Probate Avoidance

Monday, June 19, 2017

When you should establish an IRA as a trust


Financial-Planning.com published an article by Ed Slott entitled, "When you should establish an IRA as a trust" (May 31, 2017). Provided below is a brief summary of the article published at Financial-Planning.
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Monday, June 5, 2017

Planning Your Estate When You’ve Got No Children or Heirs


CNBC.com published an article by Sarah O’Brien entitled, "Planning Your Estate When You've Got No Children or Heirs" (May 31, 2017).
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Monday, March 6, 2017

PLANNING MATTERS: Why you need an Estate Plan


Wickedlocal.com published an article by Leanna Hamill entitled, "PLANNING MATTERS: Why you need an Estate Plan" (Feb 7, 2017). Provided below is a brief summary of the article published at Wickedlocal.
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Monday, February 20, 2017

Proper Estate Planning More Than Just Documents


Poughkeepsiejournal.com published an article by Bernard A. Krooks entitled, 


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Monday, January 23, 2017

6 Reasons to Revise Your Estate Plan as Soon as Possible


Forbes.com published an article by Mark Eghrari entitled, "6 Reasons to Revise your Estate Plan as Soon as Possible" (Jan 2, 2017). Provided below is a brief summary of the article published at TheTimesHerald.


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Monday, January 16, 2017

Don't Drop The Ball When Planning Your Estate


CNBC.com published an article by Trey Smith entitled, "Don't Drop The Ball When Planning Your Estate" (Sep 13, 2016).
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Monday, January 9, 2017

New Year’s Resolution: Plan to Plan


TheTimesHerald.com published an article by Matthew Wallace entitled, "New Year's Resolution: Plan to Plan" (Jan 2, 2017). Provided below is a brief summary of the article published at TheTimesHerald.
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Monday, December 12, 2016

The Most Important Estate Planning Issue Boomers Need to Address


Kelley Long (Forbes.com) published an article entitled, "The Most Important Estate Planning Issue Boomers Need to Address" (May 08, 2016). Provided below is a brief summary of the article from Forbes.
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Monday, November 7, 2016

The Cost of an Unprepared Estate


Prince George Citizen has recently published an article entitled, "The Cost of an Unprepared Estate" (Oct 17, 2016). Provided below is a brief summary to the article:

The Cost of an Unprepared Estate

British Columbia has more people turning 50 years old today than at any other time in history.


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Monday, July 20, 2015

What would happen if another child is born after establishing an estate plan?

This question presents a fairly common issue posed to estate planning attorneys. The solution is also pretty easy to address in your will, trust and other estate planning documents, including any guardianship appointment for your minor children.

First, its important to note that you should not delay establishing an estate plan pending the birth of a new child.  In fact, if your planning is done right you most likely will not need to modify your estate plan after a new child is born.  The problem with waiting is that you cannot know what tomorrow will bring and you could die, or become incapacitated and not having any type of plan is a bad idea. 

In terms of how an estate plan can provide for “after-born” children, there are a few drafting techniques that can address this issue.  For example, in your will, it would refer to your current children typically by name and their date of birth. Then, your will would provide that any reference to the term "your children" would include any children born to you, or adopted by you, after the date you sign your will.

In addition, in the section or article of your will that provides how your estate and assets will be divided, it could simply provide that your estate and assets will be divided into separate and equal shares, one each for "your children." That would mean that whatever children you have at the time of your death would receive a share and thus the will would work as you intend, even if you did not amend it after having a new child. 

On a side note, you should make certain that your plan does not give the children their share of your estate outright while they are still young.  Rather, your will or living trust should provide that the assets and money are held in a trust structure until they are reach a certain age or achieve certain milestones such as college graduation or marriage. Any good estate planning attorney should be able to advise you about this and help walk you through the various options you have available to you.


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Attorney Karnardo Garnett represents clients with their Estate Planning, Elder Law and Asset Protection needs throughout the Tampa Bay Area, serving all of the bay area, including but not limited to Tampa, Brandon, Clearwater, St. Petersburg, Gibsonton, Riverview, Oldsmar, Safety Harbor, Hillsborough County, and Pinellas County, FL



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