Tag: florida will

Could the Potential 2025 Tax Law Changes Affect Your Florida Estate Plan?

Estate tax laws are set to undergo significant changes in 2025, and these changes could have a major impact on how you transfer wealth to your loved ones. For years, individuals and families have benefited from historically high estate tax exemptions, but these are set to roll back in the coming year. If your estate exceeds the adjusted exemption limits, your heirs could face substantial tax burdens, diminishing the legacy you worked so hard to build.

The current estate tax exemption allows individuals to pass up to $12.92 million (or $25.84 million for married couples) to their heirs tax-free. However, beginning in 2025, this amount is expected to drop significantly, reverting to approximately $5 million per individual, adjusted for inflation. For high-net-worth families, this rollback underscores the urgency of planning now to mitigate potential tax liabilities. Without action, many estates may find themselves unprepared for these changes.

Proactive estate planning is the key to navigating these challenges. By working with an experienced Florida estate planning attorney, you can explore strategies such as gifting, trust creation, and other wealth transfer tools to minimize tax exposure. The window for taking advantage of the current exemption is closing quickly, and acting before the changes take effect can make all the difference in protecting your legacy. Now is the time to safeguard your wealth for future generations. Let us share a few things to know with you right here in our blog.

1. Estate tax exemption rollback. The current federal estate tax exemption is historically high, allowing individuals to pass on up to $12.92 million tax-free. In 2025, this exemption is set to roll back to approximately $5 million (adjusted for inflation). This could bring more estates under the tax’s scope.

2. Gifting opportunities before the deadline. The temporary high exemption allows for significant tax-free gifts. Consider transferring wealth now through direct gifts or funding irrevocable trusts to lock in these benefits.

3. Strategic use of trusts agreements. Irrevocable trusts, such as grantor retained annuity trusts (GRATs) and spousal lifetime access trusts (SLATs), can help reduce taxable estate values while providing asset protection.

4. State estate taxes. Many states have their own estate tax thresholds, which are often much lower than the federal limits. Reviewing state-specific implications, especially when you have real property outside of Florida, is essential.

5. Plan for liquidity needs. Estates with illiquid assets like real estate or businesses may face challenges in covering taxes. Incorporating life insurance or other liquidity strategies can prevent forced sales.

We know this article raises more questions than it answers. The upcoming changes underscore the importance of proactive estate planning. Working with an experienced Florida estate planning attorney ensures your plan is optimized for the new tax environment, preserving your wealth for future generations.

Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

Ensure Your Affairs Are in Order Before the New Year with our Year-End Estate Planning Checklist

As the year draws to a close, it is time to reflect on your personal and financial goals and ensure your estate planning aligns with them. Year-end planning is not just about celebrating accomplishments or setting resolutions for the coming year, it is also an opportunity to ensure that your legacy and loved ones are protected. Whether you have already established a Florida estate plan or are considering creating one, now is the time to review and update it to address any changes in your life or the law.

Life is unpredictable, and changes such as marriages, divorces, births, or even financial shifts can make an impact on your estate plan. A plan that worked for you in the past might no longer reflect your current wishes or priorities. Additionally, as tax laws and regulations evolve, ensuring your plan is optimized for current conditions is crucial. Taking a proactive approach now can save your family from unnecessary stress and costs later.

By addressing key elements such as beneficiary designations, last will and testament provisions, and trust agreement funding, you can enter the new year with peace of mind. A comprehensive review at the end of the year ensures that you have left no stone unturned in protecting your legacy. With a trusted Florida elder and estate planning attorney by your side, you can confidently step into 2025, knowing your estate plan is ready to serve your family’s needs.

1. Update beneficiary designations. Life insurance policies, retirement accounts, and payable-on-death accounts often bypass your last will and testament, so ensure your beneficiaries are correct and reflect your current wishes.

2. Review your last will and testament. Has your family grown or changed this year? Did you experience significant financial changes? Ensure your will addresses these life events.

3. Ensure trust agreements are funded. A trust agreement only works if it is funded. Confirm assets such as real estate and financial accounts are properly titled in the name of the trust.

4. Check advanced directives and healthcare planning. Verify that these documents are up-to-date, especially if there have been changes in your healthcare providers or personal preferences.

5. Evaluate tax planning opportunities. The end of the year is a great time to consider gifting strategies or charitable donations to reduce taxable income and align with your estate plan.

