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Inheritances Archives

Inheriting a home in Florida

If Florida residents find out that they have inherited a house, there are a variety of questions that will need to be answered in order to determine how best to proceed. People have the option of keeping, selling or renting out a home, and each option has advantages and drawbacks. What someone decides will often depend on how much the home is worth, what condition the home is in and what the costs of upkeep are.

Talking to adult children about their inheritence

Many Florida parents want to leave a big portion of their estate to their children, but some are reluctant to talk about it. Discussing financial matters, especially when they relate to estate planning, can be an uncomfortable topic for a lot of people. However, parents who shy away from letting their offspring know how much money they will inherit may be creating some unintended problems.

Putting conditions on an inheritance

People in Florida who are involved in planning for the distribution of their estates after they die may have to navigate some difficult family relationships. One problem that may arise is that people want to leave assets to a child, for example, while disliking the child's spouse. While it may be tempting to put the condition on the inheritance that the child must divorce the spouse, there may be better options.

Family dispute over Whitney Houston inheritance

Whitney Houston fans in Florida may have been following news stories regarding who will get the $20 million inheritance from her estate that passed to her daughter, Bobbi Kristina, who later died at the age of 21. A trust had been set up for Bobbi, and she received 10 percent of it upon turning 21. She would have received another 15 percent at age 25 and the remainder of it at age 30.

Leaving assets to children in Florida

Knowing that their children will be secure after they are gone is a goal for many Florida parents. This means taking time to create an estate plan that can achieve that purpose. One way to do this may be to designate a child as a beneficiary of a life insurance policy. When the parent dies, the child will be entitled to receive the proceeds without having to endure the delays that the probate process often brings.

Legal inheritance rights of descendants

Most people use wills to distribute the assets and property after death. However, sometimes a will may not have been updated to reflect changes in the person's family. In other instances, a descendant or surviving loved one may have a serious dispute with the will's instructions. States have set up a number of laws to resolve those situations. In some cases, a surviving spouse, child or grandchild may have a legal claim to property even if they were not named in a will.

Safeguarding hiers' assets for the future

People who have retired to Florida often have to make significant estate planning decisions. Those who have capital tied up in assets such as a home, IRA or business investments may feel overwhelmed when attempting to divide the estate equally among their heirs. These decisions may seem even more complicated when an heir is involved in a problematic marriage that may potentially end in divorce. Parents may also consider how well their children manage their own finances.

Trusts facing higher tax rates

Recent tax increases have effected a vehicle that many Florida residents use as part of a comprehensive estate plan. The marginal 39.6 percent rate included in the 2012 tax legislation that is imposed on an individual's income in excess of $400,000 is applied to trusts at the $11,950 threshold. Furthermore, the new 3.8 percent Medicare surtax directed at net investment income of individuals earning more than $200,000 is applied to trusts at the same $11,950 level.

How an estate plan can provide for a troubled family member

Florida residents with a troubled family member may be unsure of how to work out the details of their estate plan. For instance, if a child or grandchild has a drug addiction, it may not be in their best interest to leave them with a large inheritance. Likewise, leaving money or property to a family member with a gambling problem could serve to enable their addiction.

How to pursue an inheritance from an estranged relative

Florida residents who are estranged from their family may be interested if a deceased relative left them an inheritance. While an estrangement from a family member like a parent or sibling can happen for any number of reasons, the estrangement doesn't necessarily mean that family has been cut out of the person's will. Individuals do sometimes pass away and leave assets to family members with whom they haven't spoken in years.

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