Estate planning attorneys often times run into situations where clients undermine the importance of having an estate plan. After the Tax Cuts and Jobs Acts (“TCJA”) was passed, the estate tax exemption nearly doubled to $11.18 million for single individuals and $22.36 million for those that are married. Due to the immense increase in the exemption, the market for secession planning has encountered a short decline. However, planning is necessary so that your best interests are adhered to in the event you’re unable to adhere to them yourself.
What is the Purpose of a Florida Estate Plan?
However, what individuals sometimes fail to realize is that an estate plan covers far more than just estate taxes. The objective for an estate plan is to properly plan for every aspect of your future and your family’s future in the long run. A Trust & Estates attorney will put your interests and wishes in order by securing your assets from creditors and making sure your minor children are provided for and taken care of should any unfortunate event occur.
Your estate pan also includes business succession planning as well, not only should your family be taken care upon your death, but your business should be ensured safe keeping as well. As a business owner, it’s important to take plenty of precautions and plan for the far-reaching future. This not only allows careful thought for your descendants, but to also bear the best interest of your employees should your death occur.
Why is it Important to Have an Estate Plan in Florida?
By placing the utmost security on your property, we ensure that your estate will avoid the probate process. In order to avoid probate, a trust document should be put in place and will lay out the foundation of your wishes and specific plans you yearn to execute during the near end stage of your lifetime and upon your death. In addition, coordinating transfers of property upon death is also vital and utilized in your estate plan, as many property transfers can avoid probate when they are listed and put together properly.
Planning for instances like disability or incapacitation can make your life and your family’s life a lot easier, should a circumstance like that occur. This is another great objective to an estate plan because it prepares for a situation that, although unwanted, could very well occur.