We know this article raises more questions than it answers. When you choose to take the time now to review and update your estate plan you can prevent unnecessary complications in the future. A well-maintained Florida estate plan ensures that your wishes are carried out seamlessly and provides peace of mind for you and your family. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

Young Families’ Guide to Estate Planning During Summer Break

It is summer break! This is a time young families especially enjoy, but it can also be a time for young families to think about creating a Florida estate plan. This may seem to be a formidable task, but thinking about the peace of mind that comes from knowing your family’s future is secure is priceless. With that said, estate planning is critical for young families, especially when it comes to safeguarding the future of your children and knowing that your wishes are followed. Rest assured that by taking the time to plan now, you will be able to avoid unnecessary stress and confusion during times of crisis.

Were you aware that estate planning is more than just drafting a last will and testament or a trust agreement? It also involves making critical decisions about who will care for your children if you are unable to, how your assets will be managed and distributed, and who will make important medical and financial decisions on your behalf.  Below we want to share with you a young families’ guide to estate planning to assist you in being confident as you walk through this complex process to protect your family’s future.

  1. For your minor children, appoint a guardian. This is really one of the most important features of estate planning, appointing a guardian for your minor children. This person will have the responsibility of raising your children if you are unable to do so. By appointing a guardian now, you can be confident that your children are cared for by someone you trust, avoiding potential conflicts and uncertainty.
  2. For inheritance, think about a trust.  Often a direct inheritance can pose challenges for minors. When you work with your experienced Florida estate planning attorney to set up a trust, you can offer a structured way to manage and distribute assets. Why? Because trusts provide control over when and how your children receive their inheritance, safeguarding their financial future.
  3. For your health care, select a health care decision maker. If you become incapacitated, it is critical to have a health care decision maker already named in your estate plan. This trusted individual will make medical decisions on your behalf according to your wishes. Choose someone who understands your values and can advocate for your preferences regarding medical treatment.
  4. For your protection, be sure to create a durable power of attorney. Why? Because a durable power of attorney allows someone you trust to manage your financial affairs if you are unable to do so. In addition, your financial matters will be able to be handled without court intervention, maintaining continuity and stability. It is critical  for you to select a trusted individual to provide effective financial management for this role.
  5. For a trust-based estate plan, ask your attorney if you need one. Even though wills are common in estate planning, a trust-based estate plan offers more flexibility and control over asset distribution. Trusts can avoid probate, offer privacy, and be tailored to specific needs, providing a more efficient way to manage your estate. This approach allows your assets to be handled according to your wishes with minimal legal hurdles.
  6. For end-of-life care, be sure to document your wishes now. By using advance directives, such as living wills, you can outline your preferences for end-of-life care. This clear documentation enables your wishes to be followed, reducing stress and confusion for your family. This step is important for maintaining control over your medical treatment even when you cannot communicate your desires.
  7. For special needs, plan now. Do you have a child with special needs? Then it is essential to plan now for their long-term care and financial support. Establishing a special needs trust makes sure they receive proper care without jeopardizing their government benefits. This plan will secure your child’s future and provide peace of mind knowing they will be cared for.
  8. For beneficiary designations, review on a regular basis. Make a habit of regularly reviewing and updating beneficiary designations on life insurance policies, retirement accounts, and other financial assets. By keeping these designations current you can be confident that your assets are distributed according to your wishes, and it will also allow your estate planning attorney to incorporate them as a part of your plan. This is a simple yet crucial step in preventing unintended beneficiaries and potential disputes.
  9. For the unexpected, consider life insurance. Why? Because life insurance can provide financial security for your family in the event of your untimely death. It makes sure that your family can maintain their standard of living and cover expenses, such as education and housing. Adequate life insurance coverage is a key component of a comprehensive Florida estate plan which you can discuss with your attorney.
  10. For creating your estate plan, we highly recommend that you choose to work with an experienced Florida estate planning attorney. Navigating the complexities of estate planning is best done with professional guidance. An experienced attorney can help you understand legal intricacies, draft accurate documents, and tailor your plan to your family’s unique needs. Their expertise ensures your estate plan is thorough and legally sound.

