a divorce. The only problem was that the failure to include contingencies left wide open the possibility that the ex-husband -- who had some financial issues -- would have been left with it all anyways.

Children, creditors and joint accounts an uncertain combination

On behalf of Burandt, Adamski & Feichthaler, PL posted in Probate on Monday, May 13, 2013.

Arranging estate plans to provide for as many assets as possible to avoid probate is a commonly shared goal. Probate takes time, tying up many assets during the probate process in Cape Coral. Having readily available cash can make the time after a child loses a parent a little less stressful by providing funds to pay for funeral costs or other immediate concerns.

As a solution, some parents may consider opening up joint bank accounts. Most parents trust their children, name them as executors, grant them power of attorney over an estate, designate them as their heathcare proxy and would literally put their lives in their hands. So why not open a joint bank account? Doing so would certainly help with the "avoiding probate" goal, but there are very certain risks involved.

Mama's 700 dolls a blessing, burden and relationship builder

On behalf of Burandt, Adamski & Feichthaler, PL posted in Probate on Friday, May 10, 2013.

We wrote in a prior post about how the attitude of younger generations is changing when it comes to collection heirlooms of our parents' generation. Discussing collections with children can make a difference in estate planning decisions surrounding the future of such collections.

Even though fewer and fewer youngsters seem to want the collections, the story of the benefactor of a 700-doll collection shows just how personal these heirlooms can be. For her, the dolls represented a long journey in which a daughter found her mother.

A simple estate plan can go long way for young famillies

On behalf of Burandt, Adamski & Feichthaler, PL posted in Estate Planning on Wednesday, May 8, 2013.

Young adults, even law students inundated with the benefits of estate planning don't take the time to draft a health care proxy let alone a will. The need for these documents seems like a long way off for young families or individuals just getting started on the "road of life."

It is true that these young families may not need creative estate plans that minimize the tax consequences for transfering high-value assets. For many, they are still working on paying off student loans and feel like they are still living paycheck to paycheck. While they may not have a lot of assets to their name, they should still have an estate plan in place.

Estate preparation: Make your executor's life easier

On behalf of Burandt, Adamski & Feichthaler, PL posted in Estate Planning on Wednesday, May 1, 2013.

Some people do not realize that family members or executors of an estate need a bit of guidance when it comes to divvying out your estate. Many people pass without leaving guidance for those who will handle affairs. To make things easier, you may want to implement some of the following tips.

Create and label an estate-planning folder. You should place all relevant documents in one place (for example, a drawer or closet). This should include your will, guardianship matters, living trusts, real estate and financial records, including debts and assets. You should also include a signed document that names your executor. Copies of this information should be given to your loved ones and heirs.

Trusts: A short word for a wide variety of options, II

On behalf of Burandt, Adamski & Feichthaler, PL posted in Living Trusts on Wednesday, May 1, 2013.

Trusts were the topic of our prior post. We shared the basic definition of what a trust is, what it does and who the parties are. What about the specific kinds of trusts? We promised that we would share more details with our Florida readers about some of the different kinds, and this post does just that.

First, is a living trust or an inter-vivos trust. This type of trust is created prior to the death of the testator and can work for the beneficiary before and after the death of the testator. On the other end of the life spectrum is the testamentary trust which is created during life but goes into effect only after the death of the testator.

Trusts: A short word for a wide variety of options

On behalf of Burandt, Adamski & Feichthaler, PL posted in Living Trusts on Monday, April 29, 2013.

Trust; it is a word that describes a big responsibility no matter what kind of relationship it describes. When it comes to trusts in an estate relationship, the reliance on integrity is set out with legal protections. What exactly is a trust?

Trusts in Florida and across the nation may differ under varying state laws, but have the same basic structures. A trust is an estate planning tool that allows for the management and administration of property that is "put into the trust." The property can be anything from a house, to stocks, to art work and other valuables.

Mortgage a big question in preparing for retirement

On behalf of Burandt, Adamski & Feichthaler, PL posted in Estate Planning on Thursday, April 25, 2013.

Retirement is a big part of planning for the future, and a big part of planning for the future is financial. According to financial experts, an individual should save approximately 20 percent of their income for retirement, because the average cost of living during retirement falls around 70 percent of "pre-retirement" income. But how should someone accomplish this?

For many families these days, a mortgage takes up at least 20 percent of the salary that is being earned. Paying off the mortgage is one way to reduce their income before retirement. Couples from the Depression era didn't have a mortgage when they went into retirement. The percentage of homeowners who have a mortgage later in life is increasing. In 2004, when the head of the household was between 65 and 74 years old around 32.1 percent had a mortgage, but that number had increased to 40.5 by 2010.