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A solid estate plan will protect you, your family, and your assets during your lifetime and beyond. Your estate plan begins with a will or a living trust to pass assets after your death, but a comprehensive estate plan includes many other elements. Some examples include advance healthcare directives, powers of attorney, and provision for guardianship of minor children.
When you’re facing a medical crisis or caring for a loved one whose health is deteriorating, the process of determining which benefits are available, applying for those benefits, assembling required documentation, and taking steps necessary to protect a spouse or children from poverty can be daunting.
While there are many ways to provide for the needs of healthy heirs and beneficiaries, planning for a loved one with special needs requires great care and attention. Leaving money or property directly to a disabled person in your will or making her a beneficiary of a standard living trust can put critical benefits at risk.
When you’ve been appointed trustee or are the successor trustee for a living trust and the grantor passes away, you take on serious responsibilities. Of course, you will feel a sense of obligation to the friend or loved one who entrusted you with management of the trust, but that’s only the beginning. Florida law sets forth specific duties for a trustee.
When you marry, you hope it will be forever. But, responsible planning requires considering and preparing for every eventuality. Second marriages and blended families make it more important than ever for both parties to protect their assets and their heirs.
A strong business requires a strong foundation, and that foundation is built through careful planning and clear legal steps. Some of the most important elements that may be overlooked or thrown together without appropriate guidance include business formation, shareholder and operating agreements, and buy/sell agreements.