Ryan M. Mynard, Attorney at Law, P.A.

Crestview Probate and Estate Planning Law Blog

Estate planning is a wise move at the start of the new year

People in Florida generally prefer not to contemplate their own deaths. For this reason, many people delay estate planning or ignore it altogether. However, estate planning is critical for protecting one's assets long-term. Here are some tips for getting started with developing a strong estate plan in the new year.

First, it is important to create a will. This document can help with passing along non-retirement assets. A will does not need to address retirement assets because life insurance and retirement accounts pass to their designated beneficiaries instead.

Tips may help first-time buyers of residential real estate

A top priority for many renters in 2020 is to finally buy a home. Buying residential real estate at the beginning of a new year is that it signifies a fresh start for the entire family. Here are a couple of tips for starting the homebuying process in Florida.

First, it is a good idea for homebuyers to meet with local lenders to obtain preapproval for any necessary financing. Many real estate agents will not show buyers homes until they have attained preapproval letters. However, these letters also benefit buyers, giving them an accurate idea of how much house they can afford and thus where they should look for their future homes.

Important considerations when pricing your business for sale

There are many different reasons why people choose to start their own businesses. Some people want the ideal life of being their own boss, which means that they plan to run the business until they retire. Other people want to take an idea or concept and find a way to market it for profit.

Sometimes, the profit can come from running the business, but the potential is there to make good money by selling an established business once you prove that the concept works. The sale of your business can provide you with a large amount of money for retirement or your next business venture. In some cases, it can also provide residual income, depending on the structure of the company and the nature of the goods or services that you provide.

Estate planning is essential at the end of the year

Some individuals in Florida may assume that the holidays are a bad time to discuss contentious topics, like wills and trusts. However, the end of the year and the beginning of a new year are actually ideal times to talk about estate planning. Here is a glimpse at why talking about estate planning is so important.

First, when people are grieving the death of a loved one, it may be difficult for them to handle the business side of death effectively. For this reason, it is wise for the loved one to put together an estate plan ahead of time. This plan will dictate how his or her assets will be distributed when he or she dies, which may eliminate conflicts that otherwise would crop up down the road.

Residential real estate located inland drawing more buyers

With the start of a new decade just under one month away, experts in the property market are already seeing a major change in where people in the United States want to live. Specifically, they are searching for residential real estate in places that are not too hard on the wallet. For this reason, it may not come as a surprise that several cities in Florida are among the top 25 metropolitan areas for Americans in 2020.

Based on a new forecast of the most popular residential real estate markets, Americans are losing interest in living in the biggest cities. Instead, they are looking for residential real estate in places where their dollars will go farther. They are also looking for homes in cities where life will be less hectic.

Misunderstandings about estate planning can be risky

People often put off making plans for the future, or they may think that their previous efforts to get protections in place were sufficient. Misunderstandings about the estate planning process are widespread, and they can be costly for Florida heirs and beneficiaries down the road. It is worthwhile to review plans to ensure that certain mistakes and incorrect assumptions do not cause problems down the road.

One of the most common misunderstandings about estate planning is that it is assuming death is forthcoming or that drafting a will is somehow tempting fate. This is simply not true. Planning for the future is smart and practical for people of all income levels and estate needs. Another incorrect assumption that people have is that their estate plan cannot or should not be changed once it is in place. In reality, significant life changes likely necessitate updates and adjustments to an existing estate plan.

Digital assets can be added to estate planning documents

In today's world, asset owners generally have rather robust digital lives. For this reason, it is critical that they integrate their digital lives into the estate plans they create for themselves. Here is a rundown on how people can incorporate their digital assets into estate planning documents in Florida.

Examples of digital assets include online services or accounts that require user names and passwords to get into. For instance, a social media account, email account or online subscription is a digital asset. Other types of digital assets range from computer files to smartphone apps and even digitized medical records.

Going into business? First, choose a structure

There are many decisions to make when you open a business. Will you run it yourself or take on a business partner? How will you structure your company to get the most advantages from it?

Keep in mind that while each type of business formation has benefits and drawbacks, typically one will meet your needs more than the others. Let's examine the differences of some common business entities.

Now may be a good time to buy, sell residential real estate

Home prices across the United States, including in Florida, appears to have increased in August. However, in bigger markets, residential real estate prices are starting to lose momentum. This is a possible godsend for would-be buyers. Still, the market also appears to be promising for home sellers at the moment.  

Reportedly, home prices nationwide rose from 3.1% back in July to 3.2% this past August. However, in some of the larger cities, price gains dropped from 1.6% back in July to 1.5% in August. This is excellent news for buyers. However, sellers can also take consolation in knowing that it appears that the residential real estate market is picking up steam compared with the beginning of the year, when the market was weak.

Mistakes related to estate planning can be costly

It's important to take steps in order to prepare for unexpected events in life, including death. Unfortunately, this process is often placed on the back burner in Florida and elsewhere. In addition, when people do actually engage in estate planning, they often make some costly mistakes in the process. Here are some major mistakes that are critical to avoid when planning an estate.

The top estate planning mistake is not creating a will at all. Research shows that half of Americans lack wills, which are designed to spell out how various assets are to be distributed when the estate owner passes away. Ideally, people should create wills when they are young and then update these documents as they age.

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With offices in Crestview, we advise and represent clients throughout Northwest Florida. To speak with a dedicated and compassionate estate planning and probate lawyer, please call 850-634-4656 or contact us via email. We would be honored to speak with you about your concerns.

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Ryan M. Mynard, Attorney at Law, P.A.

Ryan M. Mynard, Attorney at Law, P.A.
420 East Pine Avenue
Crestview, FL 32539

Phone: 850-683-3940
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