West Palm Beach Estate Planning Attorney
If you have a Florida estate plan and it is out of date, you should consult a West Palm Beach estate planning attorney. Otherwise, you could lose your assets to the state department of unclaimed property or an unnecessary and public court process in Palm Beach County.
If you do not have a Florida estate plan, then your state has a plan for you, and it’s probably not what you want.
The bottom line: If you do not know what would happen to everyone you love and everything you own, then the first step is to find out exactly what would happen legally and financially –this way, you can decide if the current state of your affairs is okay with you.
How We Help You with Estate Planning in Palm Beach County
We meet together for your Family Readiness Planning Session, where the sole purpose is to make you more informed. Before your Family Readiness Planning Session, you will complete your Family Readiness Inventory & Assessment. This document will help you become clear about what you own and what you have to think about when planning for the well-being and care of your loved ones and your belongings in Florida. Then, if we both decide that it is a fit to work together, we will design a Florida estate plan to best suit the need of you and your loved ones.
The foundation of your estate plan will often include a revocable living trust, which, when done correctly and maintained over time, should help your family avoid the cost and delay of the public probate process and minimize or eliminate estate taxes. For people with additional planning needs, we provide advanced estate planning services in Palm Beach County, Florida.
What Documents Are Part of a Florida Estate Plan?
Each estate plan in Florida is unique and requires its own set of documents depending on your wishes and what you want to protect and pass to your loved ones after death. Some essential legal documents our West Palm Beach estate planning attorneys can help you establish in a Florida estate plan are a last will and testament, trust, powers of attorney, living will, health care directive, and a special needs trust.
· Last Will and Testament in Florida
A will addresses your intentions after you pass away. This document appoints an executor of your estate, who will take care of managing the estate, paying debts, and distributing the property as specified. The distribution of assets is outlined in the will, but a will must go through probate court in Palm Beach County, Florida.
· Florida Trusts
The benefit of a Florida trust is that it does not go through Florida probate, compared to a will. Property is still distributed at death, but it is done without the need for a court proceeding. In a trust, your property will move into the trust during your lifetime, and the trust will then own the property, which your beneficiaries will receive after death in West Palm Beach, Florida.
· Powers of Attorney in Florida
Powers of attorney are critical parts of an estate plan in Palm Beach County, Florida. The two legal documents can include a healthcare power of attorney and financial power of attorney, which designates an individual to act as your agent. A financial power of attorney makes decisions related to financial matters, and a healthcare power of attorney can legally make healthcare decisions on your behalf.
· Florida Living Wills
A living will documents your wishes for end-of-life care. This document can include what medical treatments you would or would not like to have if incapacitated. A Florida living will take the stress out of making those difficult decisions off family members and helps keep peace in your family during emotional and challenging times.
· Healthcare Directives in Florida
A healthcare directive is a document that addresses your wishes for your health care needs in West Palm Beach, Florida, and surrounding areas. This legal document allows you to name a person as an agent to make decisions if you are incapacitated.
· Florida Supplemental and Special Needs Trusts
This type of trust can supplement a disabled loved one’s needs while maintaining their government benefits. It is essential to plan for a loved one with special needs proactively. A Florida special needs trust can ensure your loved one can live comfortably while still receiving Social Security Income and Florida Medicaid benefits.
The dilemma of a DIY Estate Plan in West Palm Beach, Florida
Unfortunately, most DIY plans do not work because much of what passes for estate “planning” is little more than word processing. You answer a few automated questions, and then the drafter (typically just software, not a human being) decides which “plan” is right for you in West Palm Beach, Florida. And then, you are forced into a template document that may not reflect your needs or situation whatsoever. This action is not estate planning in Palm Beach County; this is little more than a “search and replaces” of your family’s name and then the hit of the “print” button. In Palm Beach County, The Law Office of Juan Pyfrom is in your corner. Our West Palm Beach estate planning attorneys can help you create an estate plan that protects your assets and family.
Estate Tax in Palm Beach County, Florida
During your life, you pay all kinds of taxes: income taxes, property taxes, sales taxes, and so on. And at the end, the government still wants to tax you on the assets you have left at your death. This tax is known as the estate tax in Florida, sometimes called the “inheritance tax” or “death tax.”
The best way to protect your assets and your family’s future from excessive taxation is to hire an Palm Beach County attorney specializing in estate tax planning. We can help you reduce – if not entirely avoid – the federal estate tax burden.
How Does the Estate Tax Work in Florida?
The estate tax is separate from federal income tax, property tax, sales tax, and every other type of tax you’ve paid during your lifetime. An estate tax is a tax paid on the net value of all your assets owned at your death. However, there are relatively sizable exemptions to the estate tax, so it is primarily a high net-worth individual or family affected in Florida.
Advanced Estate Planning Strategies in West Palm Beach, Florida
Families with high-value estates face several complex legal and tax issues – estate tax is only one of them – and advanced estate planning strategies in West Palm Beach, Florida can help.
We offer several advanced estate planning strategies in Palm Beach County that are aimed primarily at reducing a family’s tax burden. In addition to minimizing or eliminating the estate tax liability in Florida, we also help you leverage the advantages of gift tax and generation-skipping tax to pass assets on for successive generations without the risk of a tax liability decimating your estate at each generation in West Palm Beach, Florida.
Some of our most popular advanced estate planning tools and strategies include:
- Life insurance trusts
- Qualified personal residence trusts
- Grantor retained annuity trusts
- Asset protection trusts
- Florida Land trusts
- Dynasty Trusts
- Family limited partnerships or limited liability companies
- Asset gifting
We Are Experienced West Palm Beach Estate Planning Attorneys
The Law Office of Juan A. Pyfrom will educate you and take the time to get to know you, your family, your concerns, your goals, and your issues in Palm Beach County. Then, Juan will gladly and patiently answer all your questions to design an estate plan that is precisely right for you and will keep your loved ones out of court and out of conflict.