Estate Planning Lawyer in Miami Lakes
Common Estate Planning Myths
Estate planning serves as a powerful resource that enables you to direct precisely how your trustee handles your assets upon your death or disability. A well-crafted estate plan from an estate planning lawyer in Miami Lakes will ensure that both you, as well as your family, avoid any potential hassles concerning guardianship, conservatorship, probate, or any other unpleasant occurrences.
Unfortunately, numerous individuals fall victim to persistent myths or misconceptions regarding estate planning, in addition to what happens upon death or incapacitation. Many of these myths lead to people postponing the estate planning, sometimes until it’s too late.
Our estate planning lawyer in Miami Lakes from SchRamras & Diaz Family Law want to help you with some information concerning popular myths about estate planning.
I’m Not Wealthy Enough for Estate Planning
Estate planning does not purely service the rich. It provides plentiful benefits no matter your income or assets. A good estate plan will include provisions that range from caring for a child, surviving spouse, or pet, to transferring property or business interests. These plans adhere to your wishes and save you on taxes while effectively avoiding probate court.
I’m Too Young to Start Thinking about Estate Planning
Unfortunately, accidents happen. No one knows precisely when they will die, or experience incapacitation. Even when you wield no assets or no family to support, you should still possess a power of attorney as well as a healthcare directive in place. This will serve you well should you become disabled or incapacitated.
Joint Property Ownership is an Easy, Affordable Way to Avoid Probate
Joint ownership does pass responsibility to the other owner(s) outside of probate court. However, this is not usually a good idea. A joint ownership agreement passes ownership as a gift to the joint tenant. This could result in a sizable gift tax imposition.
When the process is over, the property is additionally owned by every joint tenant and is potentially subject to the claims of any joint owner’s creditor. Transferring a property into joint ownership is not revocable.
Keeping a Property from Probate Court Saves on Taxes
Probate court for any reason is governed by state law. This addresses and regulates how property passes when you die. This has nothing to do with federal state taxes and is outlined in the Internal Revenue Code. Estate planning may reduce estate tax. However, this does not affect any discussion concerning avoiding probate court.
I Already Have a Will, I Don’t Need a Living Trust
A proper trust will contain provisions that address what happens to your property when you experience incapacitation. Contrarily, wills only go into effect upon your death. The latter document will additionally outline who inherits the property.
If you own real property or possess over $100,000 in assets, we recommend possessing a will, in addition to a trust. This is a general recommendation for an optimal outcome should you enter into an unfortunate situation.
My Spouse Doesn’t Need to Take Action When I Die
When a spouse fails to adhere to legal formalities following an unfortunate death, this may result in substantial tax and legal ramifications. Although a drafted and adequately funded trust avoids probate court, living spouses still wield numerous tasks to perform. These could include filing documentation, sending out notices, as well as transferring assets.
Collecting and Inventorying Assets
A trustee’s initial and primary responsibility is managing assets and property interest. This concerns anything held in the decedent’s name, or that they own directly. The situation additionally includes separate property and a half interest in community property held with a spouse.
Managing assets is also the process of discovering, identifying, and obtaining possession of the decedent’s assets. They can then use this funding to pay taxes, creditor claims, as well as administrative expenses. The remainder ultimately disperses to any estate beneficiaries.
During the probate process, all of the deceased individual’s assets are collected and then accounted for. This will include accounts, stocks, bonds, funds, investments, insurance, cars, personal belongings, and real estate.
Depending on the assets’ value, this may necessitate an estate tax return. You should maintain awareness of any final expenses, as well as any potential creditors. This process is lengthy, however, if you take every appropriate step, the estate can come to a close easily and efficiently.
Estate Planning Lawyer in Miami Lakes from SchRamras & Diaz Family Law
An experienced estate planning lawyer in Miami Lakes can help you through planning out your posthumous wishes. This ensures your trustee can easily carry out their legal duties as required by law while additionally acting as an advocate on your behalf.
Our South Florida firm helps numerous individuals with their estate planning needs. We take the necessary time to listen and understand our clients while cultivating unique and individual strategies based on their specific needs.
No one wants to think about their death, however, this is a necessary part of ensuring that their property is protected should they become incapacitates, or suffer an unfortunate fatality. Our firm ensures that we take every step while helping individuals properly plan for these circumstances.
There is no reason to navigate complex legal matters regarding estate planning alone. For this reason, we provide our services as a legal resource to clients that need assistance cultivating wills, trusts, as well as general estate planning.
For more information on an estate planning lawyer in Miami Lakes from SchRamras & Diaz Family Law, contact our legal professionals today!