ESTATE PLANNING, MIAMI BEACH, FL, WHAT IS INEFFECTIVE PLANNING?
Ineffective planning, planning that does not work, is done all the time. In this blog I will review ways to prevent ineffective planning by showing you some examples of botched, confusing, or ineffective estate planning. Ineffective planning leads to Miami-Dade probate court involvement and can be prevented by hiring an experienced estate planning attorney in Miami Beach, Florida.
WHAT DO I DO WHEN MOVING FROM ANOTHER STATE AND FL RESIDENCY?
Florida is the best state to live and die in. As a Miami Beach resident since birth, I am proud that Florida offers special creditor protections and has no state death tax nor state income tax. That alone should have everyone moving here! That said, Miami Beach, FL is crowded with many northerners who have moved here to avoid paying state income taxes and state death taxes. Ineffective planning happens in these cases all the time. To prevent this problem, please consult and hire a Miami Beach, FL estate planning attorney such as myself with over 26 years of experience who assists people in changing their residency to Florida on a daily basis.
HOW DO WE HANDLE TOGETHER WITH SEPARATE KIDS?
In the case of together with separate kids, most parents want to leave their money or a portion of their money to their separate children. This is fine, yet requires very careful estate planning. For example, if the couple lives in a two million dollars Miami Beach, FL home and the deed is tenancy in common and one owner dies, Miami-Dade probate court involvement and a likely guardianship court case is required as well, if the children are under 18 years of age. This may all be prevented by either placing 50% interest in each of their revocable trusts or by owning the real estate as joint tenancy with rights of survivorship.
WHAT IF WE ADD EVERYONE TO OUR DEED?
Adding loved ones to your deed may lead to problems. For example, mother adds her adult son as joint tenant with rights of survivorship on her home and son later goes through a divorce, problems may arise. Is this house now considered in the division of assets? This can be avoided with proper estate planning. Owning real estate in a revocable trust is the safest solution.
DO I WAIT FOR MY PARENTS OR AGING RELATIVE TO BE READY TO DO ESTATE PLANNING ?
No, do not wait. Get your estate planning documents completed and then encourage your parent or aging relative to get it done. Especially if you have assets and young children, estate planning is very important. There are many decisions to make; for example, at what ages should your kids get control of the assets? This can all be handled nicely in a revocable trust.
WHY SHOULD YOU USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach with over twenty-six years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Broward County and Miami-Dade probate court system and know how to get things done. Additionally, because I do both estate planning and probate law, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your Miami Beach Estate Planning, Wills and Trusts and Miami-Dade County Probate matters. I am happy to help you and your loved ones during this important process.