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Planning for Your Tomorrow, Today
Estate planning is a legal term used to describe the necessity of preparing for the eventualities of growing older, such as death, chronic illness, or incapacitation. Estate planning has many aspects that involve wills, living wills, trusts, and sometimes power of attorney. There are multiple benefits to estate planning, even for those who don’t have many tangible possessions or who may be young. A well-thought-out estate plan is a loving gift to your family members during the difficult period after your passing or your illness.
Asset protection planning is an important way to protect yourself and your wealth from potential creditors, lawsuits and judgements. By employing strategic structure to your estate planning you will ensure that all of your assets remain secure and that your heirs will have a stable financial future.
As a community elder, estate and asset planning becomes even more critical. Only through careful planning can all your assets remain protected for your loved ones after your passing. Our experienced estate planning lawyers are available to answer your questions. Your future is our business at Perez-Roura Law—call 305-570-3259 for a free consultation.
What is Probate?
Probate is the legal process an estate must undergo after a person dies. For the probate process to begin, someone must come forward to start it. This obligation usually falls to the executor chosen by the deceased person to oversee their estate affairs once they pass away.
If there is a will, the executor must file it with the probate court. Other forms may be filed, and fees must be paid. If there is one, the will will need to be authenticated, which should be shown as the last word and testament of the deceased. The estate executor can expect their role to last anywhere from six months to one year.
Some types of property are passed automatically under the law, while some are required to go through probate. Miami’s probate process is more time-consuming than most people realize. Effective estate planning can help mitigate some of these headaches.
What is the Estate Tax?
The estate tax is a tax placed on property transferred to your heirs after you pass away. In some circles, it is also known colloquially as the ‘death tax’ since it is not administered on the estate until after the decedent has passed. The Internal Revenue Service states that the tax is levied upon “everything you own or have certain interests in at the date of your death,”
A simplified breakdown of the tax follows:
To compute the tax, the IRS uses the fair market value of your property and interests–not necessarily what you paid for everything–to determine the value of your “gross estate.” Once your “gross estate” is defined, you may take certain deductions, eventually giving the amount that is your “taxable estate.”
Some of these deduction include:
- Mortgages and other debts
- Estate administration expenses
- Property that passes to surviving spouses and charities
- Businesses
After the amount is calculated, the value of any gifts you have given is added. At this point, the amount of the tax can be reduced by an applicable credit. To determine what credits apply to your situation, you should speak with a financial advisor and qualified estate planning lawyer from Perez-Roura Law. We are here to help you prepare for your tomorrow today.
Does Florida Have an Estate Tax?
No. As of 2004, there is no separate Florida estate tax. However, you may still be liable for federal estate taxes. For this reason, it is highly advisable that you speak to us, particularly if you have a large estate with many assets. Many people are uncomfortable when the topic of death is mentioned. Especially when it is their own. No one wants to think about their passing, and no one wants to think about the inevitable grief their family and loved ones will be feeling when this sad event occurs. Unfortunately, it cannot be avoided, and planning ahead is a loving gift you can leave as part of your legacy. Our compassionate and understanding estate planning attorneys can guide you through it. We will do everything possible to help make this difficult transition more manageable for your family. You are our priority, and we are here for you.
Does an Estate Planning Attorney Help with Estate Administration?
Few things in life are more devastating than the loss of a loved one. Creating an inventory of the estate and allocating the estate’s assets to beneficiaries and creditors is known as administering the estate. This can be an emotional and complex process during a challenging period for a family. Our empathetic and knowledgeable estate planning attorneys understand Florida’s tax laws. We will do everything possible to help make this difficult transition more manageable for your family.
When Should I Call an Estate Planning Attorney
There are few gifts we leave our loved ones that give them true peace of mind after we are gone. This event is unimaginable, and it is impossible to fully prepare for it; it is difficult to think about. The most loving thing we can do is discuss these matters beforehand. As an esteemed member of our thriving community, know that your family will be in good hands after you are gone. Strategic planning can mitigate much of the stress for your survivors. Perez-Roura Law has a friendly and knowledgeable legal team available—call 305-570-3259 to schedule your free consultation.
