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May 2016 Archives

Tips for using a power of attorney for one’s financial assets

A power of attorney can become a critical tool if someone in Florida becomes incapacitated. That’s because POAs can be used for both medical and financial purposes and can help a testator when they really need it the most. Just like making health decisions, the ability to make financial choices for the testator is critical because these decisions can ultimately ensure success or failure for that individual. So here are a few tips that a testator can use when developing their financial POA, all while keeping an eye on the health of their financial assets.

Estate planning tips: Children with special needs

Planning for your family's future financial needs can be intimidating. It leads to a myriad of questions. How much will it cost to keep the house? What should I set aside for medical and dental bills? What about college costs? These questions multiply when a member of the family has special needs. Special needs like Down's syndrome, autism or cerebral palsy can lead to additional costs, and require additional planning.

Strategies that can leave beneficiaries additional assets

One of the established goals of estate planning in Florida is to try and make sure that more of the testator's assets are left to his or her beneficiaries. That's because taxes, lingering debts and the probate process can be expensive and take a sizable chunk out of an estate's assets. But there are several ways to help minimize what the government and probate take from as estate. So here are several estate planning tips that can help leave more assets for a testator's beneficiaries.

What are some steps executors in Florida can take?

Being an executor of an estate in Florida can be a little intimidating. After all, there's a lot of responsibility that's abruptly thrust upon that person. One moment, they're living their normal life, and then suddenly they have to make significant decisions about the estate for a family member or friend who has just passed away. Moreover, they will probably have to go to court and take the estate through probate. But what general advice can an executor follow to help them as they perform their duties?

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