Preparing your estate with a terminal illness—Orlando Sentinel

Preparing your estate with a terminal illness—Orlando Sentinel

Q: I was recently diagnosed with a terminal disease. I might not die for a couple of years, but I want to get my house in order. What should I do first? – MM, Longwood

A: There are several estate planning documents you should consider. You may also need documents for incapacity as well. An attorney specializing in this area can guide you. Retirement accounts with beneficiaries and joint accounts with your wife will help avoid probate on those assets. – Gregg Collier

Q: I recently inherited a parcel of vacant land in Florida from my dad’s estate. What is my cost basis? – MH, Orlando

A: Under current law, the basis of inherited real property is its market value on the deceased’s date of death or an alternative date nine months after death. A property appraisal by a qualified appraiser is used to establish the property’s market value. Consult your attorney and tax professional for assistance. —Sylvia C. “Chris” Presley

Have a question? Email askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.

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The post Preparing your estate with a terminal illness—Orlando Sentinel first appeared on Daily Florida Press.

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