Florida Legal Blog

Florida has a large population of military veterans. When Veterans' benefits become a part of the public discourse, there is usually wide interest among this state's former military members. Sometimes, however, legislation is proposed that helps the public in general but neglects addressing the special needs of veterans.

One such bill, the States Act, was introduced in the U.S. Congress recently. It protects the public from federal intervention in each state's right to independently regulate the research and use of medical cannabis. The bill is receiving bipartisan support; it would protect millions of citizens from federal prosecution under the Controlled Substances Act. It does not, however,  mention the nine million veterans who rely on the federal Veterans' Health Administration for medical services.

A majority of Americans, including here in Florida, do not have a will or basic estate planning essentials. Part of the reason is the apparent urban legend that says estate planning is solely for those wealthy individuals who have substantial assets. Many people, however, forget about their family home, which can be a significant asset if the mortgage is paid down or paid off. In that event, estate planning can prevent the common discord that sometimes occurs between heirs after the parent or family member dies.

Checking accounts, investment accounts and the like have a clarity about them that makes them subject to an equal division among the heirs, at least in many cases. The home, however, usually ends up being the focus of any dissension in the family that may exist when the owner dies without estate planning. Therefore, when one meets with an estate planning attorney, one topic of importance will be what happens to the house when the owner dies.

Florida residents pay attention to tax issues, and like people elsewhere, they tend to believe that tax planning is the main reason for making an estate plan. The recent Tax Cuts and Jobs Act of 2017 continued the trend in recent years to increase the exemptions available under the federal estate taxes. Most people will therefore have no federal estate tax burden going forward once the new law becomes effective. Some people believe that this fact eliminates the need for estate planning but that is simply untrue.

There have always been many other reasons for the need to prepare an estate plan. An estate plan serves some basic purposes, including providing assurances that one's assets will be distributed as desired. It also assures that the estate will maximize the economy of its efforts and keep a lid on overall costs.

Thinking about estate planning in advance can help preserve your assets and reduce the burden on your heirs. Making a valid will is often the first step you need to ensure a distribution of your property that accords with your wishes.

In the absence of a will, probate court will distribute your assets in accordance with Florida's intestacy provisions.