No one knows what the future holds. By investing the time to establish an estate plan, you are better protecting yourself and your loved ones against tomorrow's uncertainty.
For an estate plan to effectively convey someone's wishes, there are certain steps that individuals need to take. When people commit these errors, their estate plan may fail to accomplish all of your goals.
Imagine you are making plans for an upcoming vacation. You think about it all the time; you mentally decide what you will do and what places you'll visit; you even set aside all the money you plan to use. You could feel very prepared.
But now imagine that you never booked your plane ticket, or that you planned to stay with family but don't know where they live. Imagine you forget all your money at home. These kinds of failures can cancel out any plans you may have had. It is a similar situation when it comes to your estate plan: when you make certain missteps, your plans can fail.
After a loved one is diagnosed with Alzheimer's disease or dementia, family members typically step in to manage financial and healthcare decisions when he or she no longer has legal capacity to make these choices.
As devastating of a situation as this already is, it can become more so if family conflicts arise. Below, we discuss a few critical steps patients and their families can take to prevent or resolve such arguments.
Probate is often an upsetting process, especially for people who are reeling from the death of a loved one and struggling to cope with the loss. However, probate proceedings can go smoothly when there is a clear, comprehensive will and everyone does what they should do.
Unfortunately, there are times when the probate process stalls and fights break out. This can happen when one of the following parties raises objections or fails to do what they are supposed to do in accordance with Florida estate and probate statutes.
If you are looking to buy a home in Florida, then you may very well find yourself considering a house or condo in an association. These associations are communities that have specific rules and guidelines with which homeowners must comply. There may also be amenities available to members of the association.
If you are considering purchasing a home in an association, then you should understand what this could mean for you as a homeowner.
Pets are a valued and loved member of families all across Boca Raton. If you are a pet owner, then you likely know that animals can be just as important as any person in terms of companionship and love.
However, pets are not treated like people in the eyes of the law, so owners need to take extra steps to protect them in certain situations. For instance, owners will want to think about their pets when it comes to their estate plan because failing to do so could have upsetting consequences.
When it comes to creating an estate plan, most people are unsure of what they need and where to begin with the process. This is not unusual, as people typically do not deal with estate plans or the related documents on a regular basis.
To make estate planning a little easier and to give readers an idea of what they should have in a basic estate plan, we will look at five documents that everyone should consider having in their estate plan.
Probate is undoubtedly a difficult process to navigate, especially for people who are grieving the loss of a loved one. Between the waiting and the arguing over what should happen to a person's property, family and friends often feel angry, frustrated and powerless.
Unfortunately, these emotions can be difficult to overcome if the probate process drags on over the course of several months or years because it makes it difficult to get any sense of closure. For instance, loved ones of late musician Prince have been struggling for more than two years with the probate process, and it looks like they still have a ways to go.
Rather than passing along assets to their loved ones, baby boomers who struggled financially may instead be passing along a stack of unpaid bills.
In recent years, the Federal Reserve has indicated that debt levels among senior citizens is rising. If you are serving as the personal representative for your parents, it is important to understand the impacts debt could have when administering their estate.
In 2011, the first wave of baby boomers turned 65, with many exiting the workforce and entering retirement. According to data from the U.S. Census Bureau, individuals ages 66 and older will make up roughly 20 percent of the nation's population by 2030.
As America's elderly population continues to grow, the percentage of those who need assistance with day-to-day personal and financial matters will also grow.
Peter J. Snyder, P.A.
21301 Powerline Rd
#106
Boca Raton,
FL
33433
Phone:
561-544-7324
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