An early start to end-of-life planning can save grief after one’s demise. In Florida, one can choose to consult with all manner of financial professionals, estate planning lawyers, family, friends and charities to put together the full picture of asset allocation after death. Some people falsely believe that this type of planning is only for the rich, but many individuals can benefit from a proper plan.
By starting early, one will have the presence of mind and energy to think deeply about how one wants assets to be distributed. Another perk is taking advantage of current tax law that allows one to allocate gifts to people, while one is still living, without facing a tax penalty. At the very least, a person can start naming names and choosing beneficiaries.
A will may make things clear but can be challenged, and it will have to undergo probate. Some people find it beneficial to create a trust instead. This may increase or decrease the amount of control one has over one’s assets, but in some cases will prevent the valuables from being whittled away by court fees or taxes. There are several types of trusts, including certain types of charitable trusts that can benefit both the family and one’s favorite charity.
A person who waits too long to begin planning may simply run out of time. They could also lose the cognitive capacity to make the important decisions that will affect the family legacy. In Florida, estate planning lawyers are available if a person chooses to consult with them. They could potentially offer helpful guidance for the person’s individual circumstances.
Source: tickertape.tdameritrade.com, “Estate Planning at Any Age: Consider Getting An Early Start“, Dec. 20, 2017