Estate planning is the process of arranging and managing an individual’s assets during their lifetime and ensuring the orderly distribution of those assets after death. The primary goals of estate planning are as follows:
Estate planning involves the creation of various legal documents to achieve the above goals. Common components of these plans include wills, trusts, power of attorney, beneficiary designations, and more. Estate planning is a highly personalized process that addresses the specific concerns and desires of the estate owner. The support of an attorney ensures the successful execution of the estate owner’s wishes.
Individuals seeking to establish a legal plan for their estate often feel overwhelmed when considering the laws and regulations at play. However, a Florida-based estate planning attorney can ensure proper compliance with related laws and regulations. Estate planning laws in Florida encompass a range of legal statutes and regulations that govern how individuals can structure their affairs to manage assets, provide for loved ones, and address various concerns during life and after death.
The following are key aspects related to Florida estate planning laws:
It is advisable to work with an experienced estate planning attorney in Florida to ensure compliance with these laws, and more not noted above, to create a plan that aligns with your specific goals and needs. Estate planning is a dynamic field with laws that change over time. Ensuring compliance through the assistance of a legal professional is advantageous to the successful achievement of your estate planning wishes.
A: In general, probate is a standard legal process in Florida, regardless of whether the deceased person has a will or not. Probate refers to the legal process in which a deceased person’s assets are accounted for and distributed to beneficiaries. This process also addresses all debts and taxes on an estate. There are certain assets that may be exempt from probate, like revocable living trusts and assets with designated beneficiaries, such as retirement and bank accounts.
A: The choice between a will and a trust in Florida depends on the individual goals and circumstances of an individual. Both estate planning tools serve distinct purposes and hold differences in areas like probate avoidance, privacy, flexibility, and the complexity of the individual’s financial and family situation.
A: Estate planning is crucial for several reasons, as it allows individuals the opportunity to make important decisions about the management and distribution of their assets, provide for their loved ones, and ensure their wishes are carried out after their passing. Whether you are a beneficiary or are planning for your personal financial estate, understanding the legal details of estate planning is crucial.
A: The cost of estate planning in Florida can vary widely, as estate planning is a broad category that can include the creation of trusts, wills, power of attorney, healthcare plans, and other related details. Simple and straightforward wills in Florida may range anywhere between a few hundred
dollars and over a thousand dollars, but prices vary depending on the attorney and law firm used.
More complex estate planning can cost several thousands of dollars. A lawyer can offer a cost evaluation during a legal consultation.
For any estate planning questions or concerns, the Law Office of Douglas A. Oberdorfer, P.A., is available to offer insightful legal care and advice. Contact our offices for a consultation to speak with our Florida estate planning attorney. We can offer a well-rounded assessment of your estate and provide planning suggestions based on your desired outcomes. We look forward to hearing from you, partnering with you, and creating a plan that ensures your wishes for the future are met.
]]>With an estate plan, you can ensure that the assets you have collected throughout your life continue to support your family before or after you have passed. However, creating an estate plan comes at a cost. In an initial consultation, a Florida estate planning attorney can provide you with transparent information about potential legal costs so that you can make the right decisions for your and your family’s future.
While you can estimate the potential costs of your estate plan, you should know that no two estate plans are alike, and the costs associated with them are dependent on several key details. These could include the cost of the attorney you hire, the value of your estate, the type of estate planning you choose, and more. For instance, the cost of creating a simple will could be a minimum of $200, while a more complex estate plan involving multiple trusts could cost several thousands of dollars.
What is important to remember, however, is that estate planning is valuable for people of all ages who have varying estate values.
Deciding on an estate plan is a matter of identifying the way in which you want to define the future of your assets. The estate planning options you choose could impact the costs associated as well.
Many Floridians may choose a more traditional estate plan with a will, a living will, a power of attorney, and naming a surrogate for their healthcare. However, some may choose to use a trust, which structures the division of assets, allows the assets within the trust to bypass probate, and could potentially provide tax benefits.
For those who seek to establish a will, you may find it to be more cost-effective, with the average preparation and filing costs averaging at about $1,200 at maximum. A trust, because it is more involved, often comes with higher costs, with an average high-end cost of about $4,000. Again, the specific terms of your will or trust, the experience of your lawyer, and the details you include will cause your costs to vary.
