On behalf of Ana M. Veliz, P.A. posted in Estate Administration & Probate on Monday, May 14, 2012
Florida fans of Michael Jackson may remember when the King of Pop and Pepsi teamed up for a commercial that went horribly wrong. Nevertheless, in a strange estate administration decision, his estate and the soft drink company have once again combined forces to use his image on special edition Pepsi cans. While it may seem like an odd pairing after a rocky history together, it could very well become a lucrative estate administration decision; his estate stands to make a lot of money for the use of his image.
Michael Jackson's history with Pepsi began in 1984 when Jackson and his brothers were filming a commercial. A technical problem ignited Jackson's scalp on fire, resulting in second degree burns. For the new deal, the company will use 'silhouette imagery' of the pop icon on their limited edition cans. They will also sponsor contests to give fans across the world an opportunity to win Michael Jackson merchandise.
On behalf of Ana M. Veliz, P.A. posted in Wills on Monday, May 7, 2012
Most Florida residents know the importance of a will, yet many Americans still don't have one. With the changing times, wills are more necessary now than they ever were. Not having a will can place families and other loved ones at risk of being cut out of their inheritances or facing unnecessary time and expense to receive them.
A new study shows many people still don't have a will. In fact, 71 percent of adults younger than 34 are without one, and some 41 percent of baby boomers also are living without a will. Many are operating under the mistaken assumption that they either do not have enough assets or they believe the process of creating a will is expensive. Others may simply be suffering from procrastination.
On behalf of Ana M. Veliz, P.A. posted in Estate Administration & Probate on Monday, April 30, 2012
Have you ever talked to your family about your post-life estate plans? Communication can be a key factor in estate planning in Florida. Furthermore, it typically helps the estate administration process. While it really never is fun to broach touchy subjects with family, communication can help avoid potential issues in the future.
Everyone should have a will and possibly a trust to ensure that your post-life wishes are carried out in the way that you intend. While drafting the will and the trust, it is also important to address any perceived family shortcomings and deal with them immediately. If there are heirs who may not be as responsible as others, a trust may be required to distribute the inheritance in increments. While all of this can cause friction between family members, it can also help stop an inheritance from being squandered away.
On behalf of Ana M. Veliz, P.A. posted in Estate Administration & Probate on Wednesday, April 25, 2012
For Florida residents, estate administration often involves a durable power of attorney and healthcare proxy to cover circumstances where someone is unable to make important decisions on their own behalf. But what happens if someone who did not take the time to execute those documents subsequently becomes unable to physically or mentally care for themselves? A court proceeding is then necessary to appoint a conservator to handle the person's affairs. A recent story of an elderly woman, who was the subject of a misguided conservatorship preceding that went terribly wrong, underscores the importance of estate administration.
The woman lost her home and possessions after a conservator was appointed. She now lives in public housing and her home, car and a lifetime's worth of possessions are gone -- sold off in an auction where the proceeds were largely used to pay off those who handled the process.
On behalf of Ana M. Veliz, P.A. posted in Trusts on Monday, April 16, 2012
Trusts are a common element of estate plans for many couples and individuals. Trusts need a trustee, which isn't necessarily an easy to decision to make from the get-go, yet is a very important step in trust planning. While many Miami residents automatically choose themselves or the beneficiary as a designated trustee, there may be certain situations that arise where another individual would be better suited for that important title. In addition, the type of trust may be a significant factor in who should be appointed as trustee.
As an example, the trustee of a testamentary trust should not be the trust's sole beneficiary. The reason for this is that the IRS could use the assets as part of the gross estate, thereby risking the imposition of additional taxes. If you have an irrevocable trust, then an independent trustee may be the better option to avoid having to meet certain distribution standards or deal with the IRS including the trust assets in with your gross estate. If you are choosing an individual as the trustee, consider any potential conflicts that could arise among the family. This may not be something you want to deal with.
On behalf of Ana M. Veliz, P.A. posted in Trusts on Wednesday, April 11, 2012
Florida residents engaging in trust planning are probably aware of the amount of work it requires. To avoid problems in this process, it is important to ensure that one's wishes are carried out without delays and unnecessary costs. Trust planning may help make certain that assets are not squandered, and they are provided in increments (or not at all) until someone reaches an appropriate age.
One of the most important aspects of trust planning is choosing a trustee who possesses qualities of loyalty, impartiality and responsibility. The trustee position is one that holds a large degree of authority and responsibility. As such, trustees may be required to make difficult decisions that require balancing competing interests. Therefore, taking the time to choose the right person is crucial.
On behalf of Ana M. Veliz, P.A. posted in Estate Administration & Probate on Monday, April 2, 2012
Some Florida residents may be under the assumption that estate administration is only for the wealthy. While those who are rich are highly encouraged to make sure estate affairs are in order, estate planning is important for just about everyone. No matter how large or small an estate may be, having an estate administration plan can keep peace in the family and prevent assets from being dispersed by the state.
A person's estate is considered to be everything they own and includes bank accounts, properties and personal items. It also can refer to one's responsibilities including children or even business interests. Estate planning and administration is a way to determine what happens to assets or someone's responsibilities in advance, before death or incapacitation.
On behalf of Ana M. Veliz, P.A. posted in Estate Administration & Probate on Tuesday, March 27, 2012
All too often in estate administration, what was originally thought by the deceased party to be a kind gesture can actually turn into a financial nightmare once the estate is administered. For instance, many Florida parents wish to leave their children their condos and other properties they may own. The problem is, as wonderful as these properties may be, the bequest does not always reduce the mortgages and other debts associated with the property. This can lead to the inheritance of a financial disaster.
It is important to know that not all debts are cancelled upon death. While personal debts are not generally passed on to family members, home mortgages, car loans, medical bills and student loans do not necessarily disappear and may financially impact those that receive an inheritance. Furthermore, if someone co-signs financial obligations, such as medical bills, he or she may be obligated to the debt.
On behalf of Ana M. Veliz, P.A. posted in Estate Administration & Probate on Wednesday, March 21, 2012
For Florida residents, the process of making a will can become complex due to blended families and a higher life expectancy.
Familial relations have changed dramatically over the years and while depression era parents may have been more frugal, baby boomers are well known for wanting to reward themselves for their diligent working efforts. As a result of their spendthrift habits, sources say that baby boomers tend to rely on will expectations from older family members. However, while waiting for an inheritance in a will after a relative passes away is common, it also potentially fraught with risk because expectations can be shattered as life expectancies increase.
On behalf of Ana M. Veliz, P.A. posted in Estate Administration & Probate on Friday, March 16, 2012
Many Florida Residents know that life can change in an instant, making it all the more important for one's estate plans to reflect one's specific wishes. However, there can be some technical legal hurdles in modifying one's estate plans. For example, once an irrevocable trust is created, a subsequent wish to modify it based upon changes in marital status, wealth or children may be governed by state laws, which dictate how and when someone can adjust the terms.
Fortunately, people who need to alter their estate plans have a few options. Some of these alteration options additionally assist with legal drafting mistakes.