Taking these steps during summer break can ensure your family’s future is secure. By designating guardians, setting up trusts, and working with an experienced estate planning attorney, you can create a comprehensive plan that provides peace of mind. Proactively addressing these ten tips will help you protect your loved ones and ensure their well-being no matter what the future holds.

We know this article raises more questions than it answers.  Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

How Errors in Your Florida Estate Planning Documents Can Derail Your Goals

Did you know estate planning is a critical process that ensures your assets are managed and distributed according to your wishes after your passing? It involves the preparation of various legal documents, such as last will and testaments, trust agreements, powers of attorney, and healthcare directives, each serving a unique purpose in safeguarding your legacy and providing for your loved ones. 

What you may not realize, however, is the effectiveness of your estate plan hinges on the accuracy and relevancy of these documents. Errors, outdated information, or non-compliance with Florida-specific laws can lead to significant complications, potentially derailing your carefully laid plans. Critical issues like these can result in increased legal costs, prolonged probate proceedings, unintended tax liabilities, and even disputes among your heirs. Understanding the common pitfalls in estate planning and proactively addressing them with the guidance of an experienced Florida estate planning attorney can help ensure your goals are achieved and your loved ones are protected. We want to dive into them right here on our blog.

  1. Documents not specific to Florida. Estate planning laws vary significantly from state to state. If your documents were created in another state and have not been reviewed or updated since you moved to Florida, they may not comply with Florida law. This can lead to unintended tax consequences, probate issues, or even the invalidation of your documents.
  2. Outdated documents. Estate planning documents that are over ten years old may no longer reflect your current wishes or financial situation. You need to know that changes in your family dynamics, such as marriages, divorces, births, and deaths, can all impact your estate plan. Additionally, the value of your assets may have changed, requiring updates to your distribution plans.
  3. Changes in the law. Laws governing estate planning are subject to change. If your documents have not been reviewed in several years, they may not take into account recent changes in the law. For example, changes in tax laws can affect the tax efficiency of your estate plan, and updates in probate law can impact how your assets are distributed.
  4. Death of a decision-maker. If a person named in your estate planning documents, such as an executor, trustee, or power of attorney, has passed away, your documents need to be updated to appoint a new decision-maker. Failure to do so can result in delays and complications in administering your estate.
  5. Incorrect or incomplete beneficiary designations. Errors in beneficiary designations on accounts like life insurance, retirement plans, and payable-on-death accounts can cause these assets to be distributed contrary to your intentions. Ensure that all beneficiary designations are correctly aligned with your estate plan.

To avoid these common pitfalls, it is essential to work with an experienced Florida estate planning attorney who can help ensure your documents are up-to-date and compliant with current laws. An attorney who specializes in Florida estate planning law will have the expertise to ensure your documents are compliant with state-specific requirements. Your attorney can review your documents, if you have them, and make necessary updates to your documents to reflect changes in your family, assets, or decision-makers.

By taking these proactive steps, you can help ensure that your estate planning documents accurately reflect your wishes and protect your loved ones. We know this article raises more questions than it answers.  Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

Key Reasons Why You Should Not Trust AI with Your Florida Estate Plan

Are you ready to create your Florida estate plan? Are you thinking about using artificial intelligence (AI)?  We use technology so much in our lives, to communicate with our family, maintain our bank accounts, purchase items or more. But should we really include technology in our legal matters, especially in the creation of our estate plan?  We understand that AI tools may offer convenience and a semblance of efficiency by drafting a simple will or trust agreement, however, that being said, relying only on such technology overlooks the subtle and very personal nature of estate planning. Think about it, individual circumstances, family dynamics, and the intricate web of estate laws are all complex and that makes the role of an experienced Florida estate planning attorney not just helpful but crucial.

Often people use technology, and AI, to create fast and cost-efficient legal documents.  The major drawback to these surface-level documents is that they may cover up the potential for significant legal vulnerabilities and oversights. Be aware that estate planning is more than filling in the blanks on standard forms.  Creating a Florida estate plan is about knowing that your life’s work and wishes are honored through the legacy you want to create. You will be able to protect what matters most to you, both while you are here and long after. The value of personalized, professional advice in creating an estate plan cannot be measured or overstated. When you work with an experienced Florida estate planning attorney you will be given a depth of knowledge and receive an understanding of human complexities brought to the forefront, something that AI simply cannot do. Your estate planning attorney’s involvement will be vital in creating a plan that truly reflects your wishes and protects your legacy. 

