If you are considering preparing a will, trust or other directives, you may wonder if you need to hire an estate planning attorney. While many attorneys may be generally know about wills, not every attorney specializes in estate planning. Estate planning can involve complex issues best handled by an attorney familiar with estate and other tax issues, preparing wills, protecting assets from Medicaid, differences between trusts, and much more. Setting up a personalized consultation with our Florida estate planning attorney is only a phone call away.
What Is an Estate Plan?
An estate plan is a pre-planned course of action that determines how a person’s property and other items will be taken care of after death or in case they become incapacitated.
Many people think they just need a will. It is true that estate planning almost always involves the drafting of a will. But not all wills are the same. An attorney should tailor them to your specific needs after considering many factors, including your current needs, life stage, special needs of your heirs, the value of your assets, and more.
An attorney can help you determine if you may benefit from setting up a trust, determining if it should be revocable or irrevocable, from making gifts or donations to limit your estate taxes, and much more. An estate planning attorney is also well versed in changes in the law, including estimated sunsetting dates of estate tax exclusions and particularities of your state.
If you have any assets or particular circumstances that need to be considered, such as a child with special needs or you will need long-term care in the near future, you should consider hiring an estate planning attorney.
Your Needs Today May Not Be Your Needs Tomorrow
It is not uncommon for individuals or couples to change their estate plans at different points in their life. Working with an estate planning attorney can help you identify the most appropriate options for your current life stage.
For example, many young couples or persons have not yet acquired the wealth or assets that come with age. Their focus is often on protecting their young families. They may have more straightforward estate plans, which include more control and the ability to make changes. A trust that irrevocably transfers assets may not be well suited for their needs at this point in their lives. However, as people age, their needs change. For those with adult children who are nearing a time when they may need long-term care or Medicaid, irrevocable trusts or other options that previously did not make sense may now be advisable.
Consult With an Attorney
There is no such thing as a one size fits all estate plan. Almost every situation requires a personalized approach and it is best to speak with an estate planning attorney about your case. If you have questions about setting up an estate plan in Florida, please get in touch with our office today for a free consultation.