Achieving an effective plan for asset protection and growth throughout your life are critical components of an estate plan. While asset protection tools are essential to estate planning, it also involves many other issues. Those include tax liability, healthcare and medical issues, and elder law. Estate planning also outlines how handling your estate should occur in the event of your passing.
As a firm with a significant amount of estate planning knowledge from assisting Daytona residents, we are committed to protecting your rights. Contact Bogin, Munns & Munns at (407) 578-9696 to discuss the circumstances of your plan.
Some Types of Daytona Estate Planning Tools We Can Offer You
Our team works with many elements of estate planning. Some examples of the ways we can help you include:
- Business succession planning
- Charitable giving
- Durable Power of Attorney
- Estate planning with mixed families
- Federal estate tax
- Healthcare surrogates
- Wills and trusts
- Living wills and healthcare directives
Daytona Estate Planning Mistakes to Avoid
When someone passes away, the state of Florida passes their burdens on to the deceased’s survivors. After your passing, it is your family’s responsibility to pay expenses, make decisions, and divide your property. Failure to plan means those burdens increase their weight.
That is why you may want to consider working with a Daytona estate planning lawyer. In doing so, we work to avoid the following mistakes:
- Naming beneficiaries on IRAs, insurance policies, 401(k)s, annuities, and other accounts using the words, “the estate of”—In doing so, you are putting the assets within those accounts into probate.
- Failure to have the will witnessed and executed correctly (making this mistake could lead to significant delays and sometimes invalidation of the will)
- Failing to fund a living trust (the benefit of which makes it possible to remove your assets from probate—so those assets pass to your beneficiaries seamlessly)
- Titling your assets jointly with your children’s names (if your children run into financial problems like debt defaults or divorce, this could lead to a significant amount of trouble)
Some Misconceptions Regarding Daytona Estate Planning
One misconception regarding Daytona estate planning is that it is only available to the wealthy. The truth is that much of estate planning involves health and medical issues. That means (in your plan), you are giving authorization to others to act on your behalf when it is appropriate.
Any person can seek legal representation and create an estate plan—as the Florida Bar reports that there is an option for those with less than $75,000 in total assets, summary probate administration. We are ready to guide those of all backgrounds, in possession of any value of assets.
This guidance also extends to individuals making their choices known regarding medical and healthcare treatment under specific circumstances. Estate planning also involves stipulating how an individual’s estate is dealt with when they pass. For example, in the event of your passing, planning must involve the distribution of your assets and property.
How a Daytona Estate Planning Lawyer Can Help You
Working with a lawyer allows you to:
- Finalize documentation and execution of each preference you have regarding funeral expenses and afterlife care
- Eliminate any unexpected expenses when you pass
- Inform your loved ones of your wishes
- Document your end of life preferences regarding medical treatments, if you are incapacitated
- Avoid the excessive time and confusion related to the probate process
There are other things we can allow you to accomplish, as well. We are prepared to help you in the following ways:
- Navigating state rules applying to your estate
- Strategic planning of your estate to ensure there are no mistakes
- Foreseeing all consequences that could occur if all details are not correct, like in your will for example
- Clarifying ambiguities in advance to avoid estate litigation
What You Need to Know About Wills in the State of Florida
Florida Statute § 732.503 provides governance for self-proving wills for the state of Florida. According to this statute, an affidavit must be included in a will for it to be considered self-proving. A self-proving will can be admitted into a probate case without any additional proof, according to Florida Statute § 733.201(1). If the will is not self-proving, you must follow Florida state laws regarding other methods for proof.
Turn to Bogin, Munns & Munns for Your Estate Planning Needs
The Bogin, Munns & Munns team understands how to handle your estate planning. We are available to begin working with you on an estate plan immediately. Because it is not uncommon to have many questions and concerns regarding estate planning, you may want to act immediately. Reach out to us today at (407) 578-9696.
Our team has over 40 years of knowledge. That means we know precisely how to help Daytona clients facing the same estate planning worries you are experiencing. We have a team ready to guide you through each step of the process to ensure no mistakes occur.
Speak with a Team Member Today for a Case Evaluation
Achieve peace of mind by taking steps toward creating an estate plan. The Bogin, Munns & Munns team is available to help. Let a Daytona estate planning lawyer protect your estate by creating your estate plan and avoiding probate. Contact our team right away at (407) 578-9696, so we can review your case today. Reach out to us today so we can begin working.