DO MORE PEOPLE DIE AT CHRISTMAS AND NEW YEARS?
I attended two funerals during the holiday week and thought that was rather rare so I looked it up and yes, more people die on Christmas and New Year than other times of year. Both the Washington Post and CNN have related articles regarding this topic. The reasons are all speculative, but the statistics do show this to be true. It could be stress, holding on until the holidays, depression if they are alone or many other factors.
WHAT HAPPENS WHEN A SINGLE PARENT PASSES AWAY?
One of the services I attended was for a young mother in her forties with everything going for her but her cancer. She was smart, successful, loved by family and friends, and a happy person in general. In this scenario, if she has done estate planning in Miami Beach, Florida and properly funded a revocable trust, her kids are financially in a good place.
WHAT ASSETS CAN YOU PUT IN A REVOCABLE TRUST?
Any assets can be placed into a revocable trust. For example, if this single mom owns three real estate properties, life insurance, bank accounts and investment accounts, all of this can be placed into her trust while she is alive and well and she is the trustee in control. This is a great way for her to her plan because she has two young children, and thus, would not want them to inherit too much, too soon.
IS THERE A NEED FOR A PROBATE CASE IN MIAMI -DADE COUNTY?
In the scenario above, if the money, real estate, bank accounts, and investment properties are all in Mom’s trust, then probate is not required and everything can be handled privately without any court involvement. The more efficient the estate planning, the easier it is on the children and loved ones left behind.
AT WHAT AGES DO THE KIDS HAVE ACCESS TO MOM’S TRUST?
In our same scenario above, at the time of Mom’s death, her trust becomes irrevocable and thus, permanent. Her children, with the trustee’s guidance and assistance, can use these monies and assets during their life for health, education, maintenance, and support. This is an easy way to say the Mom’s assets can be used for the children’s benefit for everything and anything the kids may need until a certain predetermined age stated in her trust. Many of my clients use the ages 25 and 30; giving the children the opportunity to remove half the assets/monies at 25 and half at 30 this is another protection available when creating revocable trusts.
HOW DO I CHOOSE THE BEST ESTATE PLANNING ATTORNEY IN MIAMI BEACH, FLORIDA?
As a Miami Beach Estate Planning, Wills and Trusts, and Probate Attorney with over twenty-three years of experience and both a Psychology and Law degree, I handle these matters with the care and sensitivity that they deserve. Call or email me today to discuss your Estate Planning, Wills and Trusts, and Broward or Miami-Dade County Probate matters. I am happy to help you and your loved ones in these difficult times.