Managing your Real Estate can be a complex and time consuming proposition. Often times, property owners are caught up in the day-to-day of managing these responsibilities and they fail to be proactive about planning for negative life events and their own passing. The reasons why an estate plan is valuable are numerous, but here are 5 reasons why you should consider speaking to an Estate Planning Attorney about your estate that you may not have considered:
Avoid costly probate administration so that your property can pass to the next generation in an economically efficient and timely manner.
Property is the most common asset that needs to go through Probate, a court process that administers a deceased individual’s estate. The probate process can cost thousands of dollars and take months, if not years, before a beneficiary can control and manage a property.
Designate heirs for your assets so the court doesn’t make that decision for you.
Without a proper estate plan, the court, by following Florida law, will distribute a decedent’s estate. If you set up your own estate plan, you have a say in how your estate is distributed after your death.
Minimize the size of your estate to create the smallest federal estate tax burden for your heirs.
By using estate planning techniques, we can minimize your tax obligations when you pass away. The exemptions that are available now, may not be available in the future when you pass away, so it is a good idea to speak with an Estate Planning Attorney about how you can minimize your tax liability after death.
Choose who you want to control your finances and assets if you become physically incapacitated, mentally incapacitated or after you die.
By having the proper documents in place, you can arrange for someone you trust to manage your properties and affairs for you if you are unable. If you do not have these documents in place, your family or business partners may be forced to go to the courts and pay tens of thousands of dollars in attorney’s fees to gain control of assets that you own.
Protect minor beneficiaries or adult beneficiaries from bad decisions, outside influences, creditor problems and divorcing spouses.
If you have minor children, you want to ensure that you do not cause additional costs when you pass away. If you leave a minor child over $15,000 it can trigger a Guardianship process. This can be avoided by proper estate planning. Furthermore, you can protect the assets you leave behind from being taken by the ex-spouse of any of your children going through a divorce, their creditors and other potential dangers. If you have a child/spouse who is receiving governmental benefits, you could cause them to lose this support if you have not properly planned your estate to prevent their direct inheritance.
If you would like to learn more about the benefits of an estate plan, or would like to speak with our Estate Planning Attorney about your specific circumstances, please do not hesitate to reach out for a consultation. These consultations can be done in-person, over the phone or by video chat. You can call us at 561-672-1161 or fill out the Contact Form to get started with your consultation.
About the Author
Brett Halperin focuses his practice on Estate Planning, Probate/Trust Administration, Elder Law and Asset Protection. Brett works with clients of all asset levels to help them plan their estate and transfer wealth to their preferred beneficiaries. He can also assist family members who have lost a loved one navigate the probate process to gain control of the decedent’s assets.