Florida Estate Planning Services for Your Future

Comprehensive Guidance & Protection for You and Your Family

For Floridians, estate planning is more than just planning for the avoidance or reduction of estate, gift, and generation-skipping transfer (GST) taxes, it is also the clear mapping out of the distribution and management of one’s wealth for generations to come.

Key Objectives of an Effective Estate Plan

Among other things, a comprehensive estate plan should effectively:

• Avoid the need for guardianship during one’s lifetime;
• Avoid the need for probate administration after one’s death;
• Plan for the uncertainties of changing estate and generation-skipping transfer tax law and reduce the potential estate-tax burden for an individual’s beneficiaries;
• Appoint someone to act on one’s behalf in the event of illness or incapacity; and
• Provide a clear set of directives about one’s wishes both during lifetime, during illness and after death.

Essential Documents for Your Estate Plan

The documents every individual needs, regardless of wealth, are as follows:

• Last Will & Testament – An instrument executed by a person in the manner prescribed by the Florida Probate Code which disposes of the person’s property on or after his or her death. Florida Statute §731.201(39)
• Durable Power of Attorney – A written power of attorney by which a principal designates another as the principal’s attorney in fact. Florida Statute §709.08(1)
• Health Care Surrogate – A written and witnessed document in which the principal’s desires concerning health care are expressed, which can include appointing someone to make medical decisions and deal with doctor’s on the principal’s behalf, make anatomical gifts upon the principal’s death, or “pull the plug.” Florida Statute §765.101(1)
• Living Will (optional) – pull the plug! This is a clear instruction that no life-prolonging procedures, including artificially-provided food and water, should be administered. Florida Statute §765.101(10)
• Revocable (“Living”) Trust (optional)

For others, additional documents are recommended, for example:

• Irrevocable Life Insurance Trusts
• Family Limited Partnerships
• Limited Liability Companies
• Buy-Sell Agreements
• Pre-Marital Agreements

Application of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 Since Congress passed the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001, there has been a great deal of confusion about the nature and extent of the tax relief afforded and how it impacts a person’s estate planning decisions.

In that analysis, it is important to stress the following frequently misunderstood points:

• The estate tax has not been repealed and it may not ever be repealed;
• The law presently states that the estate tax will be repealed only for one year (2010), after which it will be reinstated permanently if both houses of Congress do not affirmatively pass legislation to repeal it permanently;
• The estate, gift, and generation-skipping transfer tax (GST) exemptions have been substantially increased;
• For most clients whose estates exceed the applicable exclusion amount ($1.5 million in 2004 and 2005, $2 million in 2006, 2007, and 2008, and $3.5 million in 2009), further revisions may be required even after the revisions being made now, depending on what steps Congress takes;
• Certain issues cannot be addressed with any certainty, because the ultimate state of the law is unknown;

Good estate planning involves more than tax planning, and good estate planning is and will remain important, even if the estate tax is permanently repealed, in order to (1) assure the correct disposition of the client’s assets; (2) assure that a client’s assets are not left outright to spouses or children who are not capable of competently managing those assets; (3) assure appropriate management of the client’s assets in case of disability; (4) avoid unnecessary administration expenses by avoiding probate and guardianship; (5) maximize the federal and state benefits available to the client and potential beneficiaries, particularly in case of disability and old age; (6) limit the claims of creditors (including former spouses) of a beneficiary; (7) assure proper succession to the ownership of a closely held business.

Secure Your Future: Protect Your Assets with Estate Planning

Estate planning is essential for ensuring that your assets are protected and distributed according to your wishes. Our Florida estate planning lawyers can provide guidance and assistance in creating a comprehensive estate plan that addresses your specific needs and goals.

Benefits of Proper Estate Planning:

• Protection of your assets and property
• Minimization of estate taxes and probate costs
• Designation of beneficiaries for your assets
• Appointment of guardians for minor children
• Peace of mind for you and your loved ones

Don't leave the future of your estate to chance. Schedule a complimentary consultation with our experienced elder law attorneys to start planning for the protection of your assets and the well-being of your loved ones.

Why You Should Hire a Florida Estate Attorney

An estate attorney in Florida plays a crucial role in guiding individuals through the complexities of estate planning and probate processes. 

Their responsibilities include: 

• Drafting and reviewing wills
• Setting up trusts
• Ensuring that estate plans are legally sound and tailored to the client's needs
• Minimizing taxes
• Avoiding probate where possible
• Assist executors and beneficiaries by providing guidance on probate processes, including the distribution of assets according to the will or state law.
• Handle any disputes or will contests, representing their clients in court if necessary 
• Offer advice on powers of attorney

Having a lawyer ensures that all aspects of a person's estate are managed according to their wishes.

If you have further questions regarding your estate, call our Florida estate planning lawyers at (954) 764-7273 or fill out our online contact form.