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Estate Planning for Your Business

When you own and operate a business, your Buy-Sell Agreement is probably the last thing on your mind. It’s something your business attorney drafted years ago and most likely you have not thought about it since. Or, maybe you don’t have one at all! Just like your personal estate planning, having an estate plan for your business is very important.

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Divorce Your Spouse Not Your Money

No one likes to contemplate divorce. Unfortunately, the reality is that 40% to 50% of marriages will end in divorce. This raises issues that should be addressed by couples considering dissolving their union. Jeff, and his wife, Sue, were in the process of divorcing when Jeff unexpectedly passed away.

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A Tale of Forty Heirs

Do you have an estate plan? We’ve said it before and we’ll say it again: If you don’t have an estate plan, the State of Florida has one for you and it may not be the one you want. The majority of Americans likely do not have a relevant and proper estate plan.

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Cryopreservation – Not just for the rich anymore

Have you ever wished you could see into the future? Not just 5 or 10 years ahead, but 100 or 200 years ahead? It may now be possible. The field of cryogenics – the study of what happens to things at really low temperatures – has spawned the process of cryonics. Cryonics is the process used to store human bodies at really low temperatures in the hope of reviving them at a date in the future.

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The Reading of the Will – Fact or Fiction?

Inevitably, after a client has passed away, a family member will call and ask, “Will there be a reading of the Last Will?” The answer is: only if the family wants it. The “reading of the will” is generally something you only see in the movies. It adds to the movie drama (cue the music), when the son finds out in front of the family he has been disinherited.

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The Green Way to Eternal Rest

Funeral homes are getting in on the “green” movement. They now offer different types of “green” burials. Chemicals are not used in these types of burials and you can opt for a biodegradable casket, or a “natural” burial where no embalming fluid is used and the body is wrapped in a biodegradable material, buried in the ground and allowed to decompose naturally.

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How Can I Spend The Personal Needs Allowance?

When receiving Medicaid benefits under the Institutional Care Program (ICP), a Medicaid recipient is allowed to retain a portion of their income as their “personal needs allowance.” In Florida, the current personal needs allowance is $105/month, whether you are a single or married individual.

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Probate v. Non-Probate Assets

When preparing an estate plan, it’s important to understand the difference between probate and non-probate assets. Probate is probably one of the most misunderstood areas in estate planning. People often say, “How can I avoid probate?” However, most people do not know what probate is. Probate is a court administered process that determines how your probate property will be distributed after you die.

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Do You Need an Attorney when Someone Dies?

When a loved one passes away, undoubtedly you will wonder what you need to do. First, you’ll make the necessary funeral or memorial arrangements. Then, we recommend taking care of yourself and your family. If your loved one passed after a prolonged illness, you may just need to take a break.

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