Estate Planning
Estate planning is the process of meeting with your trusted attorney, reviewing all your transferable assets and making a plan in anticipation of incapacity, or death. The estate plan’s goal is to protect your current flexibility, your health care needs, the interests of your beneficiaries, and to minimize tax burden and expenses.
If someone dies intestate, it means they did not have a Will, and State law then decide who gets the deceased person’s assets. It could mean that the lucky person is someone the deceased person didn’t even like. Also, if you do not have a living will, power of attorney and healthcare surrogate in place, the court may appoint someone to act for you. It could mean someone with whom you are unfamiliar ends up making decisions about your personal and financial affairs.
If you should find you need help with a probate court matter, we can help.
We have estate planning packages which include a last will and testament, living will, health care surrogate, durable power of attorney, and designation of preneed guardian. Our trust package includes all of the estate planning documents along with a revocable living trust. We make the process simple! Please give us a call 954-870-7600 to schedule a consultation today.
Powers of Attorney
A legal document authorizing one person to act on behalf of another. It is useful if one becomes disabled, incapacitated or to minimize disruption in handling financial matters.
Health Care Proxies
A legal document which allows you to appoint someone to make health care decisions for you if you should lose the ability to make those decisions yourself. The health care proxy ensures that health care providers follow your wishes.
Living Will
A legal document which allows another person to make consequential medical decisions on your behalf regarding medical treatment, nutrition and hydration if you are faced with an unconscious, terminal or end of life stage condition.
Last Will & Testament
A legal document that indicates a person’s last wishes as to how their assets and real property are to be distributed after their death, and the document names the person who is to manage the estate and carry out those last wishes.
Revocable Trust
A legal document which allows you to transfer ownership of most assets to a legal entity called a Trust. The basic elements of a Trust are: a grantor (the trust maker), appointment of trustee, contribution of trust property (often referred to as “funding the trust”) and the designation of one or more beneficiaries. Revocable Trusts may also be referred to as “Living Trusts” or “Revocable Living Trusts.”
The revocable living trust may hold assets like real estate properties, life insurance beneficiary designations, stocks, checking and savings accounts.
A Revocable Trusts is often used to keep assets out of probate court administration. It can also be used to shield or protect assets. It can place age limits on distributions from the trust and provide other restrictions regarding removal of assets from it.
Irrevocable Trust
A legal document which allows you to transfer ownership of most assets to a legal entity called a Trust which, as a general rule, cannot be changed or modified during lifetime, or after death, except for a few legal exceptions. This is why it is called “irrevocable.”
Similar to a Revocable Trust, the basic elements to form one are: a grantor (the trust maker), appointment of trustee, contribution of trust property (often referred to as “funding the trust”) and the designation of one or more beneficiaries.
In Florida, inheritance and estate tax is free, but each state is different, so you must check state by state. If your State is not favorable regarding estate tax, you may be able to move the “situs” or location of an existing irrevocable trust to a more favorable state, such as Florida.
Business Succession Planning
Business succession planning is generally used to distribute business assets and interests after death, without court involvement. It is often incorporated into one’s estate planning. Business estate planning allows family members to transfer their stocks, bonds and memberships to younger generations in an efficient manner, and often with minimal tax consequences. A current business valuation is often needed. Many business owners will purchase life insurance and disability insurance to fund the business succession transfers. Often estate planning attorneys work with financial advisors, accountants, appraisers and others, on the client’s behalf.
In summary, estate planning consists of a revocable living trust and/or last will and testament, durable power of attorney, health care proxies, and a living will. Estate planning involves personal as well as business planning. Irrevocable trusts can especially benefit those who have large estates, large businesses, large insurance policies and a portfolio of real estate properties and investments.
Probate
Some assets will not be able to distributed to heirs or beneficiaries with first going to probate court. The probate court process involves specific filings, timeline and notice requirements. An estate Personal Representative (FL), or Executor (OH), is appointed by the court, who, with the assistance of their Attorney, must administer the estate, defend against claims and properly close the estate. The duties include identifying and gathering the assets, filing pleading, publishing notices, and serving the appropriate papers to beneficiaries and creditors, paying debts, filing taxes, and making distributions to heirs or beneficiaries.
If you have lost a loved one, and you need legal assistance with probate court, please give us a call at 954-870-7600 to schedule a consultation today. We handle probate cases throughout the State of Florida.
CONTACT LISA K CRAWFORD P.L.L.C
From your first call with Lisa, all the way through to the end of your case, Lisa will be keeping your best interest at heart. Every case is evaluated and prepared to get you the best possible results. There is no situation too big or too small for Lisa to consider.
Client interaction is one of the most important steps in order to ensure that Lisa achieves the most effective results for her clients.
