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HOW IS ESTATE PLANNING AFFECTED BY DIVORCE?

HOW IS ESTATE PLANNING AFFECTED BY DIVORCE?
A divorce causes radical changes in a person’s life both personally and financially. In most cases, all beneficiary designations must be changed. For example, bank accounts, insurance policies, life insurance, retirement investments, and all other investments. If children are involved, the need to plan and care for them with love and compassion is of utmost importance. Many people falsely believe that a divorce cancels out all documents, estate plans, and beneficiary designations.

ESTATE PLANNING AFTER DIVORCE
Once a divorce is finalized, a new and improved estate plan must be created. The assets are usually divided in a divorce so once finalized, you can properly plan. At that point, you will know your current assets and can work on creating a new trust and transferring your assets into your updated trust with your current wishes.

WHO WILL GET CUSTODY OR GUARDIANSHIP OF MY CHILDREN AFTER I DIE?
If children are under 18 years of age and one parent passes away, the other parent usually gets full custody of the children. There are exceptions- a parent who has been proven unfit and lost custody may be prohibited from having that privilege. The other option is an appointed guardian in a will. This is a good idea even if there are two fit parents as an alternate is now named.

IF I REMARRY, HOW IS MY ESTATE PLAN AFFECTED?
Once divorced, and now remarrying, a new estate plan may need to be created. This is especially important in blended families where there are many children involved. A premarital agreement is a good planning tool before the marriage as it states your wishes and assets and holds them separately and states both parties wishes regarding death and divorce. Estate planning and pre-nuptual agreements and post-nuptual agreements go hand in hand. A cohabitation agreement is a useful tool for those individuals living together and not married.

HOW ARE MY TAXES AFFECTED?
In high net worth situations, a divorce may create a significant tax issue. Under current federal law, an individual can currently pass up to 5.49 million to heirs and pay no federal estate tax or gift tax. A married couple will be able to shield just shy of $11 million ($10.98 million) from federal estate taxes and gift taxes. The annual gift exclusion remains at $14,000.00 for 2017 per beneficiary. For example, as a result of divorce, a person with 7 million dollars will benefit from tax related estate planning that may have not been needed while they were married.

WHAT OTHER DOCUMENTS NEED TO BE REVIEWED AND UPDATED AFTER A DIVORCE?
The usual estate planning documents need to be reviewed; for example, all trusts, wills, power of attorney, and health care documents. Financial documents such as beneficiary designations for retirement accounts, bank accounts, annuities, and life insurance must be checked and changed, in most cases. Titles to property such as real estate, cars, investment properties, all should be changed in most cases.

WHY SHOULD I USE ALLY GLASER, PA FOR ESTATE PLANNING AFTER A DIVORCE?
As an Estate Planning, Probate, and Trust Attorney in Miami Beach, Florida, I have over twenty years of experience and handle these matters with the sensitivity they deserve. I have negotiated second marriage trust planning with ease, leaving the couple happy and protected both as a couple and individually. My psychology degree, law degree, and years of experience allow me to handle divorced clients and all clients with the care they deserve. Call or email me today to get started on your personalized estate plan.

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WHAT DO HURRICANES AND ESTATE PLANNING HAVE IN COMMON?

WHAT DO HURRICANES AND ESTATE PLANNING HAVE IN COMMON?
Hurricane Irma blew through our state causing mass destruction and power outages throughout the state of Florida. Many people are left suffering even though Irma is gone and new hurricanes are now being tracked and closely followed. Like estate planning, some of the suffering caused may have been prevented by proper planning.

FAILING TO PREPARE IS PREPAING TO FAIL.
In a hurricane, we must buy batteries, flash lights, and water and food to last us days and maybe even weeks if needed. Similarly, to do a proper estate plan we must prepare. We must state our wishes clearly, sign applicable documents, and fund our trusts with assets. The creation of a trust is important and helpful, yet, the funding is most important as it is the step where the assets are officially transferred over to the trust. When this is done properly, these assets are now owned by the trust.

