If you own a diamond, you might be interested in the history of the gem - especially if cost 40 million dollars. However, a 34-carat pink "Princie" diamond, which was recently auctioned off for a whopping $39,323,750, has a disputed history, which is creating legal debate. An anonymous buyer has purchased the diamond; however, an Italian court is making claims of secret children, a hidden marriage and a mysterious sale in an effort to find out if the rightful owner has rights to the gem. The story brings to mind serious estate issues, highlighting the importance of protecting assets.
A bill recently passed by a Florida Senate committee would give unmarried couples, including gay couples, the right to register as domestic partners. In terms of estate planning, the bill, if eventually signed into law, could have a major effect on unmarried couples' decisions regarding real estate, long-term care, funeral arrangements and inheritance.
For people with assets to protect, planning out a method to transfer those assets after death is vital to prevent unnecessary devaluation and ensuring that the assets are given to the proper heirs. Creating a last will and testament is one method of making sure that the estate owner's wishes are eventually met. Using wills and other estate planning instruments, owners can effectively preserve properties or businesses, as was seen in the recent transfer of one Florida business.
An inheritance can include a wide range of items, including money and real property. People typically use a will or trust to ensure that their assets are properly distributed after they die, and there are laws regulating the distribution of an inheritance. Readers in Orlando will be interested to learn about a case in which a father has been accused of improperly spending his daughter's inheritance.
The smooth transfer of assets is the goal of any estate plan, whether the assets are to go to the estate holder's children or to a collection of preferred charities. For Orlando residents, no matter the size of the estate, some planning is needed to ensure that the desires of the asset holders are met. The larger the desired asset transition, the more planning must go into making sure that the transfer proceeds as planned. If done well, even billions of dollars in assets can be inherited without spending years in court or seeing the value of the assets drop significantly.
Individuals who wish to distribute their estates among their heirs may accomplish this with a variety of legal instruments such as wills and trusts. Estate planning should cover as many contingencies as possible to ensure that the beneficiaries receive their shares of the estate. Readers in Florida may have heard about the following case involving a dispute over a large estate.
When someone dies, that person may leave behind assets for family and friends. If the deceased does not leave behind specific instructions for distributing those assets, he or she has no control over where the assets go. Planning ahead by writing a last will and testament is the best way to ensure assets end up where you intend them to go. Orlando readers may find that the story of a reclusive man provides a good example of the need for estate planning.
Preparing an estate plan can be complicated when a family or closely held business is involved. Any disruption in passing along control of business assets and decisions to heirs could have a significant effect on the business itself. Business succession planning is thus a big part of robust estate planning, ensuring that the business continues to operate smoothly through desired change.
There are conversations that are difficult to have with certain family members. Parents try to protect their children by waiting to explain certain factors of life until they are older. Spouses may find it challenging to talk about finances with each other. Though these conversations can be difficult, they can be vital discussions that keep everyone informed.
The founder of Intellicheck, an identification verification firm, died in 2007 at the age of 73. As part of his estate plan, his will left behind a trust for the benefit of his grandchildren.