Tag: estate planning attorney near me

4 Tips for Reviewing Your Florida Estate Plan During National Estate Planning Awareness Week

Did you know, during the third week of October every year we focus on National Estate Planning Awareness week? How familiar are you with estate planning in Florida? Did you know estate planning involves putting legal protections in place to help secure a future you want for yourself and your loved ones? Do you have a Florida estate plan right now but need to make sure it reflects what you need?

Many of our potential clients have estate planning that is years out of date. It does not reflect their goals for their:

• Decision makers for finances and health care
• The age or marital status of their children
• Is missing key beneficiaries such as grandchildren
• Does not reflect their disability needs
• Does not represent the legacy they wish to leave

Let us share four tips on how to review your Florida estate plan with your attorney on our blog.

1. Is it from Florida? While this may seem like an unusual question to begin with, your out of state estate plan may not work in Florida. Start by reviewing your plan to make sure that it was written and executed in Florida. After you determine the state of origination, look at the dates. Is it only a few years old? Or older? Laws change over time and you may need to work with your attorney to update it to reflect the current laws.

2. Does it consider your incapacity planning? Incapacity planning allows for considerations such as having someone you have selected assist you if you are unable to make decisions for yourself. The most important tools for incapacity planning include a Florida durable power of attorney, health care planning tools, and living will.

3. Does it reflect your goals for your legacy? Creating a legacy is what most of our potential clients who come to our firm are looking for. While the last will and testament may be the most common legal document for estate planning, there may be more flexibility to create the legacy you want through a trust agreement. What are your goals? Have they changed since you last created your estate plan?

4. Make a list of what you want, now. Your needs met change over time. They may have changed since you last created your Florida estate plan. Go ahead and make a list of what you want, now, and the changes you anticipate you will need to make. You can bring this list to your meeting with your estate planning attorney so that she can help you update your existing Florida estate plan or create a new one to reflect what you need.

Whether you schedule an appointment with our firm during the month of October or anytime throughout the year, our law firm is here to help you. We can guide you through your Florida estate planning options and update your existing plan to ensure it reflects what you want. Please do not hesitate to contact our office today to schedule a meeting with our experienced Florida attorneys.

Tips For Estate Planning as an LGBTQ+ Family

Whether you are about to become a parent for the first time or have several young children, estate planning can be critical to ensure they are cared for in the event of your untimely death. Did you know that this may be even more important for LGBTQ+ families? This is due, in part, to issues that may arise if both parents are not biologically related to the children. These issues can be considered and resolved if enough attention is given to creating an estate plan with a qualified attorney in your local area. Let us review three tips for estate planning as an LGBTQ+ family.

1. Guardianship for Minor Children. If you are married to your child’s other legal parent, your spouse will automatically remain the child’s guardian. If, however, you pass at the same time, you may need to choose someone else. This could be the same person you appoint to manage the child’s finances, or it could be somebody else. You and your spouse should take time to decide who you would both want to care for your children if the circumstances were to arise. If you are comfortable with one person’s family members, that may be a good choice, but it may be a good idea to explain why you made the choice you did as part of your will. You might also choose family or friends because you know they would raise your children with the same values you wish to impart, or because they live in or would move to an area you feel would be better for your children.

2. Guardianship If You Are Not Married. Many children are born to single parents or to LGBTQ+ couples. The parents of one child may divorce and remarry, creating blended families in which the child has biological half-siblings or a stepparent who becomes an equal parent alongside the biological parents. Not every arrangement, however, may be protected by every state’s laws. Typically, if a child is born to two married parents, whether they are of the opposite or the same sex, these are the two legal parents who have rights to parent the child. If you and your partner are unmarried, however, and one parent is not biologically related to your child, you should take steps now to ensure that parent could be considered a legal parent if the biological parent were to die unexpectedly. Similarly, if you have been widowed or divorced and your new spouse has not legally adopted your child, you need to leave specific instructions in your will as to your wish that they be named your child’s guardian and take steps now to ensure a judge could approve this arrangement.

3. Providing Financially for Your Children. If you are married to or in a relationship with your child’s other parent, you need to decide together who should manage your child’s finances if both of you pass away while your child is still a minor. This person will be your child’s fiduciary and it does not have to be the same person you name as his or her guardian. In fact, it may sometimes be better to appoint different people as long as you think they will work together effectively on behalf of your child. As with choosing potential guardians, this is a big decision and one to work through with a qualified estate planning attorney.

Do you have questions? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.