WHAT HAPPENS IF THERE IS NO ESTATE PLAN? PROBATE COURT INVOLVEMENT IS REQUIRED.
If no estate planning exists and a person dies with assets in their own name, probate court involvement is required to transfer those assets from the decedent to their heirs or loved ones. This can be done with a will and is called a testate probate or without a will, intestacy.

HOW DOES PROBATE COURT WORK?
Probate is the court process where an attorney must be hired by the loved one’s of the decedent to collect and distribute the assets. The process is ruled by Florida law and if an original will is provided, the will may guide the Judge regarding the decedents wishes. Once probate begins, the Judge is in charge of all of the details of the decedent’s estate. Probate includes the court deciding when real estate can be sold, the sales price, and to whom. The court will also decide many other personal family matters, for example, if a family business should be sold and to whom and when. Even the opening of a safe deposit box becomes a court ordered event in the case of the decedent owning it in their own name.

HOW DO I AVOID PROBATE?
By creating a revocable trust and funding it properly, probate may be avoided. A properly funded trust keeps matters private within the family and avoids probate court involvement. A safe deposit box, bank accounts, investment, real estate, and even business shares can be owned by a trust.

WHAT ARE THE BENEFITS TO ESTATE PLANNING?
When proper estate planning has been accomplished, that individual is protected both in the case of incapacity and/or death and probate court can be avoided. This is a huge benefit to the loved ones; personal matters may now be kept private. As an Estate Planning, Probate, and Trust Attorney in Miami Beach, Florida, I have over twenty years of experience and handle these matters with the sensitivity they deserve.

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HOW CAN I LEAVE A LEGACY THAT MAKES ME PROUD?

HOW CAN I LEAVE A LEGACY THAT MAKES ME PROUD?
I attended another great funeral today. The man was 90 and lived a long life. He came from modest means and created a successful family office with many prosperous divisions. The most successful part about him was his family and the legacy he is leaving behind. As he lived his life and had several marriages, he always made sure the children were part of the equation which lead to a strong sense of identity and family unity among them. This was special in that every child and grandchild are treated as equals. All of the children work for the family office and are involved in their family business. This created a strong work ethic, where children grew up valuing the dollar and giving back to the community.

ESTATE PLANNING IS MORE THAN A SET OF DOCUMENTS-CHARITABLE TRUSTS
A big part of the estate plan are the documents, but the better part, the more human element is what are they based on? For example, some of my clients are grateful for their wealth and success and form a charitable trust. This gives back to the community and can be filled with information regarding the grantor’s specific wishes and desires. A charitable trust can be created to be funded after the second spouse dies and then go to the cause or that is most important to the couple. A charitable trust also helps teach kids and grandkids about giving back as the generations move on and grow-up they may be in charge of selecting the recipients.

I DO NOT WANT TO CREATE A CHARITABLE TRUST, BUT WANT TO GIVE SOME MONEY TO CERTAIN CHARITIES AT MY DEATH OR AT MY CHILDREN’S DEATH
The best part about trusts is that they are documents that can state your wishes for the future and are created while you are competent and alive. Thus, a trust allows you to create a vision and upon incapacity or death, it goes into effect. For example, one of my client’s trusts states that upon his death, his trust gets divided among his surviving relatives and ten favorite charities. These charities are listed in both name and amount.

WHAT IS THE DIFFERENCE BETWEEN AN IRREVOCABLE TRUST AND A REVOCABLE TRUST?
In a revocable trust, the grantor is the trustee and he or she runs the trust and the assets inside of the trust while they are competent and alive. At death that trust becomes irrevocable and the successor trustee then takes over. An irrevocable trust may provide creditor protections and may result in tax savings, but are much more restrictive. For example, an irrevocable trust requires a third party as the trustee and limits the grantor’s involvement.

HOW DO I AVOID PROBATE?
By creating a revocable trust and funding it properly, probate may be avoided. Probate is the court process where an attorney must be hired by the loved one’s of the decedent to collect and distribute the assets. Once probate begins, the Judge is in charge of all of the details of the decedent’s estate. Probate includes the court deciding when real estate can be sold, the sales price, and to whom. The court will also decide many other personal family matters if they have not been previously stated in a revocable trust. A trust keeps matters private within the family and avoids probate court involvement if funded properly.