A: The cost of your will is dependent on the type of will you create. For a simple will, you are identifying the person who will care for your children, how your assets will be divided, and to whom those assets will be distributed. This type of will may cost about $350. However, if your will is more complicated, your costs could rise as high as $1200 or more. It is advisable to speak with your attorney about your specific needs to gain a better understanding of potential costs.
A: Estate planning will involve several elements, including consultation, preparation, and the filing of your documents. Each of these steps comes with its own costs, which could be as little as a few hundred dollars. However, your attorney fees will increase the costs of your estate planning based on the experience of your attorney and the complexity of your needs. Most estate planning attorneys will charge between $250 and $350 per hour, but others could charge more or less.
A: You are not legally required to hire a lawyer to create a will in Florida. However, you are highly advised to do so. A lawyer can ensure that your will is legally valid and can stand up to potential contests. If you don’t hire a lawyer to oversee the creation of your will, it could be more susceptible to challenges in probate court. If it’s deemed invalid, your assets will have to be distributed according to intestate law.
A: Most estate plans will enter into the probate process; however, there are exceptions to this. Exceptions include assets in living trusts, joint retirement accounts, bank accounts labeled “transfer on death,” Florida homesteads, vehicles, furniture and appliances, and several others. For a complete list, speak with your estate planning attorney, who can help guide you through these assets as well as your entire estate plan.
The cost of your estate planning is a worthwhile expense to be sure that not only are your final wishes carried out as you desire but also that your family’s needs continue to be met through your support. No matter your needs or the size of your estate, working with an estate planning attorney can help ease the burden for your family after your death. If you need help with your estate plan, contact the Law Office of Douglas A. Oberdorfer, P.A.
]]>When considering digital currency in an estate plan, it is important to consider the long-term implications of any decisions made. In order to effectively address cryptocurrency in the terms of an estate planning strategy, the following steps will be helpful:
Self-ownership of cryptocurrency can be risky, and it is critical to plan thoughtfully and thoroughly for the access and appropriate transfer of these assets. It is also important to be careful in the way one gives access to those accounts.
There is no single estate plan that will work for every Florida adult. When addressing cryptocurrency in terms of a long-term legal and financial strategy, it may be helpful to seek the guidance of an experienced estate planning attorney. With professional guidance, one can create a comprehensive estate plan that allows him or her to face the future with confidence.
]]>Large gaps between children may be challenging for parents who are trying to create estate plans that are fair and easy to follow. They may find it difficult to plan for their long-term care when they will have a child to care for almost two decades to come. While challenging, addressing these estate planning concerns can be easier with the following:
Each estate plan is different, but Florida parents can create plans that will allow them to address their own needs long-term, as well as provide for their kids.
It is not always easy to know how to adjust existing estate plans or what steps are necessary for the full amount of protection one needs. An assessment of the individual situation can reveal what estate planning steps will be most beneficial. After any major life change, such as the birth of a new child, it will be important to evaluate existing plans to determine what updates are necessary.
]]>The thought of creating an estate plan can be daunting. It can be difficult or overwhelming to think about starting this process, but the following may be helpful steps one can take in an effort to create a comprehensive and strong long-term strategy:
All of these steps can help one make decisions that will allow him or her to take the first step in the estate planning process, which is drafting an official will.
If a Florida adult needs to create an estate, he or she will benefit from speaking with an experienced estate planning attorney. This legal guidance can be beneficial as one makes important decisions for the future and considers the steps that will be most effective long term. An assessment of one’s estate, finances, objectives for the future and other details can provide insight into the best way forward.
]]>Some Florida residents store their estate plans in safe-deposit boxes, but these boxes may initially be inaccessible when they die. An executor — the individual named in the will to administer the estate when the estate owner passes away — might need copies of the wills to access a safe deposit box. This means the executor might need a court order, which may take time to obtain. Individuals who plan to store their wills in safe-deposit boxes can avoid this problem by including their executors on their deposit box contracts.
It’s also possible to store a will at home in waterproof and fireproof safes. This is a good option if the executor has the combination and/or duplicate keys for the safe. The best place to store a will is with an estate planning attorney. An individual who chooses this route should tell the executor which lawyer is holding the will for the estate owner.