Of course, it is tempting and so easy to turn to technology for every aspect of our lives, including legal matters such as estate planning. But it cannot be said enough, while AI tools may be able to draft a simple will or trust document, relying solely on technology can lead to unforeseen complications. You need to  understand the risks of using AI without the knowledge of an experienced Florida estate planning attorney.

As you start, you need to know that estate planning is not merely a transaction, it is a deeply personal process that encompasses the entirety of your life’s work, your family, and your legacy. Your experienced Florida estate planning attorney understands the nuances of personal relationships and can look ahead and see any possible family dynamics that could complicate a straightforward distribution of assets. No matter how advanced AI seems to be it does not have the empathy and understanding required to navigate these complex human elements.

Also, be aware that estate laws vary significantly from one jurisdiction to another and they are subject to frequent changes. In fact, an experienced Florida estate planning attorney stays abreast of these changes and understands how they might impact your estate plan. Their expertise includes not only the drafting of wills and trusts but also considerations around taxes, real estate, and other assets. Once again, AI tools may fall short and might not be updated promptly or might apply a one-size-fits-all approach that does not account for jurisdictional differences.

The most serious issue is that when relying on AI for estate planning there is the potential for errors or omissions that could lead to your estate being distributed under the state’s intestacy laws, which might not reflect your wishes. An experienced estate planning attorney will ensure that your estate plan is comprehensive, leaving no room for intestacy to take effect.

Florida estate planning attorneys know that every individual they meet with is different and their situations are unique. Therefore, there must be a customized approach to estate planning. An estate planning attorney will give you tailored advice that considers your specific family dynamics, financial situation, and long-term care wishes. But if you use AI, it will operate by using algorithms and set parameters that might not capture the subtleties of your unique circumstances.

Often, one of the most challenging aspects of creating an estate plan is navigating the dynamics of the family and spotting any potential conflicts. An experienced estate planning attorney is able to be a neutral third party, offering guidance on how to approach sensitive topics and making sure your plan minimizes the potential for family disputes. Of course, this level of looking to the future is something AI cannot provide.

We know that AI has its place in our digital world, but not with estate planning. It is important to know that creating an estate plan demands a personal touch that technology cannot replicate. We highly recommend using an experienced Florida estate planning attorney because their value cannot be overstated.  The expertise of your attorney ensures that your wishes are honored and your legacy is preserved without leaving anything to chance. In matters of such importance, it is essential to rely on the depth of knowledge and understanding that only a human professional can offer.

We know this article raises more questions than it answers.  Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

Key Estate Planning Tips for Consideration in Digital Asset Management

Are you aware that in this digital age, Florida estate planning has become more complex? One reason is because of the increasing presence of digital assets that need to be planned for. What do we mean by digital assets? Digital assets refer to any form of content or information that exists in a digital format and holds value to individuals or businesses. Know that these assets encompass a wide range of items, including online accounts, social media profiles, cryptocurrencies, digital photos and videos, intellectual property, and more.

It is important to recognize that the value of digital assets can be both financial and sentimental. By working with your experienced Florida estate planning attorney you can include provisions for the management, distribution, or preservation of these assets in your estate plan to ensure that your digital legacy is properly created. Because of their unique nature, digital assets may require more strategic planning which your experienced Florida estate planning attorney may assist you with. 

Now, as digital assets continue to become both more complex and more prevalent, we have a few key estate planning tips in digital asset management that we share with many of our clients today.

