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Comprehensive Estate Planning Services in Boca Raton, Florida
At The Siegel Law Group, P.A., we understand that planning for the end of life can be uncomfortable and even frightening. However, regardless of your income level, establishing a comprehensive Estate Plan that conveys your wishes for handling your assets after you’re gone, complies with state law and keeps your Estate out of Probate while protecting your children and grandchildren’s inheritance from divorces, lawsuits and creditors is vital to your legacy. Such Bloodline Planning helps keep your hard-earned assets in the family and protects your loved ones today and in the future.
According to a 2024 Wills survey from Caring.com, only 32 percent of Americans have a Will, a six percent decline from 2023. Furthermore, since 2023, more adults have cited “a lack of assets” as their reason for not engaging in Estate Planning.
From our Boca Raton office, the Estate Planning Attorneys at The Siegel Law Group, P.A. help families, seniors and their loved ones in South Florida establish an Estate Plan that suits their unique needs. Contact us today to schedule a free consultation.
Key Takeaways Regarding Estate Planning in Florida
- Individuals without many assets still need an Estate Plan
- Dying without a Will in Florida can lead to many problems for your family and your assets
- The role of your Will in a comprehensive Estate Plan
- Types of Power of Attorney (POA) & their roles
- Creditors and nursing home costs can threaten your assets and savings
- Tax liability in relation to your Estate Plan
- How Wills and Trusts can work differently and in coordination relative to Probate
- How our Florida Estate Planning attorneys can help you
Why You Need an Estate Plan Even If You Don't Have Many Assets
An Estate Plan is a necessity for everyone, regardless of wealth. This is true for several reasons, including:
- Control Over the Distribution of Your Assets: If you don’t have an Estate Plan, all the assets you have, however modest, will be distributed according to Florida’s intestacy laws, and these laws may not align with your personal preferences. An Estate Plan specifies your wishes for distributing your belongings, including financial assets, sentimental items, or real estate.
- Appointment of Guardians and Trustees: For those with minor children, an Estate Plan enables them to appoint Guardians for their children’s care should both parents tragically pass away. In a Last Will and Testament, you can also designate Trustees or Managers for any assets left to young beneficiaries.
- Healthcare Decisions: Your Estate Planning should include a Healthcare Directive or Living Will to outline your wishes concerning medical treatment if you become incapacitated. You can also appoint a trusted individual to make healthcare decisions on your behalf.
- Financial Decision-Making: In the Estate Planning process, you can establish a Durable Power of Attorney, in which you appoint someone you trust to handle your financial affairs if you become unable to manage them yourself. Such decision-making can encompass paying bills, managing bank accounts and handling other financial matters.
- Avoiding Probate: Proper Estate Planning can help you avoid or simplify Probate. You can transfer certain assets directly to beneficiaries without Probate, saving time and reducing legal fees.
- Peace of Mind: Putting your affairs in order with proper Estate Planning gives you and your loved ones peace of mind, knowing your wishes will be upheld and your family’s burden minimized during a time of mourning.
- Other Specific Concerns: Estate Planning can also address other specific concerns, such as providing for a pet’s care, handling digital assets or leaving instructions for your funeral arrangements.
Regardless of the amount of assets you have, Estate Planning in Florida allows you to take control of your personal and financial matters, care for your loved ones and uphold your wishes after death. Request a free consultation to explore how our experienced estate attorneys can guide you regarding important decisions affecting your family’s future and assets.
Why Choose The Siegel Law Group, P.A
Our goal at The Siegel Law Group, P.A. is to help our clients and their families have better futures by addressing Elder Law concerns, preparing for life’s challenges through comprehensive Estate Planning and guiding personal representatives through the Probate process in Florida. We offer personalized solutions tailored to your needs while protecting your family’s legacy.
You can rely on our team to be here for you and by your side in the protection of your assets and interests:
- We often work with the family members of an elder seeking comprehensive planning for care, protection of assets and related considerations such as protection and distribution of assets in circumstances such as Probate.
- We take the important extra step of funding your Trust with your intended assets when we create your Trust, and we also routinely remind you in case you may have additional assets to fund.
