Estate Planning
Wills, Trusts, Powers of Attorney, Living Wills, Etc.
Who should have a will?
If you have children, own a home, have a retirement plan or some money in the bank, you should expect the government of the state of Florida to determine who will take care of your children and who gets your assets in the case of your death... UNLESS you have a properly executed will. A will allows you to make the decisions regarding the distribution of your assets and the well-being of your children.
Who should have a trust?
There are a variety of situations in which you would benefit from having a trust as part of your estate plan:
- To Avoid Estate and Gift Taxes - Beginning in the year 2011, the federal government will be taxing anyone who owns more than $1,000,000 in their gross estate at a rate up to 55%. A trust can help to limit the amount included in your gross estate.
- To Avoid Probate – A revocable living trust allows you to keep control of your assets during your life, during any periods of incapacity (e.g. Alzheimer’s), and even after you die. Probate can be costly and time consuming, in addition to the potential family turmoil that can be created by a disgruntled potential heir.
- Qualifying for Medicaid – A Qualified Income Trust will help you reduce the countable income that the government will try to use to exclude you from eligibility for Medicaid. See more info under Asset Protection heading.
- Protection from Creditors – The state of Florida allows for a spendthrift trust to protect assets held under the trust from creditors.
- Please call our office at 407-447-0601 to find out more information on other trust agreements, Family Limited Partnerships, Charitable Remainder Trusts, and more. Telephone Appointments, Home Visits, and Hospital meetings are available.
Do you need a Power of Attorney?
If you have important legal documents that need signing while you are out of town, are anticipating surgery, or just want to carefully plan ahead, a Power of Attorney should be considered. Please contact our office at 407-447-0601 to find out more about the differences between a Durable Power of Attorney, a General Power of Attorney, and a Special Power of Attorney.
Do you need a living will?
In our opinion, it is every adult’s duty to have a signed and executed living will. It will give your family peace of mind about your wishes regarding medical care. Families have been torn apart by disputes over medical care decisions. It takes the responsibility of your medical decisions back to the one who should be making it….YOU.
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