Estate Planning 101: Why You Should Work with an Estate Planning Attorney
While a general-practice attorney can prepare a will or trust for you, an experienced estate planning attorney can design a comprehensive estate plan customized to your family’s unique circumstances and needs. Many estate planning tools are available to address specific situations and produce favorable outcomes. With proper planning you can avoid probate, pass on as much wealth as possible to your loved ones, protect assets, and more. The effectiveness of an estate plan is closely related to the attorney’s knowledge and experience.
A Playbook Full of Strategic Options
An effective estate plan begins with a revocable living trust. This piece keeps your affairs private by avoiding the public probate process, minimizes your estate’s tax liability, and provides some amount of asset protection. But a revocable living trust is just the start. Additional strategies are available to address your specific circumstances. A business owner may need to establish a business succession plan. Supplemental Needs Trusts provide ongoing support for a child with special needs. A properly timed Medicaid Trust might be the right strategy to provide for your long-term health care needs. A strategic charitable giving plan may make sense for your overall financial plan. An estate planning attorney works with these strategic options and more on a daily basis.
Provisions and Professionals Working Together
The elements of your estate plan must be aligned. Each component has special requirements that can impact the others. An estate planning attorney is familiar with the specific requirements and how they work together as well as how to avoid unintended consequences.
In addition to the provisions working together, an estate planning attorney has the professional network essential to providing full-service estate planning. Most estate planning attorneys regularly work with life insurance agents, investment professionals, and financial planners to provide the best possible outcome for their mutual clients. An estate planning attorney will also be able to coordinate with out-of-state estate planning attorneys if an estate includes assets outside of Florida. When it comes to estate planning, connection makes a difference.
“Best Practices” Is a Moving Target
Estate planning laws and tax laws are frequently revised, affecting best practices in estate planning strategy. All attorneys must undergo continuing professional development, but an estate planning attorney is likely to focus that required training specifically in the estate planning area. When you choose to work with an estate planning attorney rather than a general-practice attorney, you’re choosing a dedicated professional.
Work with an Experienced Florida Estate Planning Attorney
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