Every 12 months, it happens like clockwork: the calendar loses a page and a new year begins. Now that you find yourself in 2019, it’s time to take a few moments to think about how you can prepare a better future for your family.
To paraphrase an old saying, one person’s art can be another person’s trash. Not everyone is smitten with the Mona Lisa, for instance, and some people adore and others loath the reality-bending Cubist paintings of Pablo Picasso. While taste and preferences are entirely subjective, there is no doubt that the Spanish master’s works are worth millions of dollars.
As Baby Boomers move in to their 60s and 70s, they are increasingly focused on the future. A recent Forbes article states that the 2018 U.S. Trust Insights on Wealth and Worth Study shows that two-thirds of people over the age of 50 want to use their wealth to better the lives of their children and grandchildren.
One of the things people traditionally do at the end of the year is look back and assess the past 12 months and then look forward and plan for the coming dozen. One of the crucial tasks millions of Americans neglected to take care of in 2018 was to create a will. That omission is one of two widespread estate planning errors, Forbes says.
Your homestead, your 401(k), the cash in your bank account, your life insurance policy and your closely held business interests. They are all assets you have worked long and hard to acquire, but each should be considered separately when you are sitting down to figure out how to distribute your assets in an estate plan.
Many Brevard County people are originally from Minnesota, Ohio, New York, Michigan and other snow-covered places. Now that you’re in the Sunshine State, do you have to get all of your estate planning documents from those other places converted to Florida documents?
If only all families were perfect: If everyone got along perfectly and agreed on everything, then there would be no need to worry when creating your will. However, no family is perfect. Siblings and other relatives who usually get along just fine may come to loggerheads when it comes to a loved one’s estate.
One of the many benefits of estate planning is that it helps people get through some of life’s most difficult times. We read recently a letter a man wrote to his local newspaper with a question that was both interesting and heartbreaking.
When most people hear the word “disinheritance,” they imagine a family rift that caused a parent to write a child out of the will. In some cases, this is true. A parent may feel the need to disinherit a spendthrift child to prevent them from squandering the family fortune. An argument may prompt someone to disinherit their kin. But in other cases, disinheritance is a useful tool that can actually help protect a beloved child’s inheritance.
People from all over the nation have purchased timeshares here in Florida. From Cocoa to Orlando and from Miami to Jacksonville (and all places in between), timeshares are to be had for those wanting to escape the cold for a warm beach. Of course, Brevard County residents also buy timeshares in exotic spots around the U.S., including Hawaii, Colorado and California.