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December 2012 Archives

Florida trustees may face conflict over bad instructions

For many West Palm Beach readers, regardless of their degree of wealth, smart estate planning may involve the use of one or more different kinds of trusts. One of the most popular forms of trusts is a type of revocable trust often referred to as a living trust. Because the person who creates a revocable trust retains the authority to revoke or amend the trust at any time, that person effectively has the final word over trust administration. In some cases, that can create a conflict when the trust creator is not also appointed as the trustee.

Check up on Florida estate plan essentials

As West Palm Beach residents attend to their end-of-year estate planning affairs, many experts are advising that people pay special attention to a particular set of documents. Even for those who have not yet executed a will or trust instruments, professionals advise that everyone be certain to draw up or revise powers of attorney.

Fiscal cliff considerations for Florida estate plans

Estate planning professionals have been urging clients for months to review their tax liabilities before Bush-era tax cuts expire at the end of the year. With the so-called "fiscal cliff" looming ever closer, West Palm Beach residents may want to take a cue from business owners and investors nationwide and act quickly to assess whether gifting before the end of the year will advance their estate planning goals.

Estate plan essentials for Florida caregivers

An associate professor at Florida A&M University's College of Law recently offered up some sage advice that should be taken into consideration by every West Palm Beach resident who might someday serve as a family member's caregiver. According to the professor, every prospective caregiver should make a point of connecting loved ones with an experience estate planning professional to prepare five critical documents.