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One common misconception is that estate planning is only for death. This is not the case. An effective estate plan will protect you during your lifetime and protect your assets at death. During your lifetime, effective estate planning can protect you from guardianship, and can protect you from allowing state laws to dictate the course of action that would be followed in the event of incapacity.
Another common misconception is that estate planning is only necessary for wealthy individuals. This is not the case. The reality is that everyone needs a Living Will, Health Care Surrogate Designation, and Durable Power of Attorney, and everyone can benefit from creating a Will and/or trust. Whether you have a large net worth or little net worth, you need an estate plan. At your death, an effective plan may protect you from loss of assets due to unnecessary taxes, prevent state law from dictating how and to whom your assets are distributed, and prevent state law from dictating who will administer your estate. We will create a simple plan or a comprehensive and potentially complex plan depending on your individual needs.
Effective planning also provides peace of mind to clients and family members during your lifetime and after your death. Gulf Beaches Law, P.A. can help you create the most effective estate plan to suit your needs and wishes
Estate Planning Areas
Advances in medical care and technology now make it possible for a person to stay alive by artificial means for much longer he or she would have in the past. In some cases, a person may be kept alive by the use of a ventilator, artificial hydration and nutrition and other similar procedures. A person may be kept alive
There are many advantages to having a Trust rather than simply having a Will. One major advantage is that a Trust may make it possible to avoid probate. The Trust is created and your assets are placed in the Trust through funding. With a typical grantor Trust, you can continue to use these assets during your lifetime.
A Last Will and Testament (“Will”) is a written legal document that specifies your wishes for how you want your estate to be handled when you die. Among other things, a Will commonly indicates how your property and assets will be distributed, who you want to administer your estate, who you want to be