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February 2012 Archives

Florida man seeks guardianship to care for father after coma

One Florida man recently learned the importance of establishing guardianship over a loved one after he saw his father miraculously recover from a 10-day coma. The elder man was diagnosed with dementia in December, and his children are now seeking guardianship over him to ensure that he continues to live with his family and receive much needed medical care.

Florida man adopts girlfriend to rein in trust administrator

The founder of the International Polo Club Palm Beach in Wellington, Florida, sparked a flurry of news and discussion when he recently adopted his 42-year-old girlfriend. According to the entrepreneur's attorney, the millionaire made the unconventional and rather controversial move in order to preserve his children's interests in an irrevocable trust, a popular estate planning tool for many Florida residents.

Estate planning mistakes can threaten Florida retirees' assets

Florida retirees frequently overlook proven strategies that can assure them a comfortable life in retirement. That is why it is important for anyone approaching retirement to heed some effective recommendations that can help set retirees up for the best potential financial future.

Proposed law could affect IRA heirs in West Palm Beach

One particular estate planning technique used by many Florida residents has recently come under fire in the U.S. Senate. Max Baucus, the U.S. Senate Finance Committee Chairman, has proposed making changes to estate planning law with regard to how inherited individual retirement accounts, or IRAs, are taxed. Specifically, the senator has proposed tighter restrictions on how IRAs are transferred to beneficiaries.

How to establish residency for estate administration?

Many residents in West Palm Beach divide their time each year between Florida and another state. That brings up some important estate planning questions. Namely, in what state, if not both, should an estate be opened if something were to happen to the asset holders? Of course, careful estate planning prior to one's passing will clearly determine the answer to this question, but sometimes planning is put off until it's too late, and then the family must figure out how to proceed.