Why is Estate Planning So Important? Working with an experienced estate planning attorney to create a comprehensive estate plan can...
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Estate planning is a topic that many people may be uncomfortable discussing, but everyone should realize they have an opportunity - now - to put their affairs in order so they can proactively secure the futures of their loved ones or intended beneficiaries. If you have elderly parents, you have a chance to ensure that they have not neglected steps in a way that could cause setbacks for your family.
Contrary to what most people believe, estate planning is not just for wealthy people. As long as you have valuable assets to your name – a car, house, art collection, or even a handful of jewelry – estate planning is for you.
In order to get your affairs in order, it is important to consult an estate planning attorney. You need to lay out your plans and preferences when it comes to distributing your assets. An attorney can suggest the right estate planning strategies that fit your goals.
Contact the Family First Firm for an initial consultation to explore your estate planning needs and opportunities. If you want to know more about estate planning, our team can discuss the following with you:
If you pass away without a will, your heirs might still receive their share of the estate. However, the allocation will be dictated by the laws of your state. In legal terms, this is what is called “intestacy.”
In Florida, the rules of intestacy dictate that the surviving spouse would receive the whole estate if there are no children, or if all surviving descendants (children) are also shared by the spouse. If there are any descendants who are not shared by a surviving spouse, the estate would be divided into two, with one half going to the surviving spouse, and the other half subdivided among the descendants.
If you pass on without a spouse or child, your estate would go to your parents. If they are also both deceased, the estate would be divided among your siblings. With or without a will, the property in your estate is required to go through probate before any property is transferred to the purported heirs. Speak with an experienced estate attorney at Family First Firm to avoid the disappointment of intended heirs and gain control of the distribution of your assets.
Many issues can arise if someone in your family dies without a will or any estate plan. Your children or siblings might fight over their share, relatives might feel entitled to properties or other assets, and predatory creditors might take advantage and leave nothing to your intended beneficiaries. To avoid all of these from happening, it’s smart to consult an estate planning attorney while you have the ability to do so. Plan diligently now to prevent these issues from happening to your family.
An experienced and knowledgeable estate lawyer can suggest the right tools and strategies to help you preserve your family’s assets. Moreover, you can make sure that your preferences and last wishes will be implemented once you pass on. You need to prepare for the unexpected so a valid and effective estate plan will be in place when it is needed. Call the Family First Firm today and schedule a consultation.
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Probate is a court proceeding where a decedent’s (someone who passed away) last will is reviewed and validated by a judge. This process is necessary to ensure that the last will is valid and created by the decedent with full knowledge and awareness of its contents.
Some people seek to avoid probate because of the costs associated with it. Like any court proceeding, probate will require fees and a lawyer. The process can also take a long time.
For those who want to avoid probate, setting up a trust is a better option than relying upon a last will.
While estate planning is more concerned with the allocation or distribution of properties once you pass on, asset protection refers to an assortment of strategies geared toward ensuring your family’s wealth is preserved and protected from irresponsible heirs, judgment orders, and various unfortunate circumstances that may involve creditors or other liabilities.
Estate planning and asset protection can go hand in hand. To learn more about how asset protection strategies can benefit you and your family, consult an experienced estate planning attorney from the Family First Firm today.
We had a wonderful experience with Family First Firm - Medicaid & Elder Law Attorneys who helped us with our Will & Trust. Everyone on the staff was very professional and gave us top-notch advice and followed up on everything we asked about. I highly recommend them as trusted advisors.
When residents are admitted into a nursing home, family members are oftentimes exhausted, confused and overwhelmed.This is why, whenever the need for estate planning arises, as a leader in my facility I know exactly where to guide them-Family First Firm - Medicaid & Elder Law Attorneys.
Kudos to the staff at Family First Firm - Medicaid & Elder Law Attorneys, my experience working with them was exceptional. A great staff that knows their job to the fullest and goes far and beyond to make the client feel comfortable.
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