Boca Raton Estate Planning Lawyer
Having an estate plan in place not only helps answer the questions of who gets what, but it also notes who will be making the medical and financial decisions if you can’t yourself. It also can help reduce what your loved ones pay for inheritance taxes. However, the biggest benefit of an estate plan is protecting your family. If you can prevent family squabbles over who gets what, why wouldn’t you do it?
Our firm can integrate your asset protection plan with your present estate plan or work with you (or your estate planning attorney) to create a new estate plan.
- You need an up-to-date will (and/or living trust). Your estate won't then pass by intestacy to unintended beneficiaries. Unfortunately, only one in five Americans has a current will.
- Review your will and/or living trust annually. Your estate planning needs will change as rapidly as your asset protection needs. An outdated will can cause you even more legal problems than dying without a will.
- In addition to your will or living trust, you also need a durable power of attorney (one for healthcare and one for your financial/legal affairs). Appoint someone who can immediately represent you should you become incapacitated. You also need a living will to indicate if you want your life artificially prolonged.
- Employ a knowledgeable estate planner. You will need one if you have a taxable or complex estate. A good estate planner can save you a fortune in estate taxes. They can also show you many other ways to combine estate planning with asset protection.
Yes, You Can Lose Everything!
You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality — For every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!