Estate Planning Like A Pro
When it comes to estate planning it can be hard to feel like you really have a handle on things. Chances are, you have more assets and things that need planning for than you realize. Since you can’t know what you don’t know, working with an estate planning attorney is usually the best course of action to ensure that your estate plan is comprehensive and sufficient to meet all of your needs. In this article, we will share some tips to help you get started on your estate planning journey like a professional. Of course, this information is intended to be general. If you would like personalized feedback and advice based on your specific case, you are encouraged to contact the Law Offices of Larry E. Bray to schedule a consultation.
Tips for Taking Your Estate Plan to the Next Level
There is not one generic formula for the perfect estate plan. Every person’s needs are different, and creating the perfect estate plan for you involves identifying all of your wants and needs and then ensuring they can be met with an assortment of estate planning tools.
- Talk to experts. A lot of times, people’s estate plans suffer because they are not aware of all the available options, or all of their existing assets. That’s why working with a number of professionals can make all the difference. In addition to working with a Florida estate planning attorney, a financial expert and tax consultant can also make a huge difference when it comes to identifying your financial and estate planning needs and ensuring that all of your assets are accounted for.
- Take all the tax benefits. That’s right, it is possible to make your estate plan work for you. Certain trusts shield your assets (and all income that they produce) from tax liability. This can have massive long-term financial benefits, and the sooner you begin taking advantage of them, the more you will gain.
- Avoid probate. Probate is the court process used to settle your estate and distribute your assets after you pass away. This process must be undergone in the event that you do not have an estate plan in place. It must also be undergone in the event that you used a will. This is because the will must be determined to be valid before it can be relied on. This also gives daily members and beneficiaries this chance to challenge the will if they don’t feel it is valid or fair. This can greatly extend what can already be a lengthy process during which your loved ones will not have access to certain assets that they had come to rely on during your life. The cost of probate is deducted from the estate before it is distributed, so going through probate can significantly deplete the overall assets.
- Look into trusts. Trusts can be a great way to avoid probate as well as to avoid or limit tax liability and ensure that your loved ones will have access to any assets that they require. Trusts are also a good way to set yourself up for estate planning success early.
- Make arrangements for care of dependents. Often when we think about estate planning we focus on assets, but a comprehensive estate plan includes plans for managing all aspects of your life for which you are responsible after your death. An estate plan can also include instructions on who should care for dependents, including children and even pets.
Talk to a Florida Estate Planning Attorney
If you are ready to start making an estate plan or require assistance with your estate planning needs, contact the Law Offices of Larry E. Bray and schedule a consultation today to find out how West Palm Beach estate planning attorney Larry E. Bray can help you prepare for your future.