Studies pertaining to Florida and nationwide indicate surprisingly that cognitive decline regarding sound financial decisions may begin to occur when one is in his or her 30s. It may not be noticeable, but the gradual toll may occur over the next several decades and may lead to a point where it is to some degree noticeable. Researchers have discovered that persons in their 70s, 80s and beyond can be capable of keeping up with the more basic tasks, such as paying bills, the mortgage and conducting most or all everyday living tasks. For these reasons, some preliminary elder law planning can help in meeting any future challenges.
More couples are discussing prenuptial agreements before marriage
In the past, a prenuptial agreement was something only the very wealthy or Hollywood celebrities involved themselves with to protect assets. However, more attorneys in Florida and throughout the country are now finding themselves approached to prepare prenuptial agreements for couples contemplating marriage.
Estate planning can provide for emergency situations after death
The benefits of estate planning for Florida residents cannot be overstated. In some instances, tax burdens can be reduced. Probate fees may be lowered or even eliminated. Importantly, the empowerment that one derives from having prepared an estate planning framework for precisely how things will work after death is usually very gratifying.
Handling retirement funds in a divorce
When Florida couples decide to divorce later in life, they may run into specific financial concerns that could affect retirement. The divorce rate for Americans over 50 has more than doubled since the 1990s. At the same time, the rate has stayed flat or even declined for younger demographics. As an increasing number of older couples opt for divorce, they may discover complex financial repercussions. Many spouses share decades of accumulated assets, including extensive investment holdings and retirement funds.
Why you need to review your estate plan regularly
Creating an estate plan can give you a sense of accomplishment. If you made a plan years ago, you may feel there is no need to revisit it. However, it is crucial to take another look at those dusty old documents in your safe deposit box.
