WHAT ARE SOME TIPS AND TRICKS FOR COMPLICATED FAMILY ESTATE PLANNING IN MIAMI BEACH, FL?
Estate planning has many benefits and can protect both your assets and your loved ones. If done properly, an estate plan can be a gentle way of handling complicated family situations. In this blog we will explore some of those tricky family matters and tips for handling them as peacefully as possible.
TRICKY SITUATION #1-HOW DO WE HANDLE SPOUSES WITH SEPARATE KIDS?
Spouses with separate kids are tricky in estate planning situations. We want everyone to feel loved and acknowledged, yet need to come up with a plan that makes sense and is aligned with our client’s wishes. For example, in one case, we did an irrevocable trust where a separate co-trustee handles the adult children’s money and supports the wife very generously throughout her life. This way, the adult children and spouse do not share money and have a separate neutral trustee to guide and advise them.
TRICKY SITUATION #2- HOW DO WE KEEP IT FAIR IF WE HAVE TWO CHILDREN AND ONE WORKS IN THE BUSINESS?
Creative solutions in estate planning are plentiful if our goals are matched with real options. For example, clients married over thirty years have two adult children and a successful business. One of the children work in the business and will take it over upon the husband’s passing. Thus, we need to create assets and income for the remaining spouse and the adult child that will not be inheriting the business. Our succession plan created a clean division of assets where all parties are happy and independent. The son will run the business as he sees fit while the surviving wife and daughter remain content with the separate assets that they have received. Thus, keeping the family together and allowing the son to buy out the business and run it successfully independently.
TRICKY SITUATION #3-HOW DO WE HANDLE SPOUSES WITH SEPARATE MONEY AND SEPARATE CHILDREN?
Estate planning in Miami Beach is done to pass assets on to loved ones, preserve family wealth, and avoid Miami probate court cases. Estate planning can also be done to save taxes and balance family wealth. There are many options in handling these complicated family matters. Consulting a Miami Beach estate planning attorney with compassion and experience is a must.
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.