Estate planning is not just for the rich. It is for anybody who has some form a property that they want to determine how it is handled during their lifetime and after their death. Estate Planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and possibly bank accounts, if a beneficiary is not named.
Estate planning distributes the real and personal property to an individual's heirs. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is federal and state tax law. Anderson and Associates, P.A. has handled numerous estate planning matters and has filed numerous cases in probate courts throughout Florida.
Wills and trusts are common ways in which individuals dispose of their wealth. Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes. Anderson and Associates, P.A. will help clients plan their estates such that there is peace in the family and an orderly plan for distribution of the assets.
Documents that we routinely prepare include:
- Living Wills
- Power of Attorney
- Declaration Naming Pre Guardian and Alternate