- We do a review of your Estate Plan with you every three years, discussing any changes in relationships, finances or laws that may affect your plans or intentions.
- We educate our clients on bloodline planning to ensure children are in line for your assets when appropriate, preventing your assets from potentially being lost in divorces or blended family scenarios.
- Our firm conducts free post-death consultation and successor seminars to guide your family through the full process.
With over 22 years of experience, our esteemed Florida firm guides you through each step of the Estate Planning process and tailors a plan that prepares for your concerns, your needs and a legacy for your family. Hablamos español.
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The Consequences of Dying Without a Will in Florida
Dying without a Will, or dying “intestate” as defined by Florida Estate Law, inflicts dire consequences on the management and distribution of your Estate, including:
Intestacy Laws
Without a Will, your assets will be distributed according to Florida’s intestacy laws. Following a specific hierarchy, these laws generally favor a surviving spouse and blood relatives. Parents or siblings might inherit an Estate from an unmarried individual. As our Estate Planning attorneys can attest, these stringent laws do not consider your personal relationships, family dynamics, or charitable giving desires.
Unintended Beneficiaries
Estranged family members could gain control over your assets, instead of friends, partners, or charities you might have preferred.
Guardianship Problems
If you have minor children and you die without a Will, a Florida Court makes the decision regarding who will be their guardian, risking your children’s future to someone you would not have chosen.
Prolonged and Expensive Probate
The absence of a Will prolongs and complicates Probate, making it more expensive. The Court will appoint an Estate Administrator, potentially leading to delays and additional costs. During a time of grieving, your family will experience more stress.
No Say in Asset Distribution
Absent a Will, you forfeit an opportunity to design your asset distribution according to the specific needs or complex situations of your beneficiaries, such as establishing trusts for minors or individuals with special needs.
Higher Risk of Legal Challenges
If you die without a Will, your Estate could be vulnerable to disputes among family members. Lacking your explicit instructions, conflicts over asset distribution can arise, leading to legal issues and battles.
Business Ownership Problems
If you’re a business owner and you die without a Will, it will complicate business succession and endanger the smooth operations of the business.
Real Estate Challenges
Lack of a Will can complicate the fate of real estate you own, particularly if it’s in another state, as state laws vary and multiple jurisdictions could be involved.
The Importance of Living Wills in a Florida Estate Plan
In the context of Florida law, a Living Will is a comprehensive and critical document in your Healthcare Planning for several crucial reasons.
- Definition and Purpose: A Living Will is a legal document explicitly outlining your preferences for medical treatment in situations where you cannot communicate your decisions. It includes your wishes regarding the use of life-sustaining measures, resuscitation and other end-of-life care options.
- Decision-Making: Take control of your medical decisions by specifying your preferences for treatments like artificial hydration, nutrition and mechanical ventilation. Clearly outline when you do or do not want these life-prolonging interventions.
- Guidance for Family and Doctors: A Living Will gives your family and healthcare practitioners clear instructions, ensuring that your medical care will align with your values and wishes. During emotionally volatile moments, it helps to avoid family conflicts or confusion.
- Legal Validity in Florida: Florida law recognizes a Living Will and requires healthcare professionals to honor it. Because it is legally binding, you can have peace of mind knowing your wishes will be fulfilled.
- Empowerment and Autonomy: This legal document gives you autonomy over your medical care. This allows you to control decisions about your health and body even when you are unable to express them.
- Complement to Other Health Directives: Estate Planning Attorneys often counsel clients to establish a Living Will as one component of a broader set of Health Care Directives, potentially including a Health Care Surrogate Designation. This appointed individual makes healthcare decisions for you, based on the preferences you’ve stated in your Living Will.
- Beneficial for Everyone, Not Just the Elderly or Terminally Ill: An Estate Planning attorney with experience guiding individuals and families in various stages of life knows that people often associate Living Wills with the elderly or the terminally ill. However, a Living Will is vital for anyone because accidents, sudden illnesses and unexpected medical situations can happen at any age.
- Peace of Mind: Knowing you have established a legal process and plan for your healthcare can offer indescribable peace of mind to you and your loved ones. It reduces the burden on family members who might otherwise face these difficult decisions without the benefit of knowing your preferences.
