Estate Planning

For many people, estate planning begins and ends with writing a will. There is, of course, much more to it than that. If you or someone you know needs help with their estate planning, contact a West Palm Beach estate planning lawyer today!
Consider the following:

• First, you must choose the right document. Do you need a will, or a revocable trust?
• Who will administer your estate? You and your attorney must look at the whole plan.
• How are your assets titled? Will changes in titling assist the family in achieving their estate planning goals?
• Do you have life insurance? If so, who is the beneficiary?
• If you have children, who will be their guardian if you and your spouse are both gone?
• Do you want them to inherit money outright and all at once?
• At what age should your children receive an inheritance?
• Would you prefer to create trusts for your children until they are older?
• Who will be trustee over their money until they reach the age you set, and what needs should the trustee meet for your children until they reach that age?
• Is anyone who is due to inherit money disabled and receiving government benefits? If so, an outright inheritance may disqualify them from those benefits and a "special needs trust" should be considered.
• What about tax planning? What is your net worth? If you will have a taxable estate, you will need to discuss strategies with your estate planner to plan for and possibly minimize your estate´s tax burden.

As with all legal documents, it is best to have a backup person or persons to handle the estate duties if your first choice cannot perform them.

When done correctly, estate planning considerably reduces the possibility of taxes and fees associated with probate or trust administration and the distribution of assets according to your will or revocable trust. The benefits of hiring an estate planning lawyer far outweigh the aggravation of going at it alone. Establishing trusts and documenting wills are complicated processes involving plenty of legal paperwork and notification and can consume a lot of your time.

Legal issues involved in estate planning include:

• Preparations of will and trusts
• Protecting your assets
• Assessing inventory of assets
• Settling debts associated with your estate
• Distribution of assets to heirs
• Establishing and managing a trust
• Proper titling of assets

Estate Planning is one of the more rewarding areas of practice for attorneys of Kitroser & Eichelman. Helping families properly plan and guiding clients through the process is a good way to remember that we all face similar challenges and needs in life.