Florida residents may have heard that radio legend Casey Kasem's wife reportedly disappeared with him recently amid a family dispute over whether his adult children could visit him. Kasem has been diagnosed with Lewy Body Disease, a type of dementia that worsens over time. The story of his family dispute and subsequent disappearance helps illustrate the importance of creating a comprehensive estate plan and revisiting it when circumstances change.
Florida individuals who would like to provide their children with an inheritance have several methods to consider. With estate planning, they can make their wishes well known. In some situations, parents may wish to provide inheritances of different amounts to their children. In this situation, it is best for them to create their estate plan early in the process and explain the disparity to their children.
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.
Many Florida individuals realize the benefits of using a Roth IRA over a traditional IRA. One such benefit of this financial tool is that the tax is paid upfront, so there is no tax consequence to receiving a distribution. However, some individuals may not realize that Roth IRAs can also be used as estate planning devices.
Florida residents who own special collections may be interested in including them in their estate plans. Leaving a collection to one or more heirs may be included in a last will and testament. However, there may be benefits in giving away beloved items while an individual is still living. Determining personal goals for a particular collection may help.