Thinking about creating an estate plan? In fact, are you making the creation of an estate plan a priority? According to a 2022 survey, less than one-third of Americans have an estate plan in place, however, almost two-thirds of Americans recognize that having an estate plan is important. From the same survey, the primary reason why people do not have an estate plan in place, despite believing it to be important, is because they just have not yet gotten around to it. We would like to discuss reasons for why you should make it a priority to work with an experienced Florida estate planning attorney to create an estate plan to protect your assets and your wishes.
1. Tax planning is a priority. By planning ahead and creating your estate plan you may be able to minimize the amount of taxes your estate may have to pay. Depending on the location of your property and the size of your estate, the tax burden on your estate may be very significant if you do not have an estate plan to put into place.
2. Planning for your children is a priority. Do you have children? If yes, then you will find that there are many reasons why estate planning is important. For example, with an estate plan you can identify in your will who you would like to raise your children in the event of your death because, otherwise, a court will probably make that decision for you. Also, with your estate plan you will be able to decide how your assets are distributed to your children in the event of your death. If you die without an estate plan, the distribution of your assets will likely be governed by the laws of the state of Florida.
3. Privacy is a priority for you. Are you concerned about the public nature of probate? Do you want to keep your estate private when you pass away? Start working with a Florida estate planning attorney to look into a variety of estate planning tools, other than a last will and testament, that can help you accomplish this goal.
4. Planning for incapacity should be a priority. Have you given thought to what would happen if you became incapacitated due to an accident or illness? Who would make healthcare decisions for you, pay your bills or take care of your business. In addition to handling your assets when you pass away, estate planning also involves planning for the possibility that you could become incapacitated and, therefore, unable to make your own decisions or communicate them for yourself.
We know you may have questions about this, and many other, issues. At the Law Office of Brian C. Perlin, P.A., our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.