Estate Planning is Complex
Young or old, children or no children. Having a good estate plan in place will protect you, your family and assets in the case of unexpected mental incapacity or death. As a trusted, compassionate law firm we’ll take the time to understand the needs of your family and determine a customized estate plan. Save time, money, and emotional anguish.
Common Components of Estate Plans
A Living Will expresses your wishes regarding life-sustaining treatments in the event you are in a terminal condition and cannot communicate your preferences.
A Will outlines how you want your assets to be distributed after your death. It also allows you to appoint an executor to manage the distribution and can nominate guardians for minor children. In Florida, a will must meet specific legal requirements to be valid.
For assets like life insurance policies, retirement accounts, and bank accounts, you can designate beneficiaries who will receive these assets directly upon your death. This can help these assets avoid probate.
If you have minor children, you can nominate a guardian for them in your Will to ensure their well-being if you and their other parent are unable to care for them.
Durable Power of Attorney is a document that allows you to appoint an agent to make financial decisions on your behalf if you become incapacitated. This becomes especially important when you need to work with financial institutions, credit agencies, investment accounts, insurance policies, etc. on behalf of your loved one.
You can designate a Healthcare Surrogate to make medical decisions for you if you are unable to do so. A Healthcare Surrogate has the authority to make a wide range of healthcare decisions, including treatment choices, medical procedures, and end-of-life decisions, in accordance with your wishes and values as expressed in the document.
Not to be confused with a Healthcare Surrogate, a HIPAA authorization form is a document that authorizes specific individuals or entities to access your protected health information (PHI) and medical records. A HIPAA authorization is primarily focused on granting permission for healthcare providers to share your medical information with designated individuals, such as family members or friends. It does not grant decision-making authority.
An end-of-life plan outlines your final wishes for your remains and memorial service.
A Revocable Trust is a legal entity established by an individual, often referred to as the grantor or settlor, to hold and manage their assets during their lifetime and to distribute those assets to beneficiaries upon their death. The key characteristic of a revocable trust is that the grantor retains the right to make changes to the trust, amend it, or even revoke it entirely during their lifetime, as long as they have the mental capacity to do so.
An Irrevocable Trust is a legal entity created by a grantor or settlor to hold and manage assets for the benefit of specific beneficiaries. The key feature distinguishing an irrevocable trust from a revocable trust is that, once established, the grantor typically relinquishes the ability to make significant changes to the trust or revoke it without the consent of the beneficiaries.
A Testamentary Trust is a trust established within a Will and only takes effect upon the testator’s death. It can be used to manage assets for specific beneficiaries, such as minor children.
A Special Needs Trust is a type of trust established in Florida to provide for the financial needs of an individual with a disability or special needs without jeopardizing their eligibility for government benefits or assistance programs, such as Medicaid and Supplemental Security Income. These trusts are specifically designed to enhance the quality of life and provide for additional support and services beyond what government programs offer.
Land Trusts are a form of real estate ownership that offers various benefits, including privacy, asset protection, and ease of transfer.
Charitable Trusts are created with the intention of providing financial support to qualified nonprofit organizations and advancing philanthropic goals.
While Florida does not have a state-level estate tax, you should be aware of federal estate tax laws if your estate is large enough to be subject to federal taxation. Proper planning can help minimize estate tax liability.
This is a list of the most common components of an Estate Planning. It’s important to approach estate planning in Florida with a clear understanding of what is effective and complies with State law. Estate planning is a valuable way to protect your assets, provide for your loved ones, and ensure your wishes are carried out.