  1. You need a detailed inventory. You need to begin by creating an inventory of all your digital assets. You should have a list of all your platforms, accounts, and any associated login credentials. It is important to keep this inventory updated and stored securely.
  1. You need to review the terms of service for each of your assets. We know that this is a constantly evolving area and can be subject to change at any time, usually at the sole discretion of the company that created the digital asset. So be sure to familiarize yourself with the terms of service and user agreements of the platforms where your digital assets reside. Be aware that some platforms have specific provisions regarding the transfer or management of accounts upon the user’s death or incapacity although this is not the norm.
  1. You need to give authority to your agent, your personal representative, and your trustee. You need to be sure that each of these three individuals, or one individual depending on the nature of your Florida estate plan, has the specific written authority to manage and dispose of your digital assets. 
  1. You need to create a central password manager for digital assets that are in your Florida estate plan. You could think about using password manager applications to securely store and manage your login credentials. Under the guidance of your Florida estate planning attorney you may want to go a step further and provide your future decision maker with the necessary access credentials to this central password manager account. While this will include usernames and passwords, it may also include two-factor authentication methods.
  1. You need to specify digital asset distribution. You need to work with your experienced Florida estate planning attorney to clearly outline your wishes for the distribution or disposal of specific digital assets in your Florida estate plan. This can include transferring ownership, deleting accounts, or preserving certain assets for sentimental or historical purposes.
  1. You need to regularly review, update, and manage your digital accounts. Digital assets and online platforms evolve rapidly as opposed to the ownership and access to more traditional assets such as real property. You need to regularly review and update your Florida estate plan to reflect any changes in your digital asset inventory, platforms, or preferences. 

By incorporating these key estate planning tips in digital asset management, you can better manage and protect your digital assets, ensuring that your digital legacy is handled according to your wishes. Remember, working with your experienced Florida estate planning attorney in this area is critical to remain up-to-date with changing laws and technologies that could impact your goals for your digital assets.

We know this article may raise more questions than it answers. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

Safeguarding Your Legacy by Avoiding Common Mistakes in Will Creation

An attorney with an estate plan

Did you know that creating a last will and testament is an essential and often overlooked aspect of responsible lifetime planning? It is a testament to your lifelong efforts to provide for yourself and those you love most. When you take the time to develop not only a last will and testament but an estate plan, you are ensuring that your hard-earned assets and cherished possessions are distributed according to your wishes after you pass away and that there are protections in place to take care of you in the event of incapacity during your lifetime.

A well-crafted Florida estate plan must be clear, specific, and unambiguous to avoid confusion and potential conflicts both during your life and at the time of your passing. Vague language or poorly articulated instructions could leave room for interpretation, leading to disagreements and estrangements among family members or other beneficiaries. 

Unfortunately, many individuals make the critical mistake of attempting to create a will without seeking professional guidance from an experienced Florida estate planning attorney. 

Consulting with a Florida estate planning attorney allows you to express your wishes precisely and in a legally enforceable manner, leaving no room for doubt. Deciding to create a Florida estate plan is a life changing decision. When you decide to be proactive and not only make a Florida estate plan to create your legacy but also to protect those you love during your lifetime and at the time of your passing, you are setting intentions to protect your future. While creating a last will and testament is an essential part of your Florida estate planning, it is crucial to do so correctly to ensure your final wishes and goals can not only be reached but are carried out smoothly. 

Unfortunately, many individuals make the critical mistake of attempting to create a will without seeking professional guidance from an experienced Florida estate planning attorney. Although the notion of creating a do-it-yourself last will and testament might appear attractive due to its potential cost-saving allure, it can ultimately result in substantial legal and financial entanglements in the future. On the other hand, entrusting the task to an experienced Florida estate planning attorney proves invaluable as she brings her expertise to the table. By skillfully navigating the complexities of the legal landscape, your Florida estate planning attorney can ensure that your entire Florida estate plan remains not only legally sound but also thoughtfully designed to mitigate any potential disputes and alleviate tax burdens on both your beloved family members and your lasting legacy.

We know you have questions on how to avoid the biggest mistakes out there when it comes to Florida estate planning. Let us share ways to avoid the biggest mistakes people make when creating not only their Florida will but their Florida estate plan. 

