Law Office of Yoel Molina, P.A.
  • Home Page for Business Attorney, Yoel Molina / Abogado Corporativo y de Negocios Yoel Molina
  • Traffic Ticket blog/ Blog de Multa y Tickets
  • Business Law
  • Derecho empresarial
  • Corporate & Business
  • Corporaciones & Negocios
  • T.V. Appearances, Awards, Affiliations, and Miami, Fl. Community Involvement of Business Attorney Yoel Molina/ T.V. Apariciones, Premios, Afiliaciones y Miami, Fl. Participación Comunitaria del Abogado Comercial Yoel Molina
  • Garantia De Reembolso De Dinero.
  • Client Video Testimonials of Business Law Attorney Yoel Molina / Video del cliente Testimonios del Abogado de Derecho mercantil Yoel Molina
  • About The Law Office of Yoel Molina, P.A. Miami Law Office / Sobre la oficina de abogados de Yoel Molina P.A. Oficina de Derecho de Miami
  • Acerca de la Oficina de Derecho Empresarial y Corporativo de Yoel Molina / About the Business and Corporate Law Office of Yoel Molina
  • Miami Corporate and Business Client Services / Servicios para clientes corporativos y comerciales de Miami
  • Biografía del Abogado de Derecho Empresarial y Corporativo Yoel Molina
  • Contact Business and Corporate Law Attorney Yoel Molina / Contacte al Abogado de Derecho Comercial y Corporativo Yoel Molina
  • Blog / Who cannot contract?
  • Terms and Conditions of Legal Service Agreement
  • Spanish / Espanol Blog
  • Business Blog
  • General Counsel Landing Page
  • Business Law Subscription Plan Service
  • Nuestros Precios
  • Business Package / Landing Page. Spanish
  • Business Package / Landing Page. BILINGUAL
  • Business Package / Landing Page. English
  • Our Fees
  • Money Back Guarantee
  • Appointment Page
  • Free legal tips Ad
  • General Counsel Unlimited Advice Plan Interest Form
  • About The Law Office of Yoel Molina, P.A. Miami Law Office / Sobre la oficina de abogados de Yoel Molina P.A. Oficina de Derecho de Miami
  • Home Page for Business Attorney, Yoel Molina / Abogado Corporativo y de Negocios Yoel Molina
  • Traffic Ticket blog/ Blog de Multa y Tickets
  • Business Law
  • Derecho empresarial
  • Corporate & Business
  • Corporaciones & Negocios
  • T.V. Appearances, Awards, Affiliations, and Miami, Fl. Community Involvement of Business Attorney Yoel Molina/ T.V. Apariciones, Premios, Afiliaciones y Miami, Fl. Participación Comunitaria del Abogado Comercial Yoel Molina
  • Garantia De Reembolso De Dinero.
  • Client Video Testimonials of Business Law Attorney Yoel Molina / Video del cliente Testimonios del Abogado de Derecho mercantil Yoel Molina
  • About The Law Office of Yoel Molina, P.A. Miami Law Office / Sobre la oficina de abogados de Yoel Molina P.A. Oficina de Derecho de Miami
  • Acerca de la Oficina de Derecho Empresarial y Corporativo de Yoel Molina / About the Business and Corporate Law Office of Yoel Molina
  • Miami Corporate and Business Client Services / Servicios para clientes corporativos y comerciales de Miami
  • Biografía del Abogado de Derecho Empresarial y Corporativo Yoel Molina
  • Contact Business and Corporate Law Attorney Yoel Molina / Contacte al Abogado de Derecho Comercial y Corporativo Yoel Molina
  • Blog / Who cannot contract?
  • Terms and Conditions of Legal Service Agreement
  • Spanish / Espanol Blog
  • Business Blog
  • General Counsel Landing Page
  • Business Law Subscription Plan Service
  • Nuestros Precios
  • Business Package / Landing Page. Spanish
  • Business Package / Landing Page. BILINGUAL
  • Business Package / Landing Page. English
  • Our Fees
  • Money Back Guarantee
  • Appointment Page
  • Free legal tips Ad
  • General Counsel Unlimited Advice Plan Interest Form
  • About The Law Office of Yoel Molina, P.A. Miami Law Office / Sobre la oficina de abogados de Yoel Molina P.A. Oficina de Derecho de Miami
Search by typing & pressing enter

YOUR CART

24/4/2019 0 Comments

Estate Planning Solutions For The Elderly Or Those Who Are Ill (Part 2)


Readdress Your Beneficiaries:
 
If you have already listed your beneficiaries and what they will inherit, it's probably a good idea to revisit these documents.  You might have signed up for a retirement plan at your place of work or purchased a life insurance policy in which you named your beneficiaries.
 