WHAT ARE THE BENEFITS TO ESTATE PLANNING?
When proper estate planning has been accomplished, that individual is protected both in the case of incapacity and/or death. This is a huge benefit to the loved ones. We do estate planning to leave our legacy, at times give to charity, and to protect and make it easier for those we leave behind. As an Estate Planning, Probate, and Trust Attorney in Miami Beach, Florida, I have over twenty years of experience and handle these matters with the sensitivity they deserve.
I treat an estate plan as more than just a set of documents, knowing this legacy is special and meaningful to the family and loved ones left behind.

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ESTATE PLANNING FROM AN EMOTIONAL PARADIGM HOW DO I SURVIVE WHEN MY LOVED ONE IS DYING?

 ESTATE PLANNING FROM AN EMOTIONAL PARADIGM

HOW DO I SURVIVE WHEN MY LOVED ONE IS DYING?

A dying loved one can cause emotional, financial, and time constraints. The challenges are huge. The benefits are fewer, but being able to say goodbye is a big gift. Enjoying your loved one and living in the moment is key to those last months together. As a Probate, Trust, and Estate Planning Attorney, I have seen first hand the sadness and stress that illness has on the loved ones left behind.

ESTATE PLANNING FROM A HUMAN PERSPECTIVE

WHAT CAN YOU DO TO HELP YOUR LOVED ONE MAKE THE PROCESS EASIER?

  • Write letters to each other. Doing this is cathartic for both loved ones and can help ease the emotional pain. You can make it a celebration and exchange the letters together.
  • Do a holistic, comprehensive estate plan that covers all aspects of their health care, financial matters, and wishes for their beneficiaries upon their passing. Do this with an attorney who has experience in this area of law. At Ally Glaser, PA, I give my clients the power to choose by assisting them with estate planning while they are able.
  • Get everything out of their name so that probate is avoided. For example, a revocable trust can be created and all assets can be placed into the trust now while they are still alive. This can avoid both probate and guardianship issues in the future. Another option is to do payable on death beneficiary designations. Some investment accounts and real estate do not allow for this option and thus, a trust is a must. A will does not avoid the requirement of probate court, it merely helps the Judge determine the beneficiaries.
  • Finalize any burial plans. Does your loved one prefer burial or cremation with a sprinkling at sea? Get these details documented by an Estate Planning Attorney. You can buy a prepaid funeral plan for services, cremation, mausoleum, grave burials, and many other items. You can even make pre-paid arrangements to cover the costs for the hiring of the boat and the sprinkling at sea.
  • Enjoy every last minute with them. Some ideas for you to enjoy are extended family cruises; one family took all the kids and grandkids to Club Med. Another couple went on a romantic cruise to celebrate their anniversary; they were greeted with rose petals and balloons in their room. A mother and daughter recently went to a hotel to exchange their letters and spend quality time together.
  • Most importantly, they will have good and bad days and they need your love and support. The process is difficult and challenging; you can get through this.

WHY SHOULD I USE AN EXPERIENCED PROBATE, TRUST, AND ESTATE PLANNING ATTORNEY?

As an attorney in Miami Beach, Florida with over twenty years of experience, I am knowledgeable and comfortable discussing estate planning matters and all of the details involved in creating a personalized estate plan for you. I am skilled in protecting both your assets and loved ones and have both a law and psychology degree allowing me to easily navigate through this sensitive area of law. I am happy to help during this extremely difficult time.

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HOW IS REAL ESTATE EFFECTED BY A DEATH OF A PART OWNER?

 ESTATE PLANNING, REVOCABLE TRUSTS, AND PROBATE IN MIAMI BEACH

Today I am moving back into my home after being tented for termites.  Some of us are good with change and others are not.  Each time I have to leave my house whether it’s for a good event as in a family vacation or a stressful event, for example, being tented for termites and having to move out for days, I feel it personally.  All humans resist change for the most part and some are better at adapting than others. In the case of a loved one dying, there is nothing that we survivors can do, but ride the waves of change. Estate planning gives loved ones that peace of mind that financial and health care decisions have been handled and thus, the loved ones left behind, can focus on mourning a loss and adjusting to a new life, and that is difficult enough. As a Miami-Dade County Estate Planning, Trust, and Probate Attorney, I give people peace of mind by allowing them to choose their heath care and memorial in addition to planning and creating how their assets are managed and loved ones cared for even after they pass away.

