In Florida, as in elsewhere, when planning your estate and protecting your assets, decisions should be made with the advice and under the guidance of an attorney. However, for whatever reason, many people fail to take adequate measures to protect their assets. If you plan to go it alone make certain that your family will not be left with only a large burden of debt by at least taking the following actions.
One: Create and sign a financial power of attorney, which will designate an agent of your choosing who would be responsible for handling your financial affairs should you become in any way incapacitated. This designated agent, whether a professional, a friend or family member will be able to pay your bills manage your investments, your insurance and your taxes should you be unable to do so. Failing to do so would necessitate your family to getting court permission to handle these basic tasks-an unnecessary expense.
2)Designate a health-care surrogate, who will assist in make decisions about your health care when you cannot. This person will be responsible for making certain that your living will is executed properly and that your end-of-life instructions are fulfilled as ordered. It would also be prudent to create a living will.
3)Review your designated beneficiaries annually. Check on all forms on file with your bank, in your retirement accounts and your life insurance policies.
Make certain that, if you?ve listed your wife is listed as your beneficiary, you?ve also list your children as contingent beneficiaries, in the event that something should happen to your spouse. This could save your children thousands of dollars in tax liability.
Next, assess your net worth. List all of your assets including your home, vehicles, bank accounts, investments, CDs, cash on hand and all items valued in excess of five hundred dollars.
Then make a separate listing of all of your liabilities including any debts, outstanding loans and your mortgage. Tally your assets and debts and keep these figures on hand when speaking with an accountant, a financial advisor or an estate planning attorney.
Create a will, or if you already have one, make certain it is up to date, to ensure that your assets will be distributed according to your wishes. Take into account any new family members, deaths, births, marriages and divorces.
Seven: Title your assets properly. Failing to title your assets properly can undo your asset protection plan. In the case of a married couple who have created wills, or a credit shelter trust, in order to preserve the estate tax exemption, and protect the surviving spouse from bankruptcy, you must keep all assets titled separately, or no longer qualify for the benefit . if however you choose to have your estates distributed through living trusts, make certain that the assets are retitled in the name of that trust. Yes this is complicated and it would behoove you to contact an estate planning attorney to ensure you have titled your assets properly.
Eight: Distribute as much of your wealth as you can while you?re alive. You are entitled to gift up to $13,000 each year in cash stock or other property to anyone, estate tax free. You may also pay for any person?s college or private school tuition (as long as the check is sent directly to the school) in addition to that $13,000 a year gift allowance. Likewise you may pay for any other person?s medical expenses, as long as the check is sent directly to the healthcare provider. You may also give up to $1 million to anyone and receive a single lifetime gift tax extension.
An estate planning attorney can advise you regarding the creation of various trusts and tax shelters, which can save your family a great deal of money. It would be wise to set an appointment with a professional.
While taking these steps alone can save your family a great deal of grief and money, to make certain that your hard-earned assets are protected from all who would prey upon them, it would be wise to consult a professional, to establish a relationship with a Florida estate planning attorney.
Another reason for consulting an attorney is to discuss methods of dealing with estate taxes. Although Florida does not, at this time, collect estate tax, in these uncertain financial times, there no telling what changes are in store from Florida and the Federal government. With this in mind, it?d be wise to work with an estate planning attorney to consider drafting a combination of will and trusts as soon as possible.
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