While no one really wants to think about dying, estate planning helps ensure that the survivors are prepared if something happens to one of the family’s bread winners. By being proactive with the proper planning and documentation, assets pass to those who they were intended for. Just as importantly, estate planning also ensures that one’s end of life experience is carried out as that individual has designated.
Estate planning is an essential process in life, no matter what your age, income, or asset value. Without it, the state of Florida can make decisions that may not be what you wanted for yourself, your assets, or your family. Read further and then meet with the attorneys of Staack, Simms & Reighard, PLLC to discuss your needs and the many benefits of a well-thought out estate plan.
Estate Planning Benefits
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Assets – You decide who inherits your assets through a will, beneficiary designation, a trust, or by owning assets jointly. There are certain advantages to each of these options, and with our counsel, you can choose exactly what combination works for your particular situation.
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Spouse – If you want the remaining assets you left to your spouse to stay in your family after his or her death, there are ways to make specific gifts or set up trusts to ensure this will happen.
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Children – You have the opportunity to appoint a guardian for your children and designate a trustee to manage the money they receive.
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Blended Families – Make certain that the children, property, and assets that have been brought into or create by the blending of families are handled in the way you intended them to be.
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Protecting the Value of Assets – A major goal in estate planning is transferring assets to heirs with the smallest tax burden possible. As an example, a trust can also protect against creditor’s claims to your assets. Our firm will advise you about various options.
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Healthcare – If you become temporarily or permanently incapacitated, a medical directive or power of attorney can be used to instruct your doctors and family to make certain decisions for you. Without those critical documents, a court appointed guardianship could affect you and your property.
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Avoiding Family Issues – A will minimizes and helps eliminate misunderstandings that occur after a loved-one’s death. Prepared properly, a will contest can be avoided.
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Probate – There are several estate strategies to avoid probate. A will does not avoid probate, but with the appropriate provisions, probate doesn’t have to be costly.
Avoid Legal and Personal Problems
There are significant financial and personal benefits to being proactive and meeting with Clearwater estate planning attorneys. Estate planning gives you the power to determine how you want your personal, medical, and financial affairs handled. The firm of Staack, Simms & Reighard, PLLC will discuss your goals with you, make professional recommendations, and prepare the suitable documents or entities to make certain that your wishes are well-documented and can be upheld. In addition, an estate strategy can save a significant amount of your wealth with the proper tax planning.
Don’t leave bewildered family members behind to try to sort out your affairs and figure out what your intentions would have been. We will provide expert legal counsel so that you are knowledgeable and confident about your estate plan and the choices you make.