When an individual or a group of individuals are granted power of attorney, they are given the authority to manage an individual's affairs. In some cases, the power is limited to a certain action or set of actions. For instance, another person may be granted the ability to oversee the closing of a real estate transaction. In other cases, a broad authority may be granted to manage an individual's affairs.
Taking the time to think about estate planning issues now may make it easier to create a plan that meets an individual's needs. When coming up with such a plan, it is important to consider how estate and gift taxes may influence an estate's assets.
Florida residents who are planning their estates and the disposition of their assets when they die can learn from some mistakes recently made by a few celebrities. In many cases, errors were compounded by the celebrity's unexpected death.
As Florida residents may be aware, blending two families may come with its own financial considerations in order to provide not only for the new spouse in the future, but also to protect the children of both. Unfortunately, making new arrangements for this protection may be overlooked and have consequences should something happen to one spouse unexpectedly.