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King & Wood, P.A.
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“Do you have accounts, records or information that are accessed using your mobile phone, through an internet connection, or by using a keyboard or through a touch-screen or tablet?” Today’s estate plan needs to expressly declare an “agent” or a “fiduciary” to gain access and control of “digital assets” in... Continue reading
Posted 1 hour ago at King & Wood, P.A.
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"Your real estate holdings, life insurance, bank accounts and retirement savings won’t magically flow into your trust.” Failing to put assets into trusts creates headaches for heirs and probate hassles, says the article “Once You Create a Living Trust, Don’t Forget to Fund It” from Kiplinger. It’s the last step... Continue reading
Posted 4 days ago at King & Wood, P.A.
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We are pleased to share news that one of our firm’s former law clerks, Mary Kathryn King, has passed the Florida Bar examination and soon will be sworn in as a member of the Florida Bar. MK was graduated from the Florida State University College of Law (J.D., magna cum... Continue reading
Posted 4 days ago at King & Wood, P.A.
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“What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage?” When a loved one dies, there are always questions about wills, inheritances and how to manage all of their legal and financial affairs. It’s worse if there’s no will and... Continue reading
Posted 5 days ago at King & Wood, P.A.
“This fall, older savers who are feeling generous may want to consider using their individual retirement account to help fund their favorite charities.” Here’s a generous incentive for older Americans who want to help their favorite charities: by giving generously from the right asset source, they could manage their Medicare... Continue reading
Posted 5 days ago at King & Wood, P.A.
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“It’s hard to plan for next week, let alone the future, when our environment, the advice from the experts and indeed the outbreak itself, seems to change on a daily basis.” The fear of the unknown and a sense of loss of control is sending many people to estate planning... Continue reading
Posted Nov 16, 2020 at King & Wood, P.A.
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"A trustee is a manager of assets in a trust. The grantor creates the trust and appoints the trustee. A trustee has a ‘fiduciary duty’ to serve the grantor and not benefit personally.” Before accepting the role of a trustee, it is important to have a thorough understanding of what... Continue reading
Posted Nov 13, 2020 at King & Wood, P.A.
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“When dealing with the emotional pain of the loss of a loved one, family members also have to address daunting administrative tasks.” For most families, the process of estate administration or the probate of a will starts weeks after the death of a loved one. However, before that time, there... Continue reading
Posted Nov 12, 2020 at King & Wood, P.A.
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“It is estimated that by 2040, the number of Americans living with Alzheimer’s, dementia or other cognitive disorders is expected to double to close to 12 million due to the aging population, according to a recent study by RBC Wealth Management and Aon.” The impact of these diseases will not... Continue reading
Posted Nov 11, 2020 at King & Wood, P.A.
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“Personal property is a unique category of asset. Even in the simplest after-death distribution, personal property can become a hindrance to final distribution. There are a couple of reasons why.” Creating and probating a last will and testament is rarely a simple task, but one of the most challenging aspects... Continue reading
Posted Nov 10, 2020 at King & Wood, P.A.
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“The Covid-19 has produced a rise in estate planning...but not a large enough one. Most Americans still do not have a last will and testament.” It’s true—many people still believe that they don’t have enough assets so they don’t need a will, or that their money will automatically go to... Continue reading
Posted Nov 9, 2020 at King & Wood, P.A.
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“Maybe not tomorrow, but the sunset of our historically high estate tax exemptions is coming—and with the election on its way, it could be sooner than you think.” In 2018, the Tax Cuts and Jobs Act (TCJA) doubled the lifetime gift, estate, and generation-skipping tax exemption to $11.18 million from... Continue reading
Posted Nov 8, 2020 at King & Wood, P.A.
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“When do you need your estate plan to ‘go to work’ for you? While you may think the right answer is ‘after I die,’ the actual answer is ‘if I lose the ability to manage my own affairs.’” There are two different types of advance directives, and they have very... Continue reading
Posted Nov 6, 2020 at King & Wood, P.A.
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“Building enough wealth to sustain yourself in retirement is a monumental achievement. However, financial planning doesn’t end when you no longer rely on a paycheck.” How you handle money and legal matters during retirement is more important than during your working years. It’s harder to bounce back from financial setbacks... Continue reading
Posted Nov 5, 2020 at King & Wood, P.A.
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“Prince’s sudden death in 2016 triggered numerous court proceedings. First, probate documents had to be filed in court because Prince died without a will.” Filing probate documents was just the beginning of a process that still hasn’t ended the bad news from the Prince estate. He did not have a... Continue reading
Posted Nov 4, 2020 at King & Wood, P.A.
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“Although Social Security helps millions of seniors stay afloat financially, living on those benefits alone could mean winding up cash-strapped in retirement.” When originally created, Social Security was designed to prevent the elderly and infirm from sinking into dire poverty. When most working Americans enjoyed a pension from their employer,... Continue reading
Posted Nov 3, 2020 at King & Wood, P.A.
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“If you have not already been inundated with invitations to webinars, articles, and newsletters regarding estate planning, you should consider doing so before the end of the year, since you undoubtedly will receive these over the next few months.” When it comes to estate planning, there’s no such thing as... Continue reading
Posted Nov 2, 2020 at King & Wood, P.A.
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“Attorney-client privilege requires that attorneys keep confidential and refrain from sharing all secrets and other confidences of clients.” One of the hardest parts of an estate planning attorney’s job is managing the death of a client. Estate planning attorneys are highly skilled at creating plans, while clients are living and... Continue reading
Posted Oct 30, 2020 at King & Wood, P.A.
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“If you are caregiving from a distance (you live here and your parent or other loved one is in another state, a distant city or as close as an hour away), it can be even more daunting than doing it in your home.” Trying to coordinate care from a distance... Continue reading
Posted Oct 29, 2020 at King & Wood, P.A.
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“Probate is a process to transfer the assets after someone dies. For example, when a homeowner passes, probate allows for the home to be sold or transferred, if necessary, even though the owner is no longer alive to sign a deed.” Estate planning attorneys are often asked if one of... Continue reading
Posted Oct 28, 2020 at King & Wood, P.A.
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“The inheritance you leave could be eaten away by taxes or given to the wrong person. Here are five tips to avoid that.” It is true that a single person who dies in 2020 could have up to $11.58 million in personal assets and their heirs would not have to... Continue reading
Posted Oct 27, 2020 at King & Wood, P.A.
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“Second (or third or fourth) marriages often require careful balancing between the needs of the surviving spouse and the needs of the children from a previous marriage.” It takes a certain kind of courage to embark on second, third or even fourth marriages, even when there are no children from... Continue reading
Posted Oct 25, 2020 at King & Wood, P.A.
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“During this crazy 2020 tax year, in addition to being faced with all the issues surrounding Covid-19, as well as the roller coaster ride of the stock market, we are also currently in an environment where the interest rates are as low as they ever have been.” As a result... Continue reading
Posted Oct 23, 2020 at King & Wood, P.A.
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“Most states recognize inheritances as separate property, and many experts say keeping them separate is often the best approach.” Is an inheritance a blessing, or a curse? That’s the question from the recent article “When One Spouse Gets an Inheritance It Can Be Hard on a Marriage” posed by The... Continue reading
Posted Oct 21, 2020 at King & Wood, P.A.
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“Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy when those laws do not match their objectives.” Transferring the management of assets if and when you... Continue reading
Posted Oct 20, 2020 at King & Wood, P.A.