Young adults are often prone to putting estate planning on the back burner. Statistics show that a significant minority of people under the age of 40 have any type of estate planning documents in place. However, when you shirk this responsibility you are making a mistake and you are putting your loved ones at risk.

The above is especially true for young military families. It is no secret that members of our armed forces who serve during these uncertain times put themselves in harm’s way for the well-being of their fellow countrymen. It is certainly not the most pleasant thing to think about, but there are casualties of war. Some veterans lose their lives, and many others suffer debilitating injuries.

Given the above planning for any and all possibilities is key, especially if you are a parent of a dependent child. The matter of potential guardianship is something to address, and of course you must have a vehicle of income replacement in place as well.

There is nothing morbid about being mature and responsible when it comes to estate planning. It is simply a matter of pragmatism.

Whether you serve in the military or not it is likely that you will live a long and healthy life if you are currently a young adult. However, there are no guarantees. If you take action for the well-being of your loved ones you can go forward with the peace of mind that comes with knowing that you have made the necessary provisions.

If you are a service member with a family to protect, take action right now to arrange for a consultation with a with a licensed and experienced Sarasota estate planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Everyone knows that a last Will is utilized to express your wishes with regard to the passing along of financial assets after you die. However, there are some other types of Wills that can be used in the field of estate planning and one of them is the living Will.

Living Wills have nothing to do with the financial end of things. These documents are used to state your medical preferences.

At the core of a living Will is usually going to be the question of whether or not you would want to be kept alive via the use of artificial means if you cannot communicate your decisions in real-time. If you think back to the case of Terri Schiavo that was so widely publicized a while back you understand the value of a living Will.

In addition to making your wishes known with regard to life support, you could work with a Sarasota estate planning attorney to include certain additions to your living Will and one of these would be to state your choice to become an organ donor.

Organ transplants are keeping people alive these days who would otherwise have had no second leases on life and it is possible that you could make a huge difference as one of your parting acts. Tissue and eye donations are of great assistance to the medical community as well.

Should you be interested in learning more about the details surrounding organ donation, you can follow this link to obtain all the information you need: Donate Life Florida.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

The federal estate tax is referred to as the “death tax” by some and there are those who contend that this term is unfairly used by people who are against taxation. But in fact, when you analyze the anatomy of the term it may indeed be a fair one.

The assets that are going to make up your estate are a remainder that you have left over after you paid taxes all of your life. These after-tax resources can sit in the bank and they are not subject to any further taxation. This can go on for decades.

However, when you pass away and these resources are being transferred to your loved ones they are suddenly subject to a federal levy if they exceed a certain amount.

So, what happened? Why are these assets that have been safe from further taxation all of these years suddenly subject to a tax that carries an exorbitant rate? The only thing that took place is that the individual who owned the assets died. So why wouldn’t you call the tax the death tax?

While we’re on the subject, there are some very relevant changes to the estate tax parameters looming over the horizon. Right now the estate tax exclusion is $5.12 million and the rate is 35%. But, the exclusion is going to be reduced to $1 million in 2013 and the rate is set to rise to 55%.

As a result, you would do well to schedule an appointment to speak with a licensed and experienced Sarasota estate planning attorney sometime this year to make sure that your current plan is appropriate given these looming changes.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

We are all aware of the fact that you have to be on guard when you are in certain situations. For example, you need to beware of pickpockets when you are walking down a crowded street in a big city.

With this type of thing in mind you would do well to be aware of the danger that exists in the form of elder financial abuse.

This is a growing problem, and sadly a large percentage of the cases of elder financial abuse that are perpetrated involve family members of the victims. For this reason a lot of the cases go unreported because the victim is not only trying to protect the abuser, but he or she needs the assistance that is provided by the perpetrator.

This is half of the problem, but there are other cases of financial abuse that involve scams. Con artists are always looking for an easy mark and they often prey on senior citizens. This has always been the case, but now that we live in the age of the Internet online scams are a problem as well. Identity theft is also a big problem these days and seniors are often targeted.

The best way to prevent elder financial abuse is to obtain expert advice and act accordingly. If you would like to do just that, take action right now to arrange for a consultation with a licensed, experienced, and savvy Sarasota elder law attorney. It is a very simple step that can wind up making all the difference.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Long-term planning is important if you want to be prepared for all the eventualities of aging. However, as a layperson it can be difficult to have a comprehensive understanding of what to expect with regard to future expenses. In addition, you may not be aware of all the resources that are available to you, and this is especially true of veterans.

Americans who have served in the Armed Forces earn certain benefits that can really come in handy as they reach the latter portion of their lives. Of course there is the retirement pension that people who have served for at least 20 years are entitled to receive. This can be part of a strong foundational income stream when added to Social Security benefits.

In addition, individuals who have served for at least 90 days with even just one of them taking place during a war may be entitled to the benefit called the Veterans Aid & Attendance special pension. This provides a monthly check to qualified veterans who need assistance with their day-to-day needs.

Many veterans are also eligible for medical benefits, educational benefits and mortgage loan guarantees.

The best way to put it all together is to sit down and discuss your unique situation with an expert who has a comprehensive understanding of VA benefits planning. If you are interested in doing so, right now would be a good time to pick up the phone to set up an appointment to speak with a licensed and experienced Sarasota financial planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

If you are like most people you want to facilitate a quick and hassle-free transfer of assets to your loved ones after you pass away. With this in mind you may want to think twice before utilizing a last will to elucidate your final wishes.

