Wesley Chapel Estate Planning Lawyer
Estate planning can be overwhelming to think of when everyone in your family is healthy and doing well because it requires that you acknowledge our temporary existence with loved ones. However, as Florida Today reports, the consequences of taking short cuts with estate planning such as adding a person to the title of a property instead of leaving it to the next generation in a will or trust can lead to huge financial losses after a loved one’s death. The Wesley Chapel estate planning lawyers at The Law Office of Laurie R. Chane are here to help you navigate through all the tax consequences and family dynamics to ensure your estate is dividing as you wish.
A simple will is an essential of every estate plan. Every estate plan needs a will, which can be changed at any time throughout the testator’s life. A simple will is used to distribute the testator’s property and communicate their last wishes, such as funeral and burial matters, who takes care of their pets, and more.
Probate is the process of proving a will, which must be done in court. The person in charge of overseeing the probate process is the personal representative, who is usually a spouse, child, or other close family member of the decedent. Before assets can be distributed to beneficiaries, all debts and taxes must be paid with the assets held in the estate. It is highly recommended that the personal representative work with an attorney during probate to avoid mistakes, and potential legal liability for making errors.
There are dozens of types of trusts used to protect assets from creditors and taxes, and to avoid probate, which is a lengthy and expensive process. An estate attorney will be able to determine what types of trusts suit your needs most closely.
Long Term Care Planning
A private room in a Florida nursing care facility costs just under $10,000, per month, according to Senior Living. Independent living and assisted living homes can be nearly as expensive, and just as impossible to pay for if you are not a millionaire by the time you are in your mid 60s. Because over half of people who make it to the age of 65 will need long term care at some point in their lives, according to Morningstar, long term care planning is not something you should put off or avoid doing.
Other Estate Planning Essentials We Can Help You With
- Advance Medical Directives;
- Financial Gifting;
- Power of Attorney;
- Litigation in all matters; and
Contact a Wesley Chapel Mediation Lawyer Today
It is never too early to consider estate planning. Maybe you bought a new home, had a child, or found out about an illness. Even without a significant life event, taking time to determine how your assets will live on into the future is an important step to protect those around you. Call The Law Office of Laurie R. Chane to speak with one of our skilled Wesley Chapel estate planning attorneys. Call us today at 352-567-0055 to schedule a meeting.