Orlando Estate Planning

A living will or advance directive specifies an individual’s wishes regarding the type of medical care they would like administered in the event of incapacitation or if a terminal event interferes with their ability to make care decisions for themselves.  For example, a person may wish to be placed on life-sustaining support, or, alternatively, they may desire to avoid life-prolonging efforts and only receive medication to ease pain.  Having a living will/advance directive can be highly advantageous, as it negates the need for loved ones to agonize over difficult care decisions.

A Trust is an entity designed to hold and manage assets. It gives privacy and dignity to an individual’s personal affairs (both during lifetime and after death), provides a means for having someone else manage assets if a person is unable to do so, and allows trust assets to avoid probate upon death.

When executing a trust, one party (known as a trustor) appoints another person (known as a trustee) to hold title to property and assets for the benefit of third-party beneficiaries.  The trustor executes paperwork that specifies how, to whom, and when assets are to be distributed.  Because property is transferred to and owned by a trust, it is not considered part of an estate at the time of death (if it the trust is irrevocable and the assets are held for more than three years before the person’s death).  Thus, it can help to avoid or reduce inheritance or estate taxes.

Trusts can be helpful in a number of cases, such as if there is a possibility that a parent may die before their children are adults, of there is a person with special needs who may be considered (in which case a Florida Special Needs Trust may be beneficial).

We appreciate that all clients (and potential clients) are naturally interested in the cost for a Florida estate planning lawyer.  We provide estate planning on a fixed-fee basis.  Once we know about your circumstances and needs, we can determine the documents required for you estate plan, and can let you know at that time what our legal fee will be.

When children become adults and go off to college, the last thing on their minds is who will act as their durable power of attorney if they become disabled.  In most cases, they simply assume that one or both of their parents will act in this role.  However, if a young adult is over the age of eighteen and is involved in a car accident or falls ill at college, a loved one might not be able to request medical information if there is not a durable power of attorney in place, is HIPAA rules have stringent regulations concerning the release of medical information (even to parents).

If you are a parent of a child age 18 or older, you will want to have your child execute a durable power of attorney authorizing the release of medical information and for you to act on their behalf if they cannot make decisions for their care due to  a medical event.  If you are a young adult, with proper estate planning documents in place, there should never be a problem. Estate Planning documents can direct an agent (such as a parent) on how to handle your financial or medical situations.  These documents can also name a guardian for any minor children if you, as the parent, were to pass away.

Powers of attorney can be beneficial if a person becomes severely injured or incapacitated and cannot make decisions.  With a Durable Power of Attorney in place, another individual is given the durable power to make critical financial, business, lifestyle, healthcare, and other decisions on behalf of an incompetent individual.

Without a Power of Attorney, it is usually necessary to get court approval for guardianship and/or conservatorship over a person.  Such court approval can be costly, it opens up the possibility of being contested by other family members, and ongoing court oversight is usually required to monitor and/or approve ongoing expenditures.  In these cases, court oversight can last for decades, and matters that otherwise should be private may instead become public.

If you would like to ensure that your business and personal interests are addressed according to your wishes, call us today.  We can explain your legal options and help you construct powers of attorney that will protect your affairs.

No. The most effective estate planning is a lifetime process. It changes as situations change. Births, deaths, adoptions, marriage, and divorce are all reasons to update an Estate Plan. A basic estate plan will not guarantee that there will be anything left of your estate. As an Estate Planning lawyer, Kathleen Flammia will help you create an Estate Plan that will serve an even greater purpose.