If you need a will, trust, or similar document, you should speak with an estate planning attorney. Without an estate plan in place, your assets will be subject to a set of rules created by the state. These rules will apply regardless of what your wishes were, unless you have a legally-binding plan executed before you pass away. The most common example of an estate plan is a last will and testament.
Although we do not like to think about it, everyone dies. And a large portion of us will be disabled at some point in our lives. Estate planning is the process of preparing for those realities in a way that protects you and your loved ones. A good estate plan avoids costly problems for your loved ones down the road when you either die or become incapacitated.
Avoiding Probate and Taxes
Probate is the court-supervised process of moving assets from your estate into the hands of your beneficiaries (and creditors). Probate can be costly and burdensome. Not only does your personal representative get to charge a fee, but a lawyer is legally required to get involved as well, meaning that a large portion of your estate is eaten up with fees. And on top of that the probate court charges even more fees! And all of this money is paid just so a court can get in between your loved ones and your assets. Simply put, probate can be a frustrating, costly process.
Thankfully, there are ways to have your assets pass to your family members outside of the probate system. For example, you could set up a living trust or use a lady bird deed. With a good estate plan, your loved ones can avoid the costs and hassles of probate. That being said, each option to avoid probate comes with advantages and disadvantages, so it is important to discuss your options with a wills and trusts attorney.
Similarly, if you face an estate tax problem, there are options to minimize or even avoid the estate taxes paid out. For example, you might take advantage of the marital deduction. Or you might invest in a irrevocable life insurance trust. Having an attorney with tax knowledge can sometimes save incredible sums of money down the road.
Providing for Your Children
Parents are never done providing for their children. And estate plans provide a way to protect and provide for your children, even after you pass away.
If your children are minors, then you absolutely need to designate a guardian to care for your children to take over if both parents pass away. This is how you can tell a court who you want to watch your children. Imagine having multiple family members fight over guardianship. Or imagine not having a plan in place and no one stepping up! These are the kinds of problems that occur when a parent fails to set up a good estate plan.
Parents of adult children also need an estate plan to protect the family assets. Let’s face it: young adults do not always make the best decisions. Sometimes the bad decision looks like a rushed marriage and sometimes it looks like a mountain of credit card debt. But either way, there are ways to protect your family assets from the predators and creditors that might come along. And you can do this while still giving your kids the benefit of those assets.
Preparing for Incapacity
There is a saying among special needs attorneys: “The special needs community does not discriminate. It will accept any one of us at any time.” Dementia, Alzheimers, or even a bad car accident can mean that you can no longer handle your own affairs. Medical and financial decisions may need to be made immediately, and if you are incapacitated, you better have a plan in place!
This is where an estate planning attorney comes in to help. You can arrange your affairs in advance so that if something does happen to you, your affairs are still being handled by someone you trust. Living trusts can be useful for incapacity planning, as can a designation of health care surrogate and a financial power of attorney. Or if you or a loved one needs long-term care, you might need to do a little Medicaid planning. Each of these tools is intended to protect you and your loved ones if something goes wrong.
What are some tips for finding and choosing an estate planning attorney in Gainesville, FL?
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To find a Gainesville estate planning attorney, you can type “estate planning attorney near me” into a search engine and evaluate the results.
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If you want an affordable estate planning attorney, try to schedule a free consultation and ask for a price quote after explaining your situation to the attorney.
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Look for a qualified attorney that focusses on estate planning and probate as primary practice areas.
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Take a look at the reviews for the attorney.
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Make sure the attorney is licensed to practice law in your state.
Estate Planning Attorney in Gainesville, FL
Blakely Moore is an estate planning lawyer practicing in Gainesville. He graduated from UF Law and loves the city of Gainesville. If you live in North Central Florida, schedule a free consultation today