  1. Seeking counsel from an experienced Florida estate planning attorney is paramount. Among the most critical errors individuals make is attempting to craft a will or estate plan without the guidance of a seasoned professional. By consulting with an experienced Florida estate planning attorney, you can adeptly navigate the intricate legal intricacies, ensure the plan you develop together is legally valid and binding, and effectively diminish the likelihood of disputes arising following your passing.
  1. Make a habit of regularly updating your Florida estate plan. Life is full of changes, including marriages, divorces, births, deaths, and acquiring new assets. To ensure your Florida estate plan accurately reflects your current desires, it is crucial to periodically review and update it with your Florida estate planning attorney, particularly when significant life events occur. By staying proactive, you can maintain a well-tailored plan that aligns perfectly with your evolving circumstances and wishes.
  1. Always consider contingencies when planning your estate. Collaborate with your Florida estate planning attorney to prepare for various scenarios in the event that your primary beneficiaries pass away before you do. By designating contingent beneficiaries, you guarantee that your assets will be distributed according to your wishes, even if the initial beneficiaries are no longer alive. This thoughtful approach to estate planning ensures that your legacy remains intact, regardless of unforeseen circumstances.
  1. Do not forget to include digital assets. In the digital age, it is essential to address your digital assets, such as online accounts, social media profiles, and digital files. Specify how you want these assets to be handled after your death.
  1. Store your will securely. Ensure your Florida will, and your entire Florida estate plan, is kept in a safe place and that your executor and trusted family members know where to find it. A safe deposit box or secure digital storage are good options but discuss with your Florida estate planning attorney to see what is recommended.
  1. Effectively communicate your wishes. Though not a legal obligation, engaging in open discussions about your will and estate plan with your family can significantly mitigate misunderstandings and potential conflicts in the future. Moreover, selecting the appropriate personal representative to manage your estate upon your passing is crucial to ensure a smooth and faithful execution of your wishes. By thoughtfully discussing your plans and choosing a responsible representative, you foster an environment of clarity, trust, and harmony that will safeguard your legacy and bring peace of mind to your loved ones during challenging times. Before you take this step, discuss the pros and cons with your Florida estate planning attorney.

We know this article may raise more questions than it answers. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

When Should You Initiate Your Estate Planning Process?

Elderly woman holding her hands.

Are you currently living in Florida? Are you healthy, with a growing family, active lifestyle and thriving business? However, have you begun to wonder the following: when should you initiate your estate planning process?   Be aware that a Florida estate plan is a crucial tool for all adults to have. Estate planning allows us to think about what we want for ourselves, our loved ones, our business, and our legacy. Although it addresses what happens at the end of our lives, it is so much more than that. Estate planning makes us answer tough questions including, but not limited to, what would happen if we no longer have the capacity we need to make our own decisions, who do we want in charge of our finances if we are incapacitated or who should be our beneficiaries?

Understanding you need a Florida estate plan is the first step forward to plan for your future. The next step is to ask: When should you initiate the process to create your estate plan? As Florida estate planning attorneys,  we are frequently asked this question and want to share five important events with you. 

  1. When you become an adult. Think your 18th birthday is too young? Think again, it is not!  If you do not have a Florida estate plan in place, there will be no one who has legal authority to make decisions for you in the event you are in a car accident or other crisis. In other words, no one will be able to pay your bills, access your bank accounts, or talk to your doctors. Your Florida estate planning attorney can work with you to create an estate plan that will protect you and let you name the people you want to be in charge of you in a crisis in your documents. Your estate planning attorney can also talk to you about how to create a legacy and plan for a time when you are no longer here.
  1. When you are planning to get married. Marriage is a wonderful event and you will want to plan with the person you love for your life together. It is an opportunity to think about how you want to protect and provide for each other. There is no better way to do that than with a Florida estate plan.  
  1. When you begin to have children.  When you have children, planning becomes even more important. You need to begin to think about and answer questions like: Who should care for my children if something happens to me? When should they inherit? How can I provide for their future if I am no longer here? These are the questions your Florida estate plan can answer when you work with an estate planning attorney. 
  1. If and when you receive an inheritance. It does not matter if you receive a small or large inheritance, it is important to protect it. The person who left you this money may have had clear instructions for you that you want to copy in your own estate plan or you may have inherited through a messy process that you do not want others to go through. Whatever your reason, this is a good time to meet with your Florida estate planning attorney and plan forward. 
  1. When you are beginning to start your own business. It is important that during your start up process to consider all the ways to protect yourself, your family, and your business from what comes next.  Your Florida estate planning attorney can not only help you design your estate plan but may also be able to advise you on your new business.

 

We know this article may raise more questions than it answers. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

Preparing for Summer Adventures: Essential Estate Planning Checklist for Travelers

Elderly couple in a tent on vacation.

Summer is here, are you ready to travel? Are you staying close to home? Or are you traveling to another state or out of the country to spend time with family and friends?  It seems that the travel choices you have now that the pandemic has lessened in its impact are countless. 

