Essential Purposes of Estate Planning

Work with an estate planning attorney in North Miami Beach, FL

It is neither difficult, expensive, nor time consuming to protect your assets and your family's future with an estate plan.

There are three essential purposes to any estate plan. The minimization of taxes, avoidance of potential creditors, and the conveyance of your property (real or personal) when you pass away. These three purposes are accomplished through the strategic use of Wills and Trusts.

Wills and Trusts

Wills and Trusts

Estate planning starts with a Will. The Will is a legal document which transfers your property, upon your death, to your beneficiaries in the manner you decide. However, a Will needs to go through Probate, a long, public and expensive process through the court system. The key to avoiding probate is careful attention to estate planning. As your attorney, I can work closely with your accountant or financial advisor to determine what estate planning instruments are appropriate for your situation. The most important strategy for avoiding the public probate administration is creating a Trust.

A Trust is a document that conveys your property into the Trust, which then holds and administers your property, per your desires. A Trust can also help protect your property from any potential creditors.

There are also several key documents that every Estate Plan needs. Because the documents are so important, we also provide these documents as a separate service, at a reduced price. They are the Durable Power of Attorney, that enables a named person to make financial decisions for you; a Healthcare Surrogate or Healthcare Power of Attorney, that enables a named person to make healthcare related decisions for you; a HIPPA release, so that a named person, usually a close family member, can speak with your medical providers; a Living Will, that clearly states your intention regarding life support. These documents are critical to have for everyone, regardless of your financial strength.

Many single or married people need only a simple will, living will, and durable power of attorney to complete their estate plan. Together we will evaluate your goals and resources, consult with your CPA or financial planner, and help you determine whether the modest investment in a trust is appropriate in your situation.

Durable Power of Attorney

The Durable Power of Attorney allows a person that you appoint, to act and make decisions financially as if they are you. The Durable Power of Attorney "kicks in" when it is signed. Meaning, the Grantee (the person giving the power), does not need to be incapacitated before the Power of Attorney becomes effective.

Because the power is so strong, it is highly recommended to grant the power only to someone who will act responsibly and in the best interest of the Grantee. Our power of attorney is also designed for the Grantee to apply for government benefits such as Medicaid, Social Security, and VA.

The Power of Attorney ceases, or becomes null and void, by either one of the following scenarios: (1) the Grantee passes away; (2) the Grantee signs a revocation of power; or (3) a new Power of Attorney is signed.

Healthcare Surrogate

The Healthcare Surrogate, or Healthcare Power of Attorney, enables the person you appoint to make healthcare decisions for you when you are not able to. For instance, if you end up at the intensive care unit at the hospital, you would be unable to make your own healthcare decisions. Without this document in place, the hospital staff and doctors would make those decisions for you.

Asset Protection is designed as a means to protect your assets from creditors. Assets are everything from real estate to cash in the bank, and creditors could be a soon to be ex spouse, or a tenant who "fell" in your rental house.

Call us today. Together create an estate plan that meets your needs and offers you solutions to your issues.

College Kit

The College Kit is a set of documents that every parent needs when their kids go to college.

It is important because as a parent you are not legally entitled to automatically speak with your adult kids' doctors or make healthcare decisions, or have access to their bank accounts.

The College Kit enables a parent to speak with a doctor or hospital staff if something were to happen to your child, and make financial decisions. The financial decisions includes having access to the school's transcripts, which the parent is normally not privy to having access.

The cost is a very reasonable $550 for the set of documents.

Give us a call for a free consultation at (786) 463-4463 or email at info@elderslf.com.

Payments can be made HERE

Pre-Need Guardian for Minor Children

If you have a minor child it is strongly recommended to have a designation of a guardian in case something were to happen to you and the other parent. If a tragedy were to strike, the last thing that you would want is for the two sides of the family to fight over who would become the guardian of your children. I have seen this happen so many times, it is heartbreaking. Even worse is when the guardian also has control of the Life Insurance monies!!

For this reason I suggest that you create a Trust with us. At a minimum, you should have a Guardian Designation. We charge a simple fee of $250.00 for the document.

Also, please note that the Designation MUST be filed with the Clerk of Court. We are able to handle this for you at an additional cost of $100.

Give us a call for a free consultation at (786) 463-4463 or email at info@elderslf.com.

Payments can be made HERE

Senior Advanced Directives Kit

As an Elder Law Attorney, I can not tell how many times a family member will say Gee, I wish we had a Power of Attorney/Living Will/Healthcare Surrogate in place before dad had a stroke. For this reason I have created the Senior Advanced Directives Kit.

The Kit includes a Will, Living Will, Durable Power of Attorney, and Healthcare Surrogate. The cost is very reasonable at $550!!

Give us a call for a free consultation at (786) 463-4463 or email at info@elderslf.com.

Payments can be made HERE