Many people feel that estate planning is all about writing a will which states how ones assets is to be shared and managed; but the fact is that, estate planning is more than that. Estate planning covers other areas. Also, many people die without planning their estate while others die with an estate plan in place. If you die without planning your estate, you will be inadvertently putting your family and loved ones in a tight spot. Failure to plan your estate could result in a battle over your estate, which is something you would not want to experience if you were alive. If you don’t plan your estate before your demise, the government has the right to dictate how your assets will be shared and managed. Estate plan can be used to perform and implement all good desires you have for your estate, family and also yourself. Through a proper estate plan, you could easily transfer an asset to desired beneficiary, avoid long probate process, name a guardian for your child, prevent court supervised guardianship when you are disabled, prevent intestacy distribution of your assets in Miami, and lastly live a good life and a long lasting legacy for your offspring.
Estate planning document for transfer of assets.
A will is an important estate document. A will indicates those who are to benefit from your assets. It contains all that you own, names of the designated beneficiaries, including what you want each of the beneficiaries to get. When you are gone, you will need someone to ensure that your wish regarding your estate is fulfilled. So, you will have to choose an executor. The name of the executor will be stated in your will. After your demise, the will you wrote will have to undergo probate. The probate process is carried out to determine the authenticity of the will. Sometime, foul play are often present in the drafting of a will. The designated executor won’t be able to carry out his duties until he or she is legally certified by the probate court.
Living trust are essential estate document. There are several types of trust and each represent a significant purpose, but the most common types are the revocable and irrevocable living trust. The revocable and irrevocable living trust perform the same function but operate in a slightly different manner. The revocable living trust permit change and flexibility of the trust. You can remove particular assets or change the named beneficiary in the trust. The irrevocable living trust cannot be undone. Once the assets has been transferred into trust it cannot be changed. This type of trust is effective in reducing excessive estate taxes. A revocable trust usually turns permanent or irrevocable upon the death of the trust maker.
Estate planning document for asset protection during disability.
As one gets older, there is the fear of becoming incapacitated due to age or terminal disease. Accidents can also render one disabled and incapable of handling their affairs. In such a situation, one would need a trusted agent to look after their affairs on their behalf. Estate documents for asset protection during these periods are:
Financial power of attorney: this document allows you appoint an agent to handle your fiscal affairs and make financial decisions on your behalf when you become incapable to do so yourself.
Healthcare power of attorney: also known as advance medical directive, this document allows you to appoint an agent to make healthcare decisions on your behalf when you become incapable to do so yourself.
Retirement and Medicaid
Our estate planning attorneys are also highly knowledgeable in Elder Law, and will work with you to know the most suitable retirement plan that befits you while keeping you eligible for benefits meant for the elderly. Your attorney will help you apply for Medicaid and Medicare if you so desire.
Estate and other assets are subjected to federal and state estate taxes depending on its value. Taxes can eat deep into your financial purse, and to ensure your loved ones get all that they should, you can avoid or minimize estate taxes through proper tax planning. Our estate planning lawyers are also highly proficient in designing an estate plan that minimizes your tax liabilities.
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Although you can create a Will using templates, there are situations which require professional handling. Your estate may require more than a Will to actualize your wishes; probate and tax require proper planning to minimize, and estate laws are ever-changing. Our lawyers stay updated with Miami estate laws, and will ensure that your wishes concerning your financial and personal affairs, estate and loved ones are adequately met.
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