Are you vacationing with minor children or grandchildren who need their days planned with adventures or you are looking for adventure, or just getting a change of scenery or traveling to an exotic place with your loved ones? As you begin to prepare your summer adventures, have you added essential Florida estate planning to your checklist? We would like to share below on our blog a Florida estate planning checklist for travelers for you to complete before your summer adventure begins. It will enable you to travel with complete peace of mind.

  1. What about your mail? Be aware that neighbors and friends do not have the legal authority to pick up your mail while you are on your summer vacation. However, if you are gone for extended periods of time you do want someone to pick up your mail. So, under your Florida durable power of attorney, your agent would have the authority to pick up your mail if you were out of town.
  1. What about access to money, cash, and your bank accounts? How do you get access to your money while you are on vacation? Or if you need to make bank transfers? Or if you need to act on a business transaction or sell a piece of property? Your agent, under your Florida durable power of attorney, can be given the legal authority to handle these transactions on your behalf, and even work with your experienced Florida estate planning attorney to make sure it is handled correctly.
  1. What about health care decisions? While vacationing, if you were injured, unconscious, or seriously harmed to the point where you are incapacitated and not able to make decisions for yourself, who would make your healthcare decisions?  With your healthcare planning in your Florida advanced directives, you can identify not only a primary person to act in your place, but alternative choices in the event they are unable to act as well.
  1. Do you have travel insurance? Most summer travel has the opportunity to be covered by travel insurance and that is a good thing. However, the travel insurance company is not going to speak with someone who does not have legal authority to act on your behalf. Your Florida advanced directives will be a significant help should your travel insurance policy need to be activated by someone other than yourself.
  1. Do you have a plan in an emergency? While traveling, if something serious happens to you, your Florida estate plan will hold all the details of what to do. With the guidance of your experienced Florida estate planning attorney, your agent and your personal representative can work with your attorney to ensure your goals for your person and your legacy are met.

Finally, be sure to ask your experienced Florida estate planning attorney what estate planning documents to bring with you on your summer vacation.

We know this article may raise more questions than it answers. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

When Is The Best Time to Complete Your Florida Estate Plan?

Clients going over power of attorney with Lawyer.

Do you have a Florida estate plan? Are you aware that it is a critical tool that all adults living in Florida should have? With a Florida estate plan you can think about what you want for yourself, your loved ones, your business, and your legacy. It is also about more than what happens at the end of your life, although that is an important part of the process. In addition, estate planning also makes you answer the tough questions including, but not limited to, what should happen if you no longer have the capacity you need to make your own decisions.

Now that you understand you need a Florida estate plan to plan for your future, what is next? It may be to answer the question:  When is the best time to complete your Florida estate plan? As Florida estate planning attorneys, we are frequently asked this question. Below we have five very different instances to answer the question about when to create your Florida estate plan.

  1. As soon as you turn 18. Your 18th birthday is definitely not too young to create your Florida estate plan. Without an estate plan in place, there is no one who has legal authority to make decisions for you in the event you are in a car accident or other crisis. That means, no one will be able to pay your bills, access your bank accounts, or talk to your doctors. Your Florida estate planning attorney can work with you to make an estate plan that will protect you and put the people who you want to be in charge of you in place in a crisis. Your Florida estate planning attorney will also talk to you about how to create a legacy and plan for a time when you are no longer here.
  1. As soon as you get married. It is exciting to begin planning for a time when you will share your life with another person. You also want to think about how you will protect and provide for each other. The best way to do that is to work with an experienced Florida estate planning attorney and have a Florida estate plan created.  
  1. As soon as you have a child.  Planning becomes even more critical when you have children, especially minor children. Who will take care of them if something happens to you? When should they inherit? How will you provide for their future if you are no longer here? These are the questions your excellent and comprehensive Florida estate plan can answer when you work with a qualified Florida estate planning attorney. 
  1. No matter the amount, as soon as you inherit. Whether your inheritance is small or large, it is important to protect it. The person who left you this inheritance may have had clear instructions for you that you want to copy in your own estate plan or you may have inherited through a messy process that you do not want others to go through. No matter your reason, this is an important time to meet with your Florida estate planning attorney and plan ahead. 
  1. As soon as you start a business. As you begin the start up process you need to consider all the ways you should protect yourself, your family, and your business from what comes next.  In fact, your Florida estate planning attorney can help you not only design your Florida estate plan but be able to advise you on your business planning as well.

We know this article may raise more questions than it answers. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.