The steps one takes to prepare a business for the future are similar to the steps one takes to prepare one's family for the future. Leaving these to chance means placing family or business at risk of meeting difficult times and perhaps serious financial struggles. For a business, it may even mean its demise if its owner does not take the time to make an estate plan.
Few people care to dwell on the possibility that they may become seriously ill or incapacitated at some point in their lives. While many would desire that any means be taken to preserve their lives, some have clear convictions about how they want to die and the care they do not desire at that time. For those in Florida who have made firm decisions about the ends of their lives, estate planning is important for making those wishes clear. One element of estate planning that would most benefit them is a health care directive.
People who do estate planning may be the kind who place the well-being of their families before their own good. Creating an estate plan means providing security and reducing the burden on loved ones. However, without meaning to, many in Florida overlook some crucial elements without which their families may face heart-wrenching decisions.
There is a tax reform plan on the table that could, if passed, bring changes to what is known as the death tax. If this measure passes, it will eliminate this particular tax, yet some people may think that this eliminates the need for a strong estate plan. Regardless of what happens in Congress and to federal tax laws, Florida readers know that good estate planning still makes good sense.
When most people think of estate planning, divorce is not a part of the picture. For most people, the estate planning phase is when they try to ensure that their spouse will get most of their assets. In some cases, however, it is necessary to try to keep the spouse from getting them. In Florida, as in other states, special care should be taken when divorce figures into an estate plan.
For most, the thought of making financial plans for the future is a terrifying one. For others, estate planning consists of buying life insurance, and hoping it is enough to get their loved ones through the financial difficulties could come when they are deceased. The truth is, neither of these is true. For those in Florida who are facing the daunting task of planning their financial futures, the most overlooked step is anticipating risks and working to prevent them.
For those who are planning their estates, it can be confusing to understand the terminology. For example, many are uncertain of the distinction between wills and trusts in estate planning. In Florida, as in other states, it is helpful to know the benefits of each.
Many have heard the term, but some may not be aware of just what it means and the responsibility that comes with it. Power of attorney is given to someone so that he or she the right to make legal and or health care decisions for someone else. Although Florida, like other states, may have its own laws for creating one, the guidelines for power of attorney are basically the same throughout the country.
Many times, when a Florida resident goes to the doctor's office or has to be admitted to a hospital, he or she will be asked whether they have formally created plan for their health care. While over 90 percent of those asked believe that it is important to have a health care directive, only about 30 percent can answer that question positively. Perhaps that is because many people do not fully understand what a heath care directive is and why they need one.
In the United States, having been married more than one time is not at all uncommon. When planning a second marriage, however, many Florida residents never consider the ramifications that it could have on their estate planning. When families blend, the income and assets also intermingle, causing finances to become a bit complicated in some cases. Because of this, there are a few things to keep in mind when getting married for the second time.