Understanding Why Prenuptial Agreements Matter to Your Estate Plan

Did you know that prenuptial agreements can be a critical part of the estate planning process? This may be especially true if you are marrying later in life, as many people do these days. Let us review three reasons why you might consider a prenuptial agreement as part of your estate plan if you have built a business, earned significant retirement savings, or been widowed or divorced prior to your new marriage.

1. You Have Been Married Before. If you are widowed or divorced, a prenuptial agreement can help ensure that your estate will be divided as you choose upon your death. If you are widowed, you likely inherited everything from your former spouse. The expectations of your deceased spouse was probably that any children you share would inherit what is left, not a future new spouse. If you did not have children, you might feel differently, but this is something you can address in a prenuptial agreement that fits your unique circumstances. A prenuptial agreement can specifically set aside any assets you had before your new marriage and make fair provision for any assets or earnings accumulated during your new marriage, with respect to children or other family you had before the marriage. If you are divorced, a prenuptial agreement as part of your estate plan can ensure that any money you received as part of a divorce settlement is set aside for your heirs as well.

2. You Have Retirement or Other Assets. If you have spent many years building up your retirement accounts, you can decide as part of a prenuptial agreement that these should go directly to your children, rather than to your new spouse, if you pass away unexpectedly.

3. You Have a Business. If you already own a business prior to getting married, you may want to discuss what will happen to the business and any financial interest your new spouse accumulates during your marriage. This can make sense to protect both your new family, and the business you worked hard to build.

Do you have questions? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.

Moving to a New State? Here are 3 Key Reasons Why You Need to Update Your Estate Plan

Did you move back to your home state during the pandemic after having lived away during college and afterwards? It may have been a move that you did not really plan for. If you have decided to stay, however, you should consider taking control now. Whether you are single and starting life anew, or you moved closer to family for help with your kids, it can be important to ensure you have a solid estate plan in place in your new home state. Let us discuss three reasons why.

1. You Should Have Estate Planning Documents Anyway. If you moved to a new state and you only had minimal estate planning in place, now may be the perfect time to execute documents in your new home state. Many young, single adults do not have formal estate plans. Those who are newly married or became parents during the pandemic often do not have them either, even if you have been meaning to get around to it. Now may be the perfect time. Consulting with a qualified estate planning attorney in your new state can help ensure you have everything you need in place.

2. You Should Consider a New Health Care Surrogate. If you did have an estate plan where you used to live, it is likely that you named a health care surrogate who lived in that state. Most states only allow you to choose a state resident for this purpose. If you had chosen a local friend, but you are now back living near family, you may want to update your choice of health care surrogate to someone you trust who lives near your new home.

3. You Should Name a Guardian for Minor Children. If you became a parent during the pandemic, you may not have had the chance to name guardians for your child yet. When you update your estate planning documents for your new state, you can choose someone for the task. If you already had kids, but you have moved to a new state, the people you had chosen previously may no longer be suited to the role if your intent was to keep your kids in your new location should you pass away. If you update your estate planning documents now that you have moved, you can consider who might be the best choice for keeping your kids in their new home and update your guardianship arrangements if that is necessary.

Do you have questions? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.

Why a Florida Prenup Should Be at the Top of Your Estate Planning To Do List

Were you aware that a Florida prenup can be a useful tool in estate planning? While most people assume that prenuptial agreements are only used to protect assets in the event of divorce, this is far from the only reason why many engaged couples choose to create one. 

Couples can use a Florida prenup to designate which assets should be considered separate property, and which are community or shared property. Making this distinction before marriage can prevent separate assets from being wrongly classified as community property when a spouse dies. This may be particularly useful for second or subsequent marriages, or for those who are marrying later in life or who have accumulated significant assets prior to the marriage. In some states, marriage entitles each spouse to a share of your estate (between a third to a half, depending on where you live). If you intend to leave less than that amount to your spouse, he or she has the power to request a higher percentage, which can leave your intended beneficiaries with less. 

Another reason why many couples choose to have a prenuptial agreement is to avoid disputes about money or property during the marriage. For a prenuptial agreement to be valid and legally binding, both parties must fully disclose their assets, properties, and debts in the agreement. Due to their financial picture being clear, there are fewer disagreements about how to manage their assets. 

Another common instance where a Florida prenup may be useful may be in the case of a closely-held family business. Often, business owners require only family members to be owners of the business and its holdings. If during a divorce, the business is determined to be partially owned by both spouses, the non-familial spouse could end up being an owner. In order to alleviate that situation, restrictions could be placed in the business’s agreements, or by transferring ownership of the business to a trust. A prenuptial agreement that describes the business as separate property and sets forth the rights and restrictions on ownership, however, would be another layer of protection for the business. 

Do you have questions on a Florida prenup and using it in your estate planning? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.