Estate Planning

Many people realize that they should create an estate plan, but they worry about the cost. The amount that an estate plan costs can vary a great deal, based on things like which documents you need, the complexity of your situation, and how many revisions you make before approving and signing the documents.

Some lawyers charge by the hour to draft estate planning documents, while some others offer flat fees per item and some cost-saving package deals. One of the most important things to keep in mind when selecting the lawyer who will draft the documents to protect you and your family is that you do not want the cost of attorney fees to be the only factor in your decision. A Florida estate planning attorney can best answer your questions related to estate planning.
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The person who agreed to serve as a guardian might eventually become unable or unwilling to perform that duty. In that situation, the law provides several different ways to change guardians.

Changing guardians is not as simple as another person agreeing to take on the responsibility. You have to follow a formal process and go through the court for appointment of the new guardian. A Florida estate planning attorney can advocate for you in guardianship cases and explain what happens if a general guardian changes their mind.
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When you have young children, you want to provide for them financially in case you do not live to see them become adults. You might buy a life insurance policy and get a will or living trust. You can and should name someone to serve as your child’s guardian if you die before the child reaches majority.

It is a simple matter to name guardians for your child. This article explains how to choose guardians for your minor children and some things you will want to know when doing so.
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A life insurance trust is a special kind of trust designed to avoid some of the estate tax problems that can arise when a decedent owned a life insurance policy that did not name someone else as the beneficiary of the proceeds. There are good reasons in some situations to have life insurance with the estate as the beneficiary.

A Florida estate planning attorney can set up a life insurance trust and answer your questions, like, “What is a life insurance trust, and is a life insurance trust a good option for me?”

Why You Might Want to Have a Life Insurance Trust

Life insurance is a relatively inexpensive way to provide money for your loved ones when you are no longer alive to support them.
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Florida law does not force you to work with a lawyer to create your estate plan, but the real question is whether you should do your own estate planning. There are inexpensive DIY forms online and in software programs, so writing your own will or trust might seem like a great way to save a lot of money.

You and your loved ones could regret it if you go that route instead of working with an attorney. You might accidentally forget to include a dear friend or to remove your former spouse from the title of assets. These are just a couple of examples of the many things that could go wrong if you try to fly solo on your estate planning.

If an aging loved one starts behaving in a manner that concerns you, it could be the result of many things, including that someone is manipulating or controlling your loved one. Unfortunately, some people see the elderly as walking money pots who can be exploited.

You might discover that your parent recently made a new will but does not want you to see the document. If you have not had a falling out with your relative, you might wonder if someone strong-armed your loved one. A Read more . . .

Whether you are considering getting a living trust as a part of your estate planning or you expect to be a beneficiary of someone else’s trust, you might be wondering when a trust is invalid in Florida. Several different situations could lead to a trust getting invalidated. A Read more . . .

Estate planning is a crucial part of life that many overlook. It's important to define who gets your assets when you die, who will take care of minor children, and what happens if the person named in your will becomes incapable of managing them. Estate Planning can be complex and it's difficult to know where to start—but it doesn't have to be!

If you die without planning ahead, your loved ones are left with the burden of figuring out how to untangle your affairs and distribute any assets or debts that remain after expenses. Estate Planning is a process that can take many forms; from drafting a will, establishing trusts and other legal entities, naming beneficiaries and executors for these trusts, executing powers of attorney so someone else can manage your financial affairs if you're unable to do so yourself - even choosing an appropriate funeral service provider.

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A proactive approach to estate planning can help safeguard assets from taxation and effectively transfer wealth to intended beneficiaries.

Unfortunately, recent political developments and retirement trends are expected to render estates vulnerable to higher taxation, raising concerns among individuals and estate planners.

In response, Florida estate planning attorneys share insights about the important new role of life insurance in estate planning.
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Florida law controls how a person can revoke a power of attorney. It is essential to follow the rules and take additional practical steps to protect your rights when revoking a power of attorney. A Florida estate planning attorney can advise you on the specific things that you need to do in your situation.

How to Revoke a Power of Attorney in Florida

Let’s say that you signed a power of attorney, but you later change your mind and no longer want the document to give the person that legal authority. Section 709.
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Every year during the Open Enrollment period, you have the opportunity to make changes to your Medicare plan. If you have a qualifying event, like a loss of your current coverage or got married, you might be able to make changes to your Medicare plan even if it is not during the open enrollment time.

It can cost you plenty if you do not have the right Medicare coverage to meet your needs. Massive medical bills are a prime reason why many people file for bankruptcy. A Read more . . .