Power of Attorney: Types and Roles in Estate Planning
In Florida, a Power of Attorney (POA) is a legal document that confers authority to another individual to make decisions on your behalf. The two primary types are:
- Durable Power of Attorney: Typically covering a wide range of legal and financial decisions, a Durable Power of Attorney remains effective even if you become mentally incapacitated.
- Health Care Power of Attorney: A Health Care Power of Attorney empowers someone to make your medical decisions if you cannot.
Choosing the right POA with the help of an attorney ensures that your affairs can be managed according to your preferences, even if you become unable to make your own decisions.
Protecting Assets from Creditors or Nursing Home Costs
Strategic Asset Protection — including Medicaid Planning in Florida — can safeguard your assets from creditors and nursing home expenses.
- Irrevocable Trust: An Irrevocable Trust can be a powerful tool. Once you make a legal transfer of assets into an Irrevocable Trust, they generally aren’t considered your personal assets anymore, which can protect them from certain types of creditors and support Medicaid Planning. Assets placed in Irrevocable Trusts may not be counted towards Medicaid eligibility limits, subject to look-back periods and other regulations.
- Revocable Living Trust: In this legal arrangement, one person uses a Trust to manage assets during their own lifetime for the benefit of one or more specified people after the creator of the Trust dies. A properly funded Trust’s assets avoid Probate, maintain privacy, can be revised or revoked during the grantor’s lifetime and can be utilized to manage assets for minors in the event something happens to their Guardian.
- Survivor’s Trust: Also known as a Survivor’s Revocable Trust, this legal arrangement allows a surviving spouse to retain ownership and control over the assets placed in the Trust after the death of the other spouse. It ensures that the surviving spouse can access and manage the assets according to the terms specified in the Trust and typically includes provisions for the distribution of assets to beneficiaries after the passing of both spouses.
- Medicaid Planning: This crucial aspect of Estate Planning structures your assets and income to help you qualify for Medicaid, which can significantly offset nursing home costs. Working with an Estate Planning Attorney, it could include strategies like Income Trusts, spend-down techniques and careful management of asset transfers designed to meet Medicaid’s strict financial requirements.
- Homestead Exemption: Florida’s homestead exemption laws protect your primary residence from specific creditor claims, and in many cases, this protection includes Long-Term Care Planning.
- Long-Term Care Insurance: Buying Long-Term Care Insurance helps cover nursing home costs and reduces the need to deplete your assets.
- Make a Legal Transfer of Assets: Transferring assets to family members or into a Trust can support your Asset Protection strategy, but it must be done with careful consideration of the Medicaid look back period. An experienced Estate Planning Attorney can guide you through this process.
Medical planning involves complexities to be navigated with the guidance of a licensed attorney who focuses on Estate Planning and Elder Law. Much like a financial planner, attorneys who are Estate Planners will meet with you to discuss your unique goals and circumstances and offer individualized Estate counsel that considers all relevant factors. These may include, but are not limited to tax liability, inheritance taxes, home purchases and other assets, retirement accounts, laws of certain states that may be involved and other considerations.
Estate Planning and Tax Liability
Understanding the tax liability of your Estate Plan is crucial for effectively managing and preserving your wealth for your beneficiaries. Although Florida’s state-specific regulations reduce tax burdens, you must be aware of various federal tax considerations.
- Florida’s Tax Landscape: Unlike certain states, Florida does not impose a state estate or inheritance tax. However, federal tax considerations still apply.
- Federal Estate Taxes: Federal estate taxes may be applicable to larger estates, if they exceed a specific threshold (periodically adjusted for inflation) . A knowledgeable and experienced Estate Planning attorney can keep you informed about the current exemption limit and help you plan accordingly.
- Gift Tax Considerations: The federal government taxes gifts above a certain annual or lifetime limit. From an Estate Planner perspective, our attorneys recognize that strategic gifting can be an effective strategy. However, knowing the limits of strategic gifts as an Estate Planning component is critical if you want to avoid unintended tax consequences.
