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This series explores the many beneficial categories of permanent life insurance and how to incorporate them into successful wealth management strategies and estate plans. One of the most famous adages is the following: Buy term life and invest the rest. Is it true?
Researching an Assisted Living Facility is a difficult and complicated process. The decision to move involves many factors including financial, lifestyle preferences, and health care needs. In addition, the emotional factor can never be understated.
A proper estate and long-term care plan can help ensure that our elders receive the care and respect they desire and deserve as they age. Attorney Adam Gross recaps elder law essentials.
There are several different types of trusts in Florida for disabled individuals that protect public benefits eligibility while offering additional financial stability. Selecting the best trust for each unique situation can make a huge difference in future quality of life.
You have spent years, if not a lifetime, investing time, energy, and passion into your company. As part of your estate plan, establishing a method of transferring control of your business is imperative.
Naples was recently ranked the least-polluted city in America by realtor.com. It can be difficult to fully enjoy these benefits if mental pollutants such as stress or lack of planning for the future are invading your psyche.
If you’ve already invested or are considering purchasing real estate in Florida, please join us in a review of the important legal issues to consider.
What should your advisors focus on in 2017? The New Year offers an opportunity to reevaluate your current situation.
With the recent election of Donald Trump as the next President of the United States, the possibility of a “complete” repeal of the estate tax appears likely.
The IRS recently proposed expanded IRC Section 2704 regulations designed to prevent taxpayers from discounting the value of gifts, estates, and business interests on gifts between family members.
What exactly is title insurance? Title insurance provides protection against financial loss incurred in connection with the legal title to your property. A contested property title could result in the loss of your time, money or even worse, your home.
Not gold, securities or cash, it is art; precious, difficult to value and highly subjective as to taste. Art is an asset class that is often ignored in the estate planning process. Your art is your legacy! Plan wisely for its care and disposition.
Wollman, Gehrke & Associates, P.A. provides legal counsel in all estate planning issues. We are well qualified to draft your individual estate planning documents, including trusts, wills, and advance directives, all critical parts of any quality estate plan.
Both philanthropy and charity are motivated by compassion, a desire to make a difference, and aspiration to give of oneself to create a positive impact on society. But are they synonymous? The short answer is no.
Careful estate planning now can result in the minimization or elimination of gift, estate, and income taxes on the transfer of your home to heirs. Failure to have a Will or Revocable Trust could result in your home passing under the Florida Intestacy & Homestead laws.
Florida provides its residents very generous homestead protections and exemptions, but also restricts the ability to transfer the homestead. As a result, it is very important to understand these protections, how to apply for exemptions, common mistakes that can result in loss of benefits, and limitations on your transfer ability.
When drafting trusts, it's important to ensure that your Trustee is equipped with clear instructions. In this article, we explore some of the benefits of the Total Return Unitrust, including reduced tension between income beneficiaries, and the remainder beneficiaries.
Revocable trusts have been a powerful tool for estate planning attorneys for many years, but recent changes to federal law have made many trust-related decisions far more difficult. Now more than ever, nothing in estate planning has a cookie-cutter solution.
The decision of who will serve as personal representative of your estate or trustee of your trust (fiduciaries) is one of the most important estate planning decisions yet is often made without much consideration.
If a known or reasonably ascertainable creditor is not served with a copy of the Notice to Creditors, its claim is not barred by the three-month claim period if filed within two years of the decedent’s death. Jones v. Golden, 40 Fla. L. Weekly S517 (Fla. 2015)
Don't Judge a Book by Its Cover (Part I): Tips & Cautions Regarding
Reverse Mortgages, Annuities & Life Insurance
When you hear financial advisors recommending a reverse mortgage,annuity, or life Insurance, your first impulse may be to run for the hills. Are these always overpriced bad products can there be positive aspects?
Don't Judge a Book by Its Cover (Part II): Tips & Cautions Regarding Annuities
Are annuities a fantastic retirement vehicle or a bad investment promoted by overzealous salesmen? This is Part II of a three part series covering financial products given a black eye by a few bad financial advisors who oversell unsuitable or improperly products.
Life Insurance is an extremely valuable and essential financial tool that is too often used inappropriately. When purchased from a competent insurance professional, life insurance can be the ultimate in financial planning.
If your family was informed that they had only one hour to prepare for a hurricane and evacuate the area, what would you do? Are you totally ready?
Is your family ready to leave home on short notice in the event of a hurricane or other emergency? If you are mature in years, a caretaker, pet owner, diabetic, or someone with advanced medical issues, it's time to review or create your personal emergency health care plan.
Don’t get stuck in the “Hurricane Box” from June 1st through November 30th as it will be difficult, if not impossible, to buy certain insurance coverage for peril of windstorm or hurricane damage. Learn more about scenarios that prompt insurance companies to stop binding coverage and new policies.
One of the fasted ways to derail an otherwise smooth real estate transaction is discovering close to closing that a deceased person is actually the property owner of record or there are chain-of-title issues. These are common occurrences in South Florida and can be colloquially referred to as “Deadly Deeds.”
A durable Power of Attorney document allows you to designate someone to serve as your agent and have the general authority to make financial decisions on your behalf. This document is effective immediately upon execution. Learn more here about a new Florida statute.
Do you live in the Sunshine State, but also own real estate up north? If you're considering becoming an official Florida resident, state death taxes imposed by northern states are excellent incentives to make the move now.
In the world of advanced estate planning there existed a "Perfect Storm" from 2008-2010 in the sense that financial and economic conditions were ideal for transferring one's estate to the next generation.
As an estate planner, this is a very confusing time. Why? With the upcoming election and continued Congressional gridlock, what the federal tax code will look like in 2013 seems a great mystery. Furthermore, "Obama Care" will have tax implications that impact estate planning.
Florida Statute and the State Constitution protect your spouse from being disinherited. This is an excellent idea in theory. However, if the residence is solely in your name and you wish for someone else to inherit the property, it cannot be done without your better half’s consent.
How do you place a numerical value on your most faithful companion? Although many treat pets as part of the family, technically pets are a property right or possession. Therefore, when you pass away this valuable “property” must be given to someone else for care.
While most pets should be seen by a veterinarian on a regular basis, it is equally important to have an emergency plan in case of the unexpected. From weather-related evacuations to sickness, an accident, or death, it is smart to be prepared.
Too often estate planning lawyers hear that homeowners added their children onto the homestead title in order to avoid probate and/or paying estate taxes. This is rarely, if ever, a good idea.
Question of the day: Are Tenants by the Entireties (T-by-E) the same as Joint Tenants with Rights of Survivorship (JTROS)? Although they appear very similar and are therefore often mistaken for one another, buyer beware. They are not similar.
Florida is one of the best states for estate planning and asset preservation. Surely you’ve heard the expression, “A little knowledge goes a long way.” This is very true when it comes to protecting your assets from unforeseen creditors in the Sunshine State.
When it is time to downsize your home, you are the sole decision maker on what is truly valuable to you and what you may wish to give to family or charity.
There are many great reasons to purchase life insurance. One of the most famous adages is the following: Buy term life and invest the rest. Is it true?