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Orlando Bankruptcy And Estate Planning Blog

Advanced health care directive can help terminally ill, disabled

In your estate plan, one thing that you may want to address is what you'd like to see happen if you're terminally ill. Florida is the state with one of the largest elderly populations, so it makes sense that you may have questions about "mercy killings" and if they're legal.

Nothing in Florida law allows for the euthanasia of people, but you can ask to have life-sustaining procedures or machines removed in the case that you are seriously or terminally ill.

Estate planning considerations for blended families

Estate planning is rarely a straightforward, simple process. Rather, it requires thoughtful, detailed consideration of how to plan for the eventual transfer of your estate to your loved ones. However, for those with blended families, this process can become even more complex.

Remarriage has been rising across both Florida and the U.S. for years. Whether the makeup of your family includes a second or third marriage, children from previous relationships, stepchildren or more, estate planning for your unique family structure may require some additional problem solving to account for potentially sensitive circumstances. For this reason, it is critical to not only get started early on your estate plan, but to continually update it to keep it current.

Bankruptcy can help if you lose your job

You've worked hard, and you've been with your employer for several years. You were shocked when your employer told you that they'd be shutting their doors. The business has always seemed busy, and it didn't make sense that the business would have to close.

Regardless, you're out of the job, and while you do have savings, the savings you have isn't enough to support you for long. After a month or two, you may not be able to pay your bills.

Bankruptcy doesn't always mean closing your business' doors

Your business did well for years, but when the economy took a downturn, and the local residents began to move away, many of the people who were your regular clients disappeared. You thought it might get better over time, but each year resulted in lower profits until you had none at all in 2018.

Bankruptcy can be a good option if you can't make ends meet as a business. However, depending on your situation, bankruptcy may help you keep your business open or shut your doors for good.

Why consider Chapter 13 bankruptcy instead of Chapter 7?

Bankruptcy is usually discussed as if there is only a single option: Chapter 7 liquidation. If you've ever seen someone go through Chapter 7, you might be put off by the idea of needing it yourself. You don't always lose a lot in this form of bankruptcy, but there is a potential that you will have to give up some of your assets.

A better option for some individuals is Chapter 13 bankruptcy. In comparison, Chapter 13 is better for those who earn a decent paycheck but who are struggling with debt. It's also good for those who earn too much to qualify for Chapter 7 bankruptcy.

Why should I consider creating a pre-need guardian nomination?

Many people become less cognizant as they age. Although it is difficult to think about, mental incompetence could happen to anyone, including you. Mental incompetence could make it difficult for you to care for yourself, manage your finances and make decisions about your health care. Once legally incompetent, you will also be unable to sign legal documents.

Because age so often affects people’s abilities to care for themselves, there are several estate planning documents that can appoint someone to help, such as a durable power of attorney or a health care power of attorney. However, there are some circumstances when a court may decide that guardianship may be the most appropriate way to make sure your needs are met. To be prepared for this possibility, it can be helpful to have a pre-need guardian nomination already filed with the court.

Getting out of debt the right way: Business bankruptcy

Businesses sometimes struggle with money due to a variety of issues, such as the economy stumbling or having a hiccup with third-party vendors. Whatever the reason is, if a business gets too far behind on payments or isn't bringing in enough profits, it may need to turn to bankruptcy.

If you wish to keep your business open, a Chapter 11 bankruptcy can be a good option. It allows for the restructuring of your business so that you can make strides toward profits in the future with a new business plan and a better business structure.

What's the timeline for Chapter 7 bankruptcy?

Bankruptcy is sometimes the right choice, especially when a person's income has no chance of catching up to their debts. Bankruptcy can help eliminate debt and get you back on your feet. In fact, it is relatively quick and painless once you start the process.

In a Chapter 7 bankruptcy, you'll be liquidating some of your assets (unless they fall under exemptions) and using those funds to pay back creditors. Once you do that, the court reviews the case and discharges the remaining debts.

Create your will and make sure your wishes are known

Did you know that approximately 55 percent of people in America die without an estate plan or will? If you can help it, you could do all you can to make sure you don't fall into that statistic.

As someone who has children, a family and assets, it is your responsibility to make sure you and they are taken care of. It's possible to set up an estate plan that does just that.

ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
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