- Income Taxes for Beneficiaries: Beneficiaries may also deal with inheritance taxes. Certain types of inherited assets, such as retirement accounts or investment income, can be subject to income taxes when distributed or when gains are realized.
- Generation-Skipping Transfer Tax: For individuals planning to leave substantial gifts or bequests to grandchildren or significantly younger non-immediate family members, the Generation-Skipping Transfer Tax (GSTT) might apply. This is a federal tax on transfers that skip a generation.
- Trust Taxation: If your Estate Plan includes Trusts, understanding the tax implications for different types of Trusts is vital to your strategy. Trusts can be subject to different taxation rules as compared to individuals, and these rules can influence how you structure your Trust.
- Impact on Real Estate: For real estate holdings, including a home purchase, consider potential capital gains taxes when completing a purchase contract and sale of the property. For inherited real estate, the basis of the property is typically stepped up to its current market value, which can be beneficial for the beneficiary.
- Charitable Contributions: Including charitable donations in your Estate Plan can not only fulfill philanthropic goals, but also provide tax benefits. Charitable bequests can reduce the size of your taxable estate.
- Life Insurance Policies: Although life insurance payouts are generally not subject to income taxes, they can be included in your Estate for Estate Tax purposes under certain circumstances. Proper planning can help in structuring life insurance to avoid increasing the estate tax burden.
- Professional Guidance: Given to the complexities and nuances of tax laws, it is wise to work with an attorney who is an Estate Planner and a tax advisor. A seasoned attorney can inform you about changes in laws and advise regarding tax-efficient strategies for your specific circumstances.
Florida lacks an estate or inheritance tax at the state level, which benefits residents, However, an effective Estate Plan must still carefully consider and plan for federal taxes, including estate, gift, income and GSTT. A comprehensive approach, ideally with professional guidance, can seek to ensure that your Estate Plan maximizes benefits for your beneficiaries while minimizing tax liabilities.
What is the Difference Between a Will and a Trust in Florida?
The main difference between a Will and a Trust pertains to Probate and the timing of asset distribution:
Probate Process:
- A Will must go through Probate Court. This involves validating the Will, identifying assets, paying debts and distributing the remaining assets to beneficiaries, which can be time-consuming and costly.
- On the other hand, a Trust is not subject to Probate. Assets held in a decedent’s Trust can be transferred directly to the beneficiaries without Court involvement.
Timing of Asset Distribution:
- A Will takes effect only upon death, meaning its instructions are carried out in the Probate process after the individual passes away.
- In contrast, a Trust can take effect immediately upon its creation, allowing for the management of assets (and potentially their distribution, depending on the type of Trust) during the grantor’s lifetime and potentially avoiding delays associated with Probate.
Furthermore, a Trust enables the grantor to maintain privacy as the Trust’s assets and distributions are generally not part of the public record, whereas a Will becomes a matter of public record during Probate in Florida.
Do I Need the Assistance of Estate Planning Attorneys?
Trust and Estate Counsel is vital for mitigating your tax burden, protecting you and your loved ones and securing Long-Term Care with Medicaid Planning. An experienced attorney will ask and answer questions for a successful Estate Planning process that anticipates future changes, complies with state laws and federal laws and serves your intended purpose.
Contact Us below or Complete Our Online Form
Call Us Today
(561) 955-8515
Contact Us below or Complete Our Online Form
Call Us Today
(561) 955-8515
Secure Your Legacy with The Siegel Law Group, P.A.
As we move through life and its inevitable changes, preparation is critical. With over 100 years of combined experience, The Siegel Law Group, P.A. in Boca Raton, Florida wants to guide you through every step of the Estate Planning process. Our dedicated Estate Planning attorneys help South Florida families, seniors and their loved ones prepare for the future.
Whether you need to create or update your Estate Plan, are preparing for Long-Term Care, have a loved one entering or already living in a nursing home or need to develop a strategy for your business, we are here to assist you.
Contact us at (561) 955-8515(561) 955-8515 or complete our online form to schedule a complimentary consultation.
The Siegel Law Group, P.A. ~ Reviewing Estate Plans with our Valued Clients Every Three, Six and Nine Years to Keep Pace with Life’s Inevitable Changes.
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