You would be really amazed how many people never update their beneficiaries even if someone has died and should have someone else was put in that slot.
 

Picture
​You might want to consider naming someone as a payable-on-death (POD) beneficiary for your bank accounts, savings, bonds, or vehicles.  This will ensure your assets do not go through probate after you pass away.  If you have named a payable-on-death beneficiary but you need to name someone new, just get a form from your employer or the account custodian, fill it out and then just submit it.
 
Look Into A Living Trust:
 
If you don't know, the procedures in probate court can be very expensive, can take a good amount of time, and difficult for your beneficiaries to deal with.  Your beneficiaries just want to easily transfer property to those who will inherit.  You might want to consider creating a revocable living trust.  This document will let everything go directly to those who will inherit after your pass away and there will be no need for probate.  You should read up on everything possible to avoid probate.
 
Just like a will, you can revoke or change a living trust any time you want as long as you are mentally competent.  If you become incapacitated or you die, the person you chose to be your “successor trustee” will have control of your trust property without court supervision.  A successor trustee is very similar to an executor of a will and in many cases, these two roles are handled by the same person.
 
It does take a little more work and time to create a living trust vs a will.  Then again, if probate is easy and inexpensive in your state, you might decide to bypass a living trust.  A living trust works really well for most families and will save them a great deal of time and money.
 
Look Into State And Federal Estate Tax Exemptions:
 
Most Americans will not need to worry about their families ending up with a huge state or federal estate tax bill.  As of late, the federal death tax is quickly going south in the country.  It's still worth taking a close look at the current tax laws for peace of mind.  If you discover that it's very likely your estate will owe state or federal estate taxes, you should get advice from a tax attorney to find out what your options are.  You might want to look into special types of trusts or start a gift-giving plan to reduce the amount your estate might end up owing.
 
Federal Estate Taxes:
 
In 2016, someone could have left $5.45 million without owing taxes and this exemption has increased each year due to inflation.  Also, married couples can exempt twice that amount. In general, it's estimated that approximately 99.7% of all states will never owe federal tax.
 
State Estate Taxes:
 
There are states that will impose a separate state estate tax but most exempt amounts are lower than the federal rate.
0 Comments



Leave a Reply.

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    May 2019
    April 2019
    March 2019
    January 2019

    Categories

    All

    RSS Feed


​Attorney Molina's BIO

Contact 

Criminal
Blog


Business Blog


Copyright 2018
​All Rights Reserved

"Mr. Molina has always been there for us with timely, reliable and competent advice. He is an important and valuable part of our team."  Corporate Client Eric Delgado, President of American International Export, Inc., a worldwide importer and exporter of brand name appliance parts.
"Yoel has been responsive and attentive to our company’s best interests and needs.   He has been a valuable resource to our company.  Any company that enlists his services would be in good hands-- including our own clients.” Corporate Client Gibran Flynn - Co-Owner and Founder of Eleva Solutions, Inc., the South Florida leader of outsourced HR, Staffing, Training, and Loss Prevention.
"My name is Anastasia Yecke Gude and I am the owner of Healing Hands Therapeutic Massage LLC.  In the process of my company’s growth and expansion, I suddenly found myself a few weeks ago in need of a 1099 contractor agreement, and I needed it ASAP.  As in, the very next day!  I contacted the Law Office of Yoel Molina and his assistant put me in touch with Mo.  I sent him what I had drafted up and he replied within a few hours with suggested revisions and clarifications, as well as a few insights I had not even considered.  I was thoroughly impressed by the quality of work he provided, especially considering the time crunch I put him in (sorry, Mo!).  I definitely recommend his services to anyone in need of a good contract attorney, and I will be calling him again for future work…hopefully in less of a rush next time!"