When you choose to use a last will to direct the distribution of your assets your estate must pass through the process of probate. This is a legal process that is supervised by the probate court in the jurisdiction that is local to you.

Probate is in place to allow for creditors, claimants, and anyone who may want to contest the will to have an opportunity to step forward and seek satisfaction. It also provides transparency as the personal representative is preparing the assets and eventually distributing them in accordance with the wishes of the deceased as stated in the will.

One of the difficulties that goes along with probate is the fact that your rightful heirs are not going to receive their inheritances until the estate has been probated and closed. Depending on the relative complexity of the case, the caseload of the court, and how well interested parties are getting along it can take anywhere from a few months to multiple years for the estate to be probated.

If you were to use an alternative such as a revocable living trust the transfer of assets will take place in a much more timely manner.

To explore probate avoidance strategies in detail, don’t hesitate to arrange for a consultation with a good Sarasota estate planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

We are all aware of just how expensive medical treatment has become during our current era. Even as a senior citizen who is receiving Social Security there are out-of-pocket expenses to take into account. And, if you were to need living assistance at some point in time this is another hefty expense to take into consideration when you are budgeting for the future.

Being cognizant of the potential expenses that you may face during the latter stages of your life is important, but at the same time different people are going to face different situations.

Everyone is aware of the value of good health, but people sometimes do not consider the financial ramifications. According to the Centers for Disease Control and Prevention, 70% of the deaths that take place in America are the result of chronic diseases such as diabetes, heart disease, cancer and stroke.

The fact is that chronic diseases are preventable in many instances. Long-term obesity and a lack of exercise is at the root of many of them, and of course smoking is an enormous contributor as well.

Positive lifestyle choices can not only improve your quality of life, they can also limit your need for medical treatment and as a result your expenses will be minimized.

If you work with a good Sarasota retirement planning lawyer to develop a solid financial plan and make intelligent choices with regard to your health, you should be able to enjoy your golden years in the Sunshine State to the fullest.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

The first thing you may envision when you think about estate planning is the execution of legal documents. And without question, recording your wishes in a legally binding manner is a large part of what estate planning is all about. You must sit down with an experienced Sarasota estate planning attorney, discuss your legacy vision, and ultimately put together the necessary documents.

But at the same time, there are some other things to consider. For instance, if you have real property, motor vehicles, boats, storage units, safe deposit boxes, and the like you are going to have to provide access to your executor or whoever it is that you are empowering to handle your final affairs.

In addition to the above, because we are living in the information age there is another level of access to consider. If you’re like most people you have online accounts of various types. You may do your banking online, and you may have a brokerage account that you manage over the Internet. It is important to make your future representative aware of these accounts and how to access them.

You may also have social network identities such as a Facebook account. One option that Facebook offers would be to memorialize your account. If your family informs Facebook of your death they can memorialize it by removing personal information and status updates and disallowing future access while permitting existing friends and family members to post on your wall.

These are a few things to consider when you are planning your estate as an Internet user. If you are interested in learning how to handle your online accounts when you are crafting your legacy, don’t hesitate to make an appointment to discuss the matter with an Internet savvy Sarasota estate planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Getting assets into the hands of your loved ones without losing anything in the process can be challenging given the realities of the unified gift/estate tax. Right now the rate is 35%, and it is scheduled to go up to 55% at the end of the year so we are talking about a significant threat to your legacy.

One course of action that you can undertake to potentially enable a tax-free transfer of assets would be to place highly appreciable securities into a grantor retained annuity trust.

With these trusts you receive annuity payments annually, and you also name a beneficiary who would assume ownership of assets that remain in the trust after its term expires.

Because your beneficiary may inherit some of the resources that you place into the trust the act of funding it is considered to be a taxable gift. Anticipated interest is accounted for utilizing 120% of the federal midterm rate that was in place when you created the trust.

The objective here is to “zero out” the GRAT by taking annuity payments equal to the entirety of the taxable value of the trust.

If the assets that you placed into the trust appreciate beyond the original IRS estimate of appreciation a remainder will exist. This remainder will become property of your beneficiary and no taxation will be applicable to the transfer.

Should you be interested in potentially creating a grantor retained annuity trust, the first step is to sit down and discuss the matter with a licensed and experienced Sarasota estate planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

When Michael Jackson passed away, the world of entertainment lost one of its most powerful forces. Jackson was one of the most talented singers of all time and of course he was renowned as the “King Of Pop.”

After he died, sales of his recordings skyrocketed as the public experienced renewed interest in his work. This phenomenon is expected to repeat itself with regard to the Whitney Houston estate.

Houston died on February 11 in Los Angeles, and this was the day before the Grammy awards ceremony. Whitney Houston won six Grammys during her long and illustrious career so she was no stranger to the event. She too will be missed and the fact is that she was a genuine vocal talent and it was that pure voice that led to her extraordinary success.

We are not yet being told exactly how Houston planned her estate, but interested observers anticipate her only daughter Bobbi, who is 18 years of age, inheriting her mother’s resources.

When you hear about someone passing away at such a young age you recognize the fragility of life. Unfortunately, most people who are in their 40s and younger are going through life without an estate plan. When do this you could be leaving your loved ones in a vulnerable position should the unthinkable take place.

It is not that difficult to do the right thing and take the appropriate action. If you’re ready to get started, simply pick up the phone to arrange for a consultation with a good Sarasota estate planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.