WHAT IS PROBATE AND HOW DOES IT EFFECT THE LOVED ONES LEFT BEHIND? HOW IS REAL ESTATE AFFECTED BY THE DEATH OF A PART OWNER?

Probate is the process that is required by law if someone passes away with assets in their own name and no paid on death beneficiary exists. For example, real property in a decedent’s name, now must be handled and transferred or sold through the probate court. Even if real estate is left in two names, if the intent is not specifically stated, this asset can end up in probate court also. I have gotten many calls lately where the people are part owners of real estate in Miami Dade County and the other owner has passed away. This is complicated, expensive and a mess that can be prevented. Once a Miami-Dade probate begins, the bank accounts, businesses, real estate, and all other items owned by the decedent, become restricted and limited to court ordered actions. That means that all activity related to the decedent’s property must be handled by the probate court.  Probate court involvement can be by will or no will, if none exists. A will does not avoid probate court being required, it merely helps the Judge determine the beneficiaries.

CAN ESTATE PLANNING PREVENT PROBATE?

Yes, proper estate planning, if done correctly, may avoid probate and the court process. Estate planning clearly states a person’s wishes and intentions regarding their finances and health care. At Ally Glaser, PA, I give my clients the power to choose by assisting them with estate planning while they are able. Probate happens after a loved one passes away and thus, they do not get to choose. Sadly, nor do the loved ones who are now in charge of sorting out the assets, debts, and loved ones left behind. For example, if someone had a business or a house in their own name alone and they pass away, the probate court is now in charge of deciding who should buy the real estate property and at what price and who should run the business or if it should close. Even if real estate is left in two names, if the intent is not specifically stated, this asset can end up in probate court also. Usually, the bank accounts, businesses, real estate, and all other items owned by the decedent, become restricted and limited to court ordered use. In other words, things get very complicated. This problem is compounded by the extremely busy and underfunded Miami-Dade County Probate Court.

WHAT IS ESTATE PLANNING? WHAT IS A TRUST?

For me, Ally M. Glaser, estate planning is the process of creating documents to match my client’s wishes while protecting their loved ones and assets in the case of death or incapacity. A trust can protect you in Florida from probate and guardianship court involvement personally and can also hold the assets for minor beneficiaries and prevent a guardianship from being required for their inheriting money at too young an age. The first step of creating a trust in Florida is to hire a trust attorney.  I am experienced in Trust creation and can assist you in these matters.

WHY SHOULD I USE AN EXPERIENCED PROBATE, TRUST, AND ESTATE PLANNING ATTORNEY?

As an attorney in Miami Beach, Florida with over twenty years of experience, I am knowledgeable and comfortable discussing estate planning matters and all of the details involved in creating a personalized estate plan for you. I am skilled in protecting both your assets and loved ones and have both a law and psychology degree allowing me to easily navigate through this sensitive area of law.

ALLY GLASER PA IN MIAMI BEACH, FLORIDA IS UNIQUE

My firm, Ally Glaser, PA, in Miami Beach, Florida, is a unique, boutique law firm. We do holistic estate planning and also handle probate and trust administration matters with care and concern for the loved ones left behind. I am happy to help you during these challenging times.

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PROBATE COURT IS REQUIRED WHEN SOMEONE DIES WITH ASSETS IN THEIR OWN NAME

ESTATE PLANNING, REVOCABLE TRUSTS, AND PROBATE IN MIAMI BEACH

Today is Memorial Day. On Memorial Day we honor those who have fought for our freedom and remember those that have past away. By doing estate planning, people can create their own Memorial Day in a sense. They can state how they want to be remembered, and if they want to be buried or cremated. They can choose a celebration of life or a traditional memorial. As a Miami-Dade County Estate Planning, Trust, and Probate Attorney, I give people peace of mind by allowing them to choose their own memorial in addition to planning and creating how their assets and loved ones are managed even after they pass away.

