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EPGD Law Blog

Tag: Estate Planning
EPGD Law Estate Planning
Estate Planning
Niuris Bezanilla

Why The Need to Plan?

Estate planning attorneys often times run into situations where clients undermine the importance of having an estate plan. After the Tax Cuts and Jobs Acts (“TCJA”) was passed, the estate tax exemption nearly doubled to $11.18 million for single individuals and $22.36 million for those that are married. Due to the immense increase in the exemption, the market for secession planning has encountered a short decline. However, planning is necessary so that your best interests are adhered to in the event you’re unable to adhere to them yourself.

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EPGD Law Living Will
Trusts & Estates
Niuris Bezanilla

What is a Living Will?

A living will is a legally binding document that explains an individual’s personal choices about end-of-life medical care in cases where they become incapacitated and can no longer make decisions for themselves. For example, the living will would state whether an individual would want to be kept alive through life support or whether they would not like to receive any life support, including artificial nutrition and hydration.

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EPGD Law Estate Planning
Trusts & Estates
Niuris Bezanilla

How do I Donate my Organs as part of my Estate Plan?

When preparing your estate plan, not only can you provide directives as to the administration of your estate, but you can also give instructions as to what will happen to your body after you pass away. Providing such instructions yourself would save your family from conflict over what should be done with your body and how you would have wanted to be buried. 

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Estate Planning
Niuris Bezanilla

Can you Revoke or Amend a Trust?

Trusts allow a third party, or trustee, of your choosing, to hold assets on behalf of a beneficiary or beneficiaries.  One of the great factors of a trust, is that trusts tend to avoid probate. Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified.  Probate can be a long and stressful process for your loved ones. 

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Estate Planning
Niuris Bezanilla

Kobe Bryant and The Importance of Estate Planning

Unfortunately, the passing of a young and healthy individual like Bryant occurs more often than one would like to acknowledge and does not make headline news.  When these ill-fated events take place, families are often left to mourn the death of a loved one while also navigating the complexities of administering an estate that was not properly planned.

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Estate Planning
Niuris Bezanilla

What is a GRAT?

GRAT, short for Grantor Retained Annuity Trust, is a type of irrevocable trust that alleviates the tax cost of passing assets to your beneficiaries.

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Estate Planning
Niuris Bezanilla

What Happens to a Car Lease After the Car Lessee’s Death?

Often times, payments still need to be made and the payments become the responsibility of the deceased car lessee’s estate. Sometimes car dealerships will negotiate with the personal representative of the deceased’s estate and may be able to transfer the remaining lease to another person.

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Estate Planning
Niuris Bezanilla

Is an Executor the same as a Personal Representative?

The personal representative you appoint will be the person in charge of handling your estate once you pass. This individual has vast responsibilities and powers; therefore, your personal representative should be someone that you trust.

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Estate Planning
Niuris Bezanilla

What are the Consequences of not Having a Will?

What happens if you do not have a will or your will is not valid? In these cases, the state declares the individual to have died “intestate,” and your property follows a chain of succession to determine the owner.

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Estate Planning
Niuris Bezanilla

Creating a Trust for your IRA

IRAs allow you to save for retirement with tax-free growth on a tax-free basis.  You can also establish different sub-trusts within the IRA trust for the benefit of your beneficiaries, including your spouse. You can design each sub-trust to fit the unique needs of each beneficiary.

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Estate Planning
Eric Gros-Dubois

How to Avoid Probate

Preparing for what happens after one’s passing can be difficult.  Most people do not like thinking of the reality that they are not going to be around one day.  However, proper preparation allows you to have a say even after you pass. 

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Trusts & Estates
Eric Gros-Dubois

What is a Prenup?

A prenuptial agreement (or a prenup) is an agreement signed before marriage that outlines what happens to each spouse’s financial assets in the event of divorce or death. This protects each spouse’s personal assets that they have inherited from family members, assets they have obtained before marriage, or income they have generated before marriage.

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Estate Planning
Eric Gros-Dubois

A tweet, a tweet! A Lady Bird Deed!

A lady bird deed (called an enhanced life estate deed in Florida) is a relatively new form of deed that—like a traditional life estate deed—allows property to pass automatically to one or more designated recipients at death, without the need for probate. 

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Business Law
Eric Gros-Dubois

First Comes Love. Then Comes Joint Accounts…

When you own an account jointly with another individual, the law usually presumes that you each have equal rights to funds held in that account. So, when a creditor attempts to garnish that account, it typically doesn’t have to investigate whether you contributed more money to the account than the co-owner. Unfortunately, this could mean that the money in your account could be garnished to pay for the co-owner’s debt, a debt that you never owed.

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