Estate planning is a vital part of every one’s life. At one time, you would become unable to handle your own personal and fiscal affairs due to incapacity, sickness or death. By creating an estate plan, you can lay down decisions on what you want done to your assets and how you want them passed after your death or even during your lifetime. Through estate planning, your assets can be protected from creditors and tax liabilities.
In Miami, estate planning comes with a lot of legalities and it becomes important to contact an estate planning attorney Miami to offer you professional assistance to create a personalized estate plan that works best for you and your estate.
How the estate planning attorney Miami will help you
As an estate planning law firm based in Miami, our estate planning attorneys are experts at creating an effective estate plan that protects, preserves and transfers your wealth, cater for your loved ones and preserve your legacy even after death. When hired, your attorney will have personal discussions with you to understand your situation, advise you on what needs to be done, plan for uncertainties and minimize whatever conflicts that may arise amongst your loved ones over your assets.
We can do all these by utilizing the appropriate estate planning instruments.
Estate planning instruments available in Miami
Where necessary, we will help in establishing any of the following estate planning tools:
Wills and trusts
A Last Will and Testament is a powerful asset transfer tool. On a will, you can lay down instructions on how you want your assets distributed to your loved ones when you’re gone. Although easy to create, it is important seeking advice from an estate planning attorney to know what assets you should transfer with a will.
If there is need to avoid the long probate process, you can transfer assets using a living trust instead. A living trust allows you transfer assets immediately to a beneficiary during your lifetime or at death. However, not all assets can go into a living trust. Your estate planning attorney Miami can employ any or both estate planning documents to devise an effective estate plan.
Irrevocable trusts
As the name suggests, irrevocable trust can never be altered or canceled once created. However, they offer great asset protection benefits. For the fact that any asset transferred into an irrevocable trust becomes a property of the trust and goes beyond the reach of the trustor for life, your estate planning attorney will advise you on what assets to put in your irrevocable trust.
Special needs trust
If you have kids with disabilities, then you should plan for their care by including your wishes for them in your estate plan. By creating a special needs trust, you can leave funds in the hands of a third-party to use on behalf of the children.
Powers of attorney
During incapacity, your estate will have to become someone else’s responsibility. Since the management of your estate affairs matters to you, it is important you appoint who becomes responsible. Your estate planning attorney will help in establishing a healthcare power of attorney that appoints an agent that will make medical decisions on your behalf, and a general power of attorney which appoints who makes your legal and financial decisions. Your attorney can be your agent if you so desire.
Family Limited Partnership
As an estate planning firm, our attorneys can also help you create a Family Limited Partnership by which you can preserve and transfer family wealth to your generations, thus keeping your wealth in the family.
Legacy planning
Legacy planning is an intensive financial planning strategy by which you bequeath wealth to a loved one or next of kin. Quite different from yet similar to estate planning, legacy planning might just be what you need.
Charitable trusts
If you desire to leave assets to be used for charitable purposes, then it is beneficial to leave these assets in an irrevocable charitable trust. By so doing, the assets can pass to charity without tax and creditor liabilities.
Contact us
To put your mind at ease about the financial well-being of your family when your die, estate planning is what you need to do now. We understand that most people want to plan, but lack the time, insight and legal knowledge to know what decisions to make and instruments to employ; this is why we do not only offer consultancy, but will also help you make decisions that represent your best wishes.
Contact us today to speak with an estate planning attorney Miami.