Figuring out the estate planning process can be overwhelming, especially for individuals with many assets or high-value assets. Fortunately, they do not have to navigate this process alone. An attorney in Florida can help people draft wills or trusts that reflect their unique wishes and conform to the latest estate planning laws. The attorney can also help them update their estate plans at regular intervals.
]]>A health care power of attorney is a document that names a specific person to make important medical decisions on behalf of someone else who cannot speak for himself or herself. This may be due to incapacitation from injury, illness or mental defect. The person named to this responsibility must be willing to act in the best interests of the grantor and consider his or her needs first.
As an agent could be tasked with making important life-or-death decisions, it is important to give this designation careful consideration. In most cases, this document works best in conjunction with a living will, which outlines specific medical preferences. It is possible to change the designation of the agent if the original selection is unable or unwilling to carry that responsibility.
With the right documents in place, it is possible to look to the future with confidence. When a Florida adult is creating an estate plan, he or she will benefit from seeking experienced guidance at every step. A knowledgeable estate planning attorney can provide insight regarding the documents one should include in his or her plan.
]]>A trust is a legal arrangement that allows the grantor, who is the creator of the trust, to decide exactly what happens to assets held in the trust. A trustee is appointed to oversee the distribution of assets from the trust. A trust can be established for the purpose of caring for a special needs loved one, giving to charity, leaving wealth for a minor heir and more.
One of the benefits of a trust is that assets held in it do not have to go through probate. It also provides security knowing that assets will be used exactly as intended. There is a wide range of trusts, and careful selection of the right one is essential.
A complete estate plan provides one with the opportunity to have confidence for the future and certainty regarding where his or her assets are going. An assessment of the specific estate and a Florida adult’s goals can provide clarity regarding this estate planning option. If a trust is a beneficial addition to a plan, quick action to establish this could be essential.
]]>The thing about estate plans, however, is that the process is not a once-and-your-done kind of thing. Many issues and life changes can arise that necessitate amending your estate plan; however, it’s not uncommon for estate owners to overlook this step, which can cause complications when the time comes to administer an estate. To avoid such problems, conduct periodic reviews of your plan to check if updates are necessary.
Changes in marital status or family size may compel you to update your estate plan. This is true whether you are the one who has gotten divorced or remarried, become widowed or whether one of your children has done so. If babies have been born or someone has adopted a child, you might wish to incorporate their names as beneficiaries to your estate.
If a divorce has occurred, you might decide to remove a name listed in your will to inherit part of your estate. You can make additions to your estate plan at any time, provided you are of sound mind and not under duress when you do so.
If you listed a non-relative as a beneficiary to your estate and later decide that you do not want that person to receive an inheritance, you can simply update your estate plan and omit the name. When the beneficiary in question is an immediate family member, you may have to explicitly state in your will that you are excluding him or her from an inheritance.
The following list includes numerous other issues that may occur, which create good reason to update your estate plan:
Not updating your estate plan might lead to an awkward situation, such as a former spouse listed as a sole beneficiary when a current spouse exists. It’s helpful to ask someone with estate planning experience to help you review your plan on a regular basis. This helps keep a plan current and updated, which means the probate process will be less stressful for your loved ones.
]]>If you will need nursing care in the future or your loved one will require this type of support, you may benefit from an explanation of the financial impact of this need. There are times when Medicaid may cover this expense, but there are strict eligibility requirements. Before you make any decisions that could impact your future or your loved one, you may find it beneficial to learn about how you can secure help for long-term medical needs.
For those who meet certain eligibility requirements, Medicaid could pay up to 100% of all nursing home expenses. However, the recipient cannot earn more than $2,382 individually per month, and countable resources must be worth less than $2,500. The income that could count toward this total includes pensions, retirement benefits, bank accounts, stocks and bonds, veteran benefits and more. When you apply for this coverage, Medicaid will typically look at your income and financial records from the last five years.
Even with Medicaid coverage, there are certain things for which the recipient may have to pay out of pocket. This could include a private room, electronics, comfort items, magazines, gifts, extra food and more. If someone is not initially eligible for Medicaid coverage for nursing home care due to his or her income or assets, it may be prudent to reapply after first using all available resources.
Planning for nursing home care can be a daunting and complex process. It is beneficial for someone considering this potential cost to make plans ahead of time. Planning for potential medical needs is a critical part of the estate planning process, and it will be in one’s interests to seek guidance regarding how to create a strategy that provides confidence regarding the future.
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