Our Coral Springs Estate Planning Attorneys Can Help You Create A Customized Plan
Estate planning, sometimes referred to as simply wills and trusts, is one of the few areas of law that is applicable to nearly everyone. Not everyone will be part of a lawsuit, not everyone will get divorced, but everyone is likely to inherit property from another or leave property to be inherited by someone else.
If you’ve been meaning to plan your estate but don’t know how to get started, contact our experienced attorneys at Feldman & Feldman, Counsellors at Law, P.A.. For more than 30 years, our firm has been helping clients in Coral Springs and throughout South Florida make smart decisions about their assets to minimize liabilities and maximize the value that they can pass along to heirs and beneficiaries. We can help you create a plan that provides for those you love and leaves a legacy you can be proud of.
Table Of Contents
The Elements Of A Typical Estate Plan
Answers To Common Estate Planning Questions
What happens when someone dies without a will or estate plan?
Why should I hire a lawyer to help me with estate planning?
Should I wait to plan my estate until my kids are grown?
Do I need a trust? Should I have one?
What’s the difference between elder law and estate planning?
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What Is Estate Planning?
The decisions and methods by which one person leaves their property to another is their “estate plan.” Depending upon the size and nature of your estate and what you would like done with it after your death, different types of estate plans are advisable. Everyone’s circumstances are unique, and everyone will benefit from thinking about their estate planning desires, and taking the steps to ensure those desires are carried out (often with the guidance and assistance of an estate planning attorney).
The Elements Of A Typical Estate Plan
Each plan is different and should be customized to the individual who owns the estate. That being said, many plans include some or all of the following:
- A will
- One or more trusts
- A named estate executor (personal representative)
- Designated durable power of attorney
- An advance directive for health care and a named health care surrogate
Sometimes, an estate plan may be as simple as naming appropriate beneficiaries on a bank account, life insurance policy, or retirement account. However, even those with minimal assets benefit from executing a Last Will and Testament. For example, you will be able to name your personal representative (sometimes called an executor), who will be responsible for managing your estate; you can plan for the possibility of a larger-than-expected estate, perhaps due to a wrongful death claim; and you can put into place certain protections to prevent even minimal inheritances from causing your loved ones to lose SSI, Medicaid or other public benefits.
Answers To Common Estate Planning Questions
Below, we’ve answered some of the questions prospective clients ask our attorneys most often. We would be happy to answer any additional questions you may have during an initial consultation.
What happens when someone dies without a will or estate plan?
Surprisingly, even those without a Last Will and Testament have an “estate plan.” Should we die without a will (termed “intestacy”), state law determines who receives our property (usually a spouse and minor children, in specific amounts, then adult children, etc.). Of course, there are very good reasons to have a will, not least of which is determining for yourself how your assets will be distributed and to whom, rather than leaving the decision to the state.
Who needs an estate plan?
Nearly everyone could benefit from at least a basic estate plan, including you. As mentioned above, something has to happen to your property after you die. You should be the one to make that decision rather than the state of Florida.
Why should I hire a lawyer to help me with estate planning?
Consulting with an estate planning attorney is essential to ensure that your estate plan is both appropriate for your circumstances and effective at accomplishing your estate planning goals. Some people try to save money by creating a will and other documents using free templated forms they download from the internet. These forms are not customizable, opening the door for omissions, inaccuracies and other major problems. Remember that your estate plan is the final word on your estate. You won’t be around to provide clarity or answer questions, so it is critical to ensure that your plan is clearly written, thorough and unambiguous. Otherwise, the time and money your family could lose during the probate process could easily exceed however much money you saved by creating your own plan.
Should I wait to plan my estate until my kids are grown?
No, don’t wait. Parents of young children can give themselves peace of mind by consulting an estate lawyer. Estate planning isn’t just about what happens to your possessions. It can also largely determine what happens to your minor children if you and their other parent were to tragically pass away. Thoughtful estate planning can make your wishes and preferences clear regarding guardianship, for instance. You can also establish one or more trusts to financially provide for your children immediately and into adulthood.
It is beneficial for everyone to start the estate planning process early, regardless of whether they have children. None of us knows what the future holds, which is why it is wise to be prepared sooner rather than later.
Do I need a trust? Should I have one?
Sometimes, an estate plan will require establishing a trust or other legal mechanism to achieve certain goals (e.g., minimizing estate taxes, avoiding probate, or caring for a special needs beneficiary). There are many different types of trusts commonly used in estate planning: a revocable living trust, an irrevocable trust, special needs trusts, credit shelter or by-pass trust, life insurance trusts, charitable remainder trusts and “QTIP” trusts. Each serves a specific purpose and can be of great benefit when used in the appropriate circumstances.
Trusts are not necessary or beneficial for every estate. However, they are sometimes the best or only way to achieve specific estate planning goals, and they are well worth the effort for the right estates. Our attorneys will take the time to understand your needs and goals and make recommendations about trusts accordingly.
What is the death tax?
The term “death tax” typically refers to the estate tax, which is imposed by the federal government and about a dozen states on the value of a person’s assets after their passing. Estate taxes are a liability of the deceased person’s estate, and should not be confused with an inheritance tax, which is a separate tax imposed on a deceased person’s heirs. The federal government does not impose an inheritance tax and only 6 states impose an inheritance tax. Florida, however, has no estate tax or inheritance tax, meaning only the federal estate tax would apply to Florida residents upon their death.
Fortunately, as of 2024, the federal estate tax currently exempts the first $13.61 million of a person’s assets from being taxed, and married couples can double that exemption. This means that the vast majority of estates will not be subject to any estate tax (except in very special circumstances, such as when very large gifts – millions – have been made during one’s lifetime). Under current law, the federal estate tax exemption will increase based upon inflation until 2025. Then, unless changed by future legislation, the current law will “sunset” and the estate tax exemption will be reduced to its 2017 level ($5.49 million for a single person and double that for a married couple).
If your estate is currently taxable, or may be taxable based upon the anticipated sunsetting in 2025, it would be prudent to consult with an estate planning attorney to discuss your options to reduce or eliminate your estate tax liability. If estate tax is not likely a concern, it is still prudent to consult with an estate planning attorney to discuss other important issues, such as probate avoidance, special needs planning and incapacity/long-term care planning.
What’s the difference between elder law and estate planning?
Estate planning is creating a plan for what becomes of your assets after you pass. Elder law focuses more on planning for and responding to the difficulties that often accompany aging. These include affording care in a nursing home or other long-term care facility, planning for the risk of mental and physical incapacity, preserving assets, making intelligent decisions about how they should be passed to heirs and beneficiaries and more. Our attorneys offer highly experienced representation in both estate planning and elder law, making us an ideal choice for comprehensive planning and protection.
Contact Us Today To Learn How We Can Help You
From our Coral Springs office, Feldman & Feldman serves clients throughout South Florida. To discuss your needs with our knowledgeable and caring attorneys, contact us today to schedule an initial consultation. You can reach out online or call 954-228-6074.