Estate & Wealth Transfer Planning
No matter your net worth, it’s important to have a basic estate plan in place to ensure that your family and financial goals are met after you die. A basic estate plan should cover the following three questions: Who do you want to inherit your assets? Who do you want handling your financial affairs when you die or if you’re ever incapacitated? Who do you want making medical decisions for you if you become unable to make them for yourself? Without a Will, a Power of Attorney, or Health Care Surrogate, you are taking the risk that the state will be making the important decisions for you.
More advanced planning includes the use of a Trust to put conditions on how and when your assets will be distributed upon your death. A trust also allows you to reduce your estate and gift taxes and to distribute assets to your heirs or other beneficiaries. A Trust is not just for the wealthy. It allows your trustee to distribute assets to your heirs and/or beneficiaries without the cost, delay and publicity of probate court, which administers wills. In addition, a trust can often provide greater protection of your assets from creditors and lawsuits.
If your net worth is at least $100,000 (dead or alive), and meets one of the following conditions, a trust would be of benefit to you if:
Other Planning Options
It is important to note that other estate planning options are available to save taxes and achieve other goals and objectives. These options include, but are not limited to, the creation or implementation of the following:
How do you get started with your Estate Planning?
By contacting a professional.
But even the professional will need an in-depth assessment of your goals, needs, and overall financial situation. Because of this, we have prepared a comprehensive “A Practical Guide to Estate Planning” booklet for our clients to read and fill in prior to beginning the estate planning process. To review this brochure, and our “Confidential Estate Planning Information Form,” to give us please click on the links below. We have also attached a memo about the current state of Gift and Tax Planning for 2012:
PLEASE NOTE: To the extent that this website contains tax related matters, it is not intended to be used for the purpose of avoiding penalties that may be imposed by law.
For more information regarding your legal questions, please call us at (954) 772-8050.
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AMERICAN BAR ASSOCIATION
FLORIDA BAR ASSOCIATION
BROWARD COUNTY BAR ASSOCIATION
ESTATE PLANNING COUNCIL OF BROWARD COUNTY
CHAIRMAN OF THE PROFESSIONAL ADVISORS COUNCIL, COMMUNITY FOUNDATION OF BROWARD
AGENT, ATTORNEYS TITLE INSURANCE FUND, INC.
AGENT, OLD REPUBLIC NATIONAL TITLE INSURANCE CO.
AMERICAN CANCER SOCIETY’S NATIONAL PROFESSIONAL ADVISOR NETWORK
LAUDERDALE BY THE SEA CHAMBER OF COMMERCE