 

WHAT IS WRONG WITH PROBATE COURT AND THE COURT PROCESS THAT IS MANDATORY IF SOMEONE PASSES AWAY WITH ASSETS IN THEIR OWN NAME WITH NO PAID ON DEATH BENEFICIARY?

At Ally Glaser, PA, I give my clients the power to choose by assisting them with estate planning while they are able. Probate happens after a loved one passes away and thus, they do not get to choose. In fact, nor do the loved ones who are now in charge of sorting out the assets, debts, and loved ones left behind. For example, if someone had a business or a house in their own name alone and they pass away, the probate court is now in charge of deciding who should buy the real estate and at what price and who should run the business or if it should close. Usually, the bank accounts become restricted and limited to court ordered use. In other words, things get very complicated. This problem is compounded by the extremely busy and underfunded Miami-Dade County Probate Court.

 

HOW CAN I AVOID PROBATE WITHOUT ESTATE PLANNING?

Estate planning is the best option as estate planning allows the individual or couple the freedom to choose now regarding their future health care, and financial matters. If an individual has only one bank account or one life insurance policy, then a paid on death beneficiary can be named and probate may be avoided. But, if the beneficiary is a minor, then a guardianship may need to be established; or if that same person became incapacitated or unable to manage their own affairs, then they would need their own guardianship to help in their care.  Trusts can be used to protect young children and can even hold the assets until those children are older and more able to handle the big responsibility that comes with owning real estate, businesses, and investment and bank accounts.

 

For me, Ally M. Glaser, estate planning is the process of creating documents to match my client’s wishes while protecting their loved ones and assets in the case of death or incapacity. A trust can protect you in Florida from probate and guardianship court involvement.  The first step of creating a trust in Florida is to hire a trust attorney.  I am experienced in Trust creation and can assist you in these matters.

 

WHY SHOULD I USE AN ATTORNEY IN MIAMI BEACH, FLORIDA?

As an attorney in Miami Beach, Florida with over twenty years of experience, I am knowledgeable and comfortable discussing estate planning matters and all of the details involved in creating a personalized estate plan for you. I am skilled in protecting both your assets and loved ones and have both a law and psychology degree allowing me to easily navigate through this sensitive area of law. I have a personal method to estate planning and even assist my client’s by recommending they creating letters to their children and loved ones as beneficiaries would much prefer a personal letter along with the estate planning documents.

 

ALLY GLASER PA IN MIAMI BEACH, FLORIDA IS UNIQUE

My firm, Ally Glaser, PA, in Miami Beach, Florida, is a unique, boutique law firm. We do holistic estate planning and also handle probate and trust administration matters with care and concern for the loved ones left behind. I am happy to help you during these challenging times.

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WHAT IS ESTATE PLANNING?

PROBATE, REVOCABLE TRUSTS, AND ESTATE PLANNING IN MIAMI BEACH

As a Miami-Dade County Probate, Trust, and Estate Planning Attorney, I want to explain how estate planning works.

WHAT IS ESTATE PLANNING?

For my clients, estate planning is an emotional process where they face their mortality and plan for their death. Whether they are 30 or 80, the process is similar. We discuss their loved ones and assets and how they wish for things to go when they pass away.  For my youngest clients, usually young parents, estate planning includes naming the person/people to raise their children. For my clients in the middle, estate planning might include long term care insurance planning. For those further along in age, estate planning also means prepaid burials/cremation plans. Regardless of age, estate planning is extremely important for those people with assets and loved ones.

For me, Ally M. Glaser, estate planning is the process of creating documents to match my client’s wishes while protecting their loved ones and assets in the case of death or incapacity. A trust can protect you in Florida from probate and guardianship court involvement.  The first step of creating a trust in Florida is to hire a trust attorney.  I am experienced in Trust creation and can assist you in these matters.

HOW LONG IS THE ESTATE PLANNING PROCESS?

The length of time to complete an estate plan depends on when the information is provided to me regarding your loved ones, wishes, and assets; and how fast we need to work. If there is no pending surgery or big trip coming, we can take our time and create together. I prefer to allow the process to take whatever time is needed. This is beneficial to both of us, as my rates are usually project based and thus the hours it takes us is not important.

WHY SHOULD I USE AN ATTORNEY IN MIAMI BEACH, FLORIDA?

As an attorney in Miami Beach, Florida with over twenty years of experience, I am knowledgeable and comfortable discussing estate planning matters and all of the details involved in creating a personalized estate plan for you. I am skilled in protecting both your assets and loved ones and have both a law and psychology degree allowing me to easily navigate through this sensitive area of law. I have a unique method to estate planning and even assist my client’s by recommending they creating letters to their children and loved ones as beneficiaries would much prefer a personal letter along with the estate planning documents.

ALLY GLASER PA IN MIAMI BEACH, FLORIDA IS UNIQUE

My firm, Ally Glaser, PA, in Miami Beach, Florida, is a unique, boutique law firm. We do holistic estate planning and also handle probate and trust administration matters with care and concern for the loved ones left behind. I am happy to help you during these challenging times.

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I KNOW I WANT A REVOCABLE TRUST, WHO SHOULD I NAME AS MY TRUSTEE IN FLORIDA?

PROBATE, REVOCABLE TRUSTS, AND ESTATE PLANNING IN MIAMI BEACH

As a Miami-Dade County Probate, Trust, and Estate Planning Attorney, I wanted to explain how to choose your personal representative, health care surrogate, power of attorney, personal representative/executor and trustee.

I KNOW I WANT A REVOCABLE TRUST, WHO SHOULD I NAME AS MY TRUSTEE IN FLORIDA?

Who would you want to carry out your wishes when you pass away? This person should be trustworthy, sensible, and available for this job. Depending on your assets and the level of complication, this could be a small job or a very large, time-consuming commitment. It is a good idea to ask the person you have selected if they agree to do this job. Once this is accomplished, the trust creation process can begin.

A trust can protect you in Florida from probate and guardianship court involvement.  The first step of creating a trust in Florida is to hire a trust attorney.  Ally Glaser, PA is experienced in Trust creation and can assist you in these matters.

WHO SHOULD I NAME AS MY HEALTH CARE SURROGATE?

Who do you want in charge, of your health care, making decisions for you if you are not able? This person, like the trustee, should be trustworthy, sensible, and available for this responsibility. The person selected will use your Health Care Directive Document to guide them in making heath care decisions on your behalf if you are not able. This person may be the same or different than your choice for trustee. For example, there might be a great candidate for trustee, but that same person might be extremely uncomfortable in medical situations. In this situation, you could choose one person for health care matters and another to handle your financial matters.

WHY SHOULD I USE AN ATTORNEY IN MIAMI, FLORIDA?

As an attorney in Miami-Dade County, Florida with over twenty years of experience, Ally Glaser, Esquire, is knowledgeable and comfortable discussing estate planning matters and all of the details involved in creating a personalized estate plan for you. She is skilled in protecting both your assets and loved ones and has both a law and psychology degree allowing her to easily navigate through this sensitive area of law.

ALLY GLASER PA IN MIAMI BEACH, FLORIDA IS UNIQUE

At Ally Glaser, PA, in Miami Beach, Florida, we do holistic estate planning and also handle probate and trust administration matters with care and concern for the loved ones left behind.  Ally Glaser, Esquire is happy to help you during these challenging times.

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ESTATE PLANNING VS. PROBATE

What are the fees for estate planning? Are green card residents treated the same as citizens for death tax purposes? How is this different than the tax treatment of foreigners? Do I avoid probate with an unfunded trust?

Estate planning is the process where an Estate Planning attorney assists an individual or couple in protecting their assets and loved ones during their lifetime; while avoiding probate and saving them money, wasted time, and worry surrounding their death or incapacity.

Probate is a costly, public, and expensive court process that can be avoided with proper estate planning. A revocable trust can be created and if properly funded can avoid probate. An Estate Planning attorney is needed to assess each individual situation and determine the best plan of action.

Attorney fees at Ally Glaser, PA, are flat fees, hourly fees, or a combination of both.

At Ally Glaser, PA, we do holistic estate planning and we also handle probate and trust administration matters with care and concern for the loved ones left behind. We are happy to help you during these difficult times and decisions.