Estate and Trust Lawyer located in Coral Gables that Regularly Assists Families in Strategic Drafting and Advising on the Estate and Tax Planning Process
Experienced Estate Attorney in South Florida
Many individuals are under the misconception that estate planning is only for the ultra-high net worth; however, that is simply not the case. Everyone needs to plan for the transfer of their most prized possessions including assets of value and personal sentimental effects.
What is Estate Planning?
Estate Planning is a broad term that is used to describe legal services dealing with the preparation process for the transfer of one’s assets before or after death. A well drafted estate plan considers all of the tax consequences with each legal instrument that is implemented and can include a wide variety of estate planning tools such as:
Wills vs. Trusts: What’s the difference and which one do I need?
When people say I need a ‘Will’ they are usually referring to a ‘Last Will and Testament’ which is a document that is used upon death of the testator (creator of the will) and will be used as a set of final directions for their personal representative or executor to administer.
A ‘Trust’ on the other hand is a broad term for a financial instrument that is usually created during ones life which sets out a set of rules for a definite period of time, which many times can last well beyond the settlor/grantor’s (creator of the Trust) death.
Our firm recommends that everyone should have a Last Will and Testament so that you do not die “intestate” whereby all of your assets will be distributed according to the State of Florida. We often recommend using a trust in addition to a will depending on each clients particular circumstance.
A Focused Miami Estate Planning and Florida Estate Tax Planning Attorney
In today’s age there are many assets that people do not consider when deciding what to include in their list of high value property, such as their Personal Digital Assets. Digital Assets are assets that many possess such as social media account passwords, digital currencies and domain URLs.
Our firm strongly believes in taking a proactive approach when drafting a Last Will and Testament and Durable Power of Attorney, ensuring that all assets are being considered. We also encourage our clients to take the time to consider what they care about most and instruct them to take an inventory of their most treasured assets and decide for themselves how they wish for the assets to be distributed.
Since every circumstance is unique, we believe in strategically crafting estate plans to exercise your specific goals and wishes, while keeping the tax implications in mind. Our Estate Planning lawyer is conveniently located in Coral Gables and works tirelessly to ensure that when you go through estate administration, it is done as seamlessly as possible.
Estate planning is not for those only concerned with protecting their financial health but those who wish to craft instructions to a loved one that can make ultimate decisions about their physical health in the event that they are incapacitated. Protecting your assets, or assets of a loved one, can mean all the difference when you are in the probate process or in the process of probate administration.
The Polidoro law firm advises and assists clients in drafting their Florida Advance Healthcare Directives such as a Florida Living Will and Florida Designation of Healthcare Surrogate. These can be vital documents when the uncertainty arises.
Planning for Minor Children
Many families, especially those with minor children are worried about what is left behind for their loved ones. Spendthrift provisions and planning with trusts can give families the reassurance they need to effectively plan for their descendants.
Florida families want to protect their wealth, and pass that wealth on to their family members with the least cost and taxes. Any U.S. citizen can see their life savings attacked and destroyed in a single lawsuit. A good Miami estate planning attorney knows how to integrate estate planning with asset protection so that exposed assets, what creditors call “low hanging fruit”, are protected. Such exposed assets could be other real estate you own if a bank threatens foreclosure on your property.