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Author: Siegel Law Group

What to Know About Leaving an Inheritance

Leaving an inheritance in Palm Beach County.

Why Should I Leave an Inheritance? Leaving an inheritance can be a selfless, sure-fire way to know that your loved ones are taken care of after you pass. We know that it’s not the most pleasing topic to have on your mind, but it’s important to be prepared and to know that you’re not leaving a single stone unturned. Planning out your inheritance can save your family an immense amount of trouble and stress if, and when, that time does come in your lives. Did you know that, statistically, inheritances left for beneficiaries are often completely run through within about 2 years...

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What is a Will and When Do You Need One?

When and why you need a written will in Palm Beach County.

Do you have a will written up? Are your affairs in order in case something unfortunate happens? We know these are hard questions to ask yourself, and even more so, hard things to think about. However, they are necessary to ensure your family and your loved ones are always going to be taken care of. Writing a will is an important and necessary part of life, and we want to make sure you understand why that is. What Does a Will Do? A will is a very important legal document that gives instructions on what to do with your possessions after you...

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You Can Trust Your Children, Right?

elderly man and middle-aged man

Most often when parents become elderly, they turn to their adult children to handle their affairs. It is usually the most logical solution - who can you trust more than your own children? Unfortunately, there are certain cases where the logical choice ended up backfiring. Take the case of 87-year-old Ellen and her five children. Her oldest son, Bob, has been given power of attorney by Ellen, which gave him access to all of her accounts. As the saying goes, with great power comes great responsibility and Bob had failed that test when he started stealing most of his mother’s money,...

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What to Consider When Leaving Money to Minors

living trusts

If you are considering setting up a fund for your children - it may seem like a confusing process but you don’t have to do it alone. There are various options when deciding how to leave money to a minor like living trusts. As minors can’t own investments outright, it is important to choose an option that best fits your intentions. At Siegel Law Group, we help you understand your options and choose the best one. Let’s talk about UGMA and UTMA UGMA is a Uniform Gift to Minors while a UTMA is a Uniform Transfers to Minors. The greatest distinction between...

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It’s Time to Prepare Your Estate Plan

estate plan

The nature of a parent is to worry about one’s children. We worry so often over our children’s education, their happiness, their health. The biggest worry? Who will take care of our children if anything should happen to us? Questions like these are why it is imperative to prepare an estate plan that will protect your children before it is too late. Family estate planning can ensure that the estate remains in the family and that your children are protected and well cared. Guardianship Should something happen to you that may hinder your ability to care for your children, a guardian can...

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Why You Need To Protect Your Digital Assets

digital assets

When you consider how to best prepare your estate, what comes to mind? Of course, you want to sort out real estate you own, valuable jewelry and family mementos. You’ll also need to discuss things like vehicles and insurance policies. But what about your digital assets? The average person visits nearly 100 separate websites a month. Some of those may be solely for entertainment purposes, but you have digital assets if you’re active online. Some examples: Social media sites Pictures, videos, and text messages Email accounts Personal websites Bank, credit union and investment accounts Cloud storage sites like iCloud and Google Drive In some cases, these digital assets...

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Probate & Estate Planning

Everyone Fears It, But Few Know What It Is Typically, people begin estate planning with the intention of avoiding probate. Probate has been given a bad reputation, but there is nothing inherently “bad” about it at all. Probate protects a person’s rights and wishes in the event that they pass intestate, or without a will or trust. With probates, a judge determines the distribution of the deceased’s assets in accordance with state law. Probate can be extremely helpful in cases such as determining a suitable guardian for a minor after the unexpected passing of a parent. What Happens During the Probate Process? The legal procedures...

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Understanding Trustees: What Do They Do?

If you or a loved one have been designated as the Trustee of a Trust, it is crucial that you understand its roles and responsibilities. This month, we looked at the duties that come with being a Trustee, and what the Siegel Law Group, P.A. can do for you. What is a Living Trust? A Trust is a legal arrangement through which an individual, referred to as a Trustee, holds legal title to effectively manage their own assets or another person’s assets. Generally, the Grantor will name themselves as the initial Trustee and assign another person or entity to serve as the...

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Revising Your Estate Plan After Divorce

Divorce can be hard, especially when it involves retirement and Estate Plans. Wills, Trusts, and other Estate Planning documents are rarely on the top of one's mind during the emotional process of divorce.  However, it is critical to take the time to secure and update your Estate Plan to reflect your wishes soon after the divorce proceedings.  Here’s what you should know: 1. Life Insurance Policies After a divorce, it is important to review all beneficiary designations. While some states will automatically terminate a former spouse as a beneficiary, you will want to take the steps necessary to ensure that your beneficiary forms...

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9 Unexpected Estate Planning Problems

When it comes to Estate Planning, it is crucial that you consider the issues that may arise after you have moved on. On top of all of our responsibilities, it may be difficult to set aside enough time to ensure your Estate Plan is in order.  There may be all sorts of unintended consequences and complications when we forget to plan ahead.  In order to avoid these problems, consider these nine unexpected Estate Planning problems to avoid. 1. Probate Court-supervised administration of your estate is never an easy journey.  Despite helpful court personnel, there are still filing fees, privacy issues, and long waiting...

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