ESTATE PLANNING

Many people in Orlando and throughout Florida share a common misconception that estate planning is only for the wealthy. Florida's estate tax at the state level was eliminated nearly a decade ago. The federal estate tax as of 2025, applies only in cases in which the total value of the estate is in excess of $13.99 million. If your own assets add up to less than this amount, why should you worry about implementing an estate planning strategy?

The fact is: Estate planning is for anyone who is concerned about his or her heirs enjoying the full benefits of inheritance without facing copious amounts of stress and anxiety.

Services offered:

Powers of Attorney - A power of attorney is legal document by which you can vest another person with the authority to  act on your behalf and to take decisions concerning your affairs. In a power of attorney, you are referred to as the principal, the donor or the  grantor, and the person whom you are designating to act and speak for you is the agent or attorney-in-fact. Under Florida law, there are three primary types of powers of attorney:

• Limited Power of Attorney - As its name implies, a limited power of attorney provides the agent with only certain restricted types of authority according to the terms that you specify. For example you may use a limited power of attorney to appoint an agent who can stand in for you during a major transaction such as buying or selling property.

•  General Power of Attorney - A general power of attorney grants broad and wide-ranging authority to act on the behalf of the principal, essentially allowing the agent to act as though he or she were the principal in virtually any legal transaction. These powers are not valid, however, if the principal becomes incapacitated.

• Durable Power of Attorney - The durable power of attorney is "durable" in the sense that it survives an event such as a serious accident or a major illness that renders the principal incapacitated and unable to speak for himself or herself.

Wills & trusts - Depending on your unique circumstances, your interests may best be served by either a will or a trust. No two cases are identical, and it is impossible to recommend one or the other without first thoroughly evaluating your situation. Certain general rules, however, do apply. The difference between a will and trust is that typically, a person with a relatively simple estate, with few heirs and with a relatively small amount of assets, may find that a last will and testament is adequate to meet his or her needs. A trust, on the other hand, tends to be more appropriate for wealthier individuals, those with minor or disabled beneficiaries, or those who have many family members who may have a claim against the estate.

Advantages of Revocable Trust

Trusts have many advantages that distinguish them from wills, a major one being that they make it possible to avoid probate. Because the assets that you use to fund the trust are no longer part of your estate, they will not be subject to probate proceedings at the time of your passing. Instead, they will pass directly to the beneficiaries of the trust according to your specifications and the schedule that you set. Similarly, a trust is an effective way of avoiding or minimizing estate taxes. Should you choose a revocable trust, as opposed to an irrevocable trust, you will retain the option to modify the terms of the trust, such as by withdrawing assets, changing or adding beneficiaries, naming a new trustee or even dissolving the trust.

Why Is a Will Important?

One of the primary advantages of drafting a will instead of establishing a trust has to do with the costs. Wills are typically far less complex than trusts and therefore require less work to draft the documents and take the necessary steps to create. If you are of relatively modest means and are not concerned about the possibility of incurring the estate tax, you may not need a trust. The same is true if it is not a priority for you to preserve the privacy of your estate, in light of the fact that probate is a matter of public record. When we meet for your initial consultation, we will take the time to answer your questions and help you make an informed decision whether to choose a will or a trust.

• Living Wills - The purpose of a living will, also known as an advance healthcare directive, is to make it possible for you to clearly state your wishes so that you can make your voice heard when you can no longer speak for yourself. This type of estate planning instrument is normally intended to come into action in the event that the individual is diagnosed with a terminal condition or end-stage condition, or falls into a persistent vegetative state, and the attending physician determines that there is no medical probability that the patient will recover. Depending on your preferences, you may stipulate that you wish for certain types of procedures to be withheld, so that you can die naturally or with only pain relieving medication, or you may list out the various types of treatment and care you want to receive in order to prolong your life.  

• Healthcare Proxy - In addition to writing a living will, many of our clients also choose to draft another type of advanced healthcare directive, a healthcare proxy which designates a healthcare surrogate. A healthcare surrogate is an individual whom you have chosen as someone you trust to make medical decisions on your behalf. Even a well-thought-out living will cannot anticipate any and all events that may arise, and the appointment of a healthcare surrogate serves to handle this problem by vesting a person with the authority to consult with your doctors and select a course of action for your treatment. Learn more about healthcare surrogates and living wills and get started on your own case now by contacting us for an initial consultation.

Estate Planning is Beneficial for Everyone

Drafting a set of documents to address your needs and expectations can go a long way toward reducing the amount of delay between the time of your passing and the date when your heirs are finally able to receive the benefits of your generosity. Estate planning can also minimize the financial impact of probate and the claims of creditors against your estate.