Are you looking for law firms in Miami or an attorney to help with your estate planning? Then we are here for you. Our law firm comprises attorneys well versed in the estate laws of Miami and will provide you that comprehensive estate plan that covers all your needs. Our technique is to get a holistic view of your estate situation and wishes in order to determine the best approach that satisfies and covers your best interests. To this end, we include in our estate planning strategy the essential documents such as wills and trusts, powers of attorney and living wills. These are for the purpose of planning for asset transfer and asset protection, incapacity, guardianship, probate, and lots more.
Estate planning is the process of carrying out intensive planning for the management of one’s assets during lifetime and the transfer of same after death in such a way that minimizes risks and complications, tax, probate, etc, according to the estate laws of that state. A comprehensive estate plan involves considering issues that borders on life as well as after death situations. These shall be discussed.
After a person dies, their belongings, cars, bank account, real estate, businesses, etc., will not follow them to the grave but must pass down to others. Who they pass down to is determined by the presence or absence of an estate plan. You have to decide who your assets will be transferred to after your death, if not, the state laws of intestacy will transfer them to your default heirs (wife and/or descendants, grandparents, or great-grandparents depending on the one closest to you that survives you) and this may probably not be your wish. If you have loved ones, friends, relatives or charity who you would want to benefit from your life’s work, then you must state these wishes accordingly in a will or trust. Our law firm in Miami is proficient in drafting Miami Wills and trusts well customized to suit your personal estate situation and goals.
Asset protection involves holding your assets in such a way that removes them from the reach of your creditors and state or federal estate tax. An amount known as federal estate tax must be paid from your estate purse after your death before your estate can be inherited, but this amount is only payable when your estate is worth over $11.58 million at the time of your death. The tax rate can reach up to 40% and this is undesirable as it will eat so much into your funds, leaving less for your loved ones to inherit. If your estate surpasses this amount, or you desire protection from creditors, our law firm will help you implement certain strategies that would work best for you.
As with death, estate planning involves planning for lifetime situations as well. Due to age, disease or disability, one can become incapable of handling their own affairs and making sensible decisions. In such situations, an agent would be required to act on behalf of the individual. This we can make possible through the execution of powers of attorney or trusts.
A power of attorney gives an agent the authority to act on behalf of the principal (the incapacitated) and we shall help you prepare this document. Your agent would be responsible for handling whatever you spell out in the wording of the document. Your attorney would ensure this is done properly. We sometimes advise creating a living trust instead or alongside. With a living trust, your trustee will step into your shoes to manage your affairs on your behalf during incapacity.
Plan towards minimizing probate
Probate is the court-supervised process by which the last will is verified and implemented. This must be done before the estate is distributed among the heirs, and can be quite complex and lengthy depending on the value of the assets being probated. Since only a will may be probated in Miami, our lawyers will help fund some valuable assets into a living trust to reduce the value of those held in the will. By so doing, probate will go on smoothly and much more quickly. This enables your loved ones to inherit on time.
Through the execution of trusts and powers of attorney, the lengthy court process of guardianship is avoided. But guardianship doesn’t end there. If you have minors, these too require a guardian to look after them and the assets you left for them since children under 18 are not eligible to inherit in Miami. Our attorneys will advise you on how important it is to name a guardian for your minors, and will help you do this in your will.
Our law firm in Miami will provide you the services you seek. We also offer assistance to the executor and family of a deceased in estate administration and litigation. Whatever your legal needs are, we are